TDR Capital takes controlling stake in Popeyes UK: Private equity firm TDR Capital has increased its shareholding in Popeyes UK, the US fried chicken quick-service restaurant brand, taking effective control from dual investor Ring International Holdings, which remains invested on a minority basis. Popeyes currently operates from 38 locations across the UK and has plans to open more than 30 new locations in 2024 after seeing exceptional growth over the last three years. Last year, the brand secured £50m of funding from TDR Capital to accelerate its growth plan. Tom Mitchell, managing partner at TDR Capital, said: “Popeyes UK is performing very well and already demonstrating significant growth potential. We are therefore pleased to be increasing our investment in the brand and the UK team which is in line with our broader strategic ambitions in the sector.” Tom Crowley, chief executive of Popeyes UK, added: “TDR Capital has demonstrated already why it is one of the leading private equity investors and we are thrilled to be working more closely with it as we roll out the Popeyes brand. We thank Ring International Holdings for all its support and investment during the start-up phase of our business.” Popeyes has openings lined up in Ilford, Exeter, Doncaster and Bishop Auckland and has applied to build a drive-thru in Stoke Bardolph, on the outskirts of Nottingham. In November, parent company Restaurants Brand International said system-wide sales across Popeyes UK reached $39m (£31.4m) in the year to 30 June 2023. In a presentation on its brands – which include Burger King, Tim Hortons, Popeyes Louisiana Kitchen and Firehouse Subs – the company said Popeyes in the UK had generated those sales from 26 sites, ranking it fifth among its international markets. When it launched in Britain in November 2021, the business put down an initial target of having 350 UK sites within ten years.

Boxpark reports record December: Boxpark has reported a record month in December 2023 with like-for-like sales ahead by 22%, beating revenue made during its World Cup football screenings in the same period last year. The company said sales in this period were bolstered by corporate bookings for Christmas and a prolific programme of festive entertainment as part of an extensive Christmas campaign. The group, which operates three sites in London – in Croydon, Shoreditch and Wembley – saw a 108% increase in corporate bookings for Christmas compared with the previous year, generating sales of more than £500,000. Marketing tactics such as gifting drops and Santa sleigh pop-ups to local businesses, as well as good-value party packages including high-production events, helped to drive corporate sales, Boxpark said. In addition, Boxpark venues were sold out for New Year’s Eve with large-scale music events and parties. Throughout December, each venue hosted its new large-format, interactive Big Friday events including cultural and music-led entertainment from tribute bands, vocalists, bingo and hip-hop karaoke; all of which contributed to the group achieving its best December. In October, the group said it plans to open an average of two or three sites per annum over the next five years in London and other major UK cities. Boxpark Liverpool is set to open this spring with Boxhall sites in Bristol and London’s Liverpool Street following later this year. Another Boxpark scheme is also planned in Birmingham. That came as the business reported continued year-on-year revenue growth with sales 35% higher for the year ending 30 April 2023 than pre-covid, at £20.5m. Chief executive Simon Champion: “As we prepare to launch our next iteration of Boxpark in Liverpool, we are delighted to see such positive results over Christmas. In the current economic climate, you have to work a lot harder to draw people in and give compelling reasons to spend their cash at your venue. I can say that our teams worked tirelessly to create clever incentives, unrivalled events and deliver a fantastic experience for guests during the festive period. This leaves us feeling optimistic about trading over the next few months as we continue to evolve our offer.” Boxpark features in the Propel Turnover & Profits Blue Book. Its turnover of £20.5m for the year ending 30 April 2023 is the 382nd highest in the database. The Blue Book ranks companies by turnover, profit and profit conversion, listing directors’ earnings for the past five years. Companies can now have an unlimited number of people receive access to Propel Premium for a year for £995 plus VAT – whether they are an operator or a supplier. The single subscription rate is £495 plus VAT for operators and £595 plus VAT for suppliers. Email kai.kirkman@propelinfo.com to upgrade your subscription.

Black Sheep Brewery to invest £1m to transform production facilities: North Yorkshire-based Black Sheep Brewery is investing £1m in its Masham site. Work has already begun to transform the brewery’s production facilities, and the business said the move underpins new owner the Breal Group’s commitment to the brand, and its ambitious plans to drive it forward. The investment entails an entirely new tank farm and state-of-the-art brewhouse at the Wellgarth site, and the complete transformation of the capability and capacity at the Fearby road packaging facility. This investment will facilitate the increased capacity via the expansion of its cold storage, bottling, kegging, and racking facilities. Mark Williams, chief executive of Breal Brewing Group, said: “It’s an exciting time for Black Sheep Brewery, and we are very much looking forward to delivering our ambitious plans. The Breal Group’s continued investment will allow us to take this fantastic brand to new heights while ensuring our much-loved beer are available to the whole of the UK. We’re incredibly passionate about the brewing industry, which is going through some tough times, However, quality and authenticity will always rise to the top, and that’s why we’re committed to investing in Black Sheep, which is bucking the trend, and has a bright future ahead of it.” Breal Group acquired Black Sheep Brewery in May last year.