Propel Newsletter Archive Page

Propel’s next Multi-Site Database to be released tomorrow with new seven category segmentation: The next Propel Multi-Site Database will be released tomorrow (Friday, 26 January) at midday to Premium members – and in a ground-breaking move, sees companies now searchable in seven main segments. The database, produced in association with Virgate, provides details of more than 3,000 multi-site operators. But following feedback from subscribers, companies will now be searchable in seven main segments – allowing users to search quickly in key categories and allowing them to drill down into the details and updates for these specific areas. The biggest segment is casual dining, which consists of 900 companies, and they make up 28% of the database. There are 758 companies in the pubs and bars segment (25% of the database total), 497 in café bakery (16% of total), 408 quick service restaurant companies (14%), 247 hotel business (8%), 187 experiential leisure operators (7%) and 50 fine dining companies (2%). The database is updated each month – this edition includes 20 new companies and brings the total to 3,047. Premium members also receive access to five other databases: the Turnover & Profits Blue Book, the New Openings Database, the UK Food and Beverage Franchisor Database, the UK Food and Beverage Franchisee Database and the Who’s Who of UK Food & Beverage. Propel is evolving its Premium subscription offer by launching Premium Club on Thursday, 1 February. All circa 4,000 existing subscribers automatically become members. The launch of Premium Club comes with even more benefits. All subscribers will be offered a 20% discount on tickets to four Propel paid-for events – The Excellence in Pub Retailing Conference (14 May), Social Media for Profit (18 July), the Talent and Training Conference (1 October) and Restaurant Marketer and Innovator (two days in January 2025). Operators will also be able to send up to four members of staff to each of our four Multi-Club Conferences for free. Premium Club members receive their daily Propel Info newsletter 11 hours earlier than standard subscribers, at 7pm the evening before. They also receive videos of presentations at eight Propel conference events two weeks after they are held. This represents around 100 videos of industry insight over the course of the year. Premium Club members will be sent a dedicated monthly newsletter that will highlight key updates in the sector and direct subscribers to all the vital content their membership offers. Premium Club members also receive exclusive opinion columns every Friday at 5pm, which include the thoughts of Propel group editor Mark Wingett and a host of industry leaders from across the sector. A Propel Premium subscription costs an annual sum of £495 plus VAT for operators and £595 plus VAT for suppliers. 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. Email kai.kirkman@propelinfo.com today to sign up.

SushiDog secures further investment to aid expansion plans: Quick service sushi roll restaurant SushiDog has secured a further round of funding from investor Middleton Enterprises as the London-based business targets four new sites this year, in line with its five-year growth plan. The £800,000 investment will finance the opening of four new SushiDog sites in the capital, building on the previous funding round of £612,000 led by Middleton Enterprises last April. The original funding round resulted in the opening of SushiDog units on Baker Street and The Strand, in September and October 2023 respectively. Founded in 2018 by Greg Ilsen and Nick Goldstein, the business also operates sites in Covent Garden’s Tower Street, Westfield White City, Soho and Bishopsgate. It has a growth target of opening 30 sites over five years. Ilsen said: “We’ve enjoyed a strong year that has seen terrific growth and an increase in sales. We’ve experienced a 77% increase in revenue year on year, which is down to the hard work and dedication of our team and the astonishing performance of our London sites. Middleton Enterprises stepped in to provide the financial backing we needed to execute on the new London sites we had identified. Their unique flexible and collaborative investment approach suits our style and culture, allowing us to expand at a rate that matches our ambitions.” James Middleton, senior investment associate at Middleton Enterprises, said: “We back businesses that we know have the potential to succeed and SushiDog continues to deliver on its potential, even outperforming our initial expectations. As a result, we’re absolutely delighted to have reached a second round of growth investment in less than a year. This level and frequency of investment isn’t that common, it’s a testament to the founders and the faith we have placed in them and their business model. SushiDog has capitalised on our original investment to increase its presence across London and we’re looking forward to helping the business maintain its trajectory and build an exciting quick food service brand.”

Joe Lewis pleads guilty to insider trading: Joe Lewis, Mitchells & Butlers’ (M&B) largest shareholder and backer of Premier League side Tottenham Hotspur, has pleaded guilty to insider trading in a US court. Lewis surrendered to US authorities in New York last July after being accused of insider trading. He was accused of passing on information about his companies to his private pilots, friends, personal assistants and romantic partners. The 86-year-old billionaire real estate investor was charged last year with 19 counts, including securities fraud and conspiracy to commit securities fraud and make false statements, over multiple instances of alleged insider trading. US authorities said that the fraud netted millions of dollars in profit. Lewis pleaded guilty to conspiracy and two counts of securities fraud as part of a deal with prosecutors. He will plead not guilty to the remaining charges against him. Prosecutors had alleged that between 2013 and 2021, he abused his access to corporate boardrooms and passed the insider information on to his contacts. He founded the investment firm Tavistock Group, which has ownership stakes in a large array of property, sports, finance, energy and life sciences companies. Lewis was ranked 39th in the 2023 Sunday Times Rich List with an estimated worth of circa £5bn. In court in Manhattan yesterday, Lewis admitted he knew what he was doing was wrong. “I am so embarrassed, and I apologise to the court for my conduct,” he said.

Britvic UK Q1 revenue up 6.9% following strong Christmas trading: Britvic’s first quarter revenue in the UK has grown by 6.9% following strong Christmas trading. It said a “robust quarter” for its UK business saw growth for both its retail and hospitality channels. Group trading was in-line with management's expectations, increasing 8.1% to £443.5m on a constant currency basis (reported +7.9%) and volume up 1.7% versus last year. December trading across the group saw revenue up 17.9% and volume up 6.4%, “benefiting from like-for-like growth and recent acquisitions”. Chief executive Simon Litherland said: “We are pleased with such a positive start to the year. Our performance in the first quarter was strong and in-line with our expectations, as we continue to offer consumers value as well as great taste, with our portfolio of family favourite soft drinks brands. We have exciting plans for the year ahead across our markets, with new innovations and engaging marketing activations, including Pepsi’s first brand refresh in 14 years. More broadly, Britvic is a well-invested business, with a clear growth strategy. We remain confident of achieving growth this year within the range of market expectations, as well as continuing our track record of delivering superior returns longer term.”

Fever-Tree reports strongest ever on-trade value share in its UK business: Fever-Tree, the premium tonic maker, has reported its strongest ever on-trade value share in its UK business. It comes as the business reported revenue growth of 1% in the UK for the year to 31 December 2023, from £114.8m to £116.2m, as total group revenue grew 6% from £364.4m to £344.3m. The company said total UK revenue was ahead of guidance reflecting good trading in the fourth quarter, particularly in the on-trade, where “despite the continued pressure on the cost of living, the brand ended the year with its strongest ever value share.” It said the increasing diversification of its portfolio “has ensured the brand remains the clear leader of the total UK mixer category and best placed to capture gains as sentiment continues to improve”. It forecast delivering “good growth” in 2024 and reiterated its guidance of 10% revenue growth for the brand. Chief executive Tim Warrillow said: “The Fever-Tree brand has performed well in 2023, growing our market share in all of our key markets, despite a challenging macroeconomic environment. The brand enjoyed a strong Christmas trading period in the UK, especially in the on-trade. Importantly, we have driven a significant increase in our EBbitda margin in the second half of the year and are confident that the operational efficiencies we have implemented, alongside a reduction in inflationary cost pressures, will drive a doubling of Ebitda in 2024 and provide a strong platform for profitable growth going forward.”

Thatchers loses High Court trademark battle: Somerset cider-maker Thatchers has lost a High Court trademark battle with supermarket chain Aldi over rival cider products. It sued the German discounter for allegedly infringing the trademark of its cloudy lemon cider, claiming that Aldi’s Taurus brand copycatted its product. But in dismissing the case, judge Melissa Clarke concluded there was a “low degree of similarity” between the rival products and “no likelihood of confusion” for consumers. She found that Aldi did not develop its product “with an intention to take advantage of the goodwill and reputation” of the Thatchers trademark, adding that she was satisfied “there is no misrepresentation that Aldi is connected in trade with Thatchers”. Martin Thatcher, a fourth-generation cider maker at the family firm, said the company is disappointed with the ruling, adding: “Despite the decision not going our way, we still believe taking this action was the right thing to do. We care about creating the perfect cider and thanks to a proud history of four generations of expert cider makers innovating and investing, we have done just that.” Thatchers reported turnover of £155.5m for the year to 31 August 2022 compared to £126.2m in 2021, while pre-tax profits increased from £14.2m to £16.8m.

Irish business to be forced to accept cash payments: Irish businesses will be forced to accept cash under new rules expected to come into effect later this year. More than 90% of Irish adults use cash, and it is the preferred payment method for a quarter of consumers in the country, a 2023 survey commissioned by the Department of Finance found, reports The Telegraph. The minister of finance, Michael McGrath, said: “We have to ensure that people are not left behind and we must avoid the risk of financial exclusion. We must recognise the important role that cash continues to play in all our lives, and this is a role I am determined to protect.” The EU has issued a recommendation that businesses must not refuse cash payments unless both parties agree. Prime minister Rishi Sunak ruled out such a move in the UK last summer, saying that it would not be appropriate to interfere in the affairs of individual businesses. But Martin Quinn, of campaign group the Payments Choice Alliance, welcomed the Irish government’s plans and urged the British government to pass similar legislation. He said: “It is about time the government also looked at passing a Payment Choice Act here across the UK. With a general election approaching later this year, this is a no-brainer and a definite vote winner.”