Marugame Udon CEO – we are ready to go again, in talks with first UK franchisee: Keith Bird, chief executive of Marugame Udon Europe, the international udon noodles and tempura restaurant brand, has said the company is “ready to go again” when it comes to its UK expansion plans. The company has spent six months “settling the business down” and “getting it absolutely right for franchisees”. The business operates ten sites in the south east after recently closing its site in Bromley. In terms of expansion, the business has already tested different types of locations – train stations, central business districts and West End shopping centres. Bird said: “Many of them are working. Bromley, we probably went a bit too far out a little bit too early, but there are still good learnings we got out of that. I think if we had stuck with that site for the next five, six, seven years, it would get there for sure. But if you’ve got one that’s not working, deal with it quickly, because otherwise you have a whole heap of attention trying to turn it around when there are lots of other great opportunities out there. We’re ready to go again, both in terms of company-owned sites and franchises. We had a franchisee in heads of terms about six months ago, and we said look, we’re not quite there on the economics, let us get there. We’re just re-engaging on that. I think we have something really interesting, distinctive, profitable and differentiated. We’re talking to a number [of possible franchisees] and we hope to have the first one signed up this year. We are actively looking for sites and there are a couple bubbling away.” The group’s like-for-like sales for last year were “single digit positive”. Bird said: “We want to get them into the double digits, and we feel comfortable we will deliver that during 2024. Average weekly sales sit nicely between £35,000 and £40,000, while average spend per head is around £11 with delivery separated out.” It comes as the brand has launched a new promotional push aimed at its 230,000 Marugame Club members, who make up around 20% of its restaurant guests. Bird said: “When we open new restaurants, we get people to sign up to our Marugame Club and they get a free bowl of udon, and it works a treat. So, we thought, let’s do a free udon month, and we are giving away up to 10,000 bowls.” Marugame Udon features in the Propel UK Food and Beverage Franchisor Database, an exhaustive guide to the companies offering a food and beverage franchise in the UK available exclusively to Premium subscribers. The database is updated every two months, and the latest version features 225 businesses. 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.

 

Lucky Voice MD Charlie Elek to speak at first Propel Multi-Club Conference of 2024, open for bookings: Charlie Elek, managing director of Lucky Voice, will be among the speakers at the first Propel Multi-Club Conference of 2024. The conference takes place on Thursday, 21 March, at the Millennium Gloucester Hotel in London’s Kensington, and is open for bookings. Elek sets out how the performance of the company has been galvanised through clearer, more systematic thinking and planning. Operators can book up to three free places per company while Premium Club members who are operators can book up to four free places. To book, email kai.kirkman@propelinfo.com.

 

Premium Club members to receive next New Openings Database today: Premium Club members will receive the next The New Openings Database today (Friday, 2 February), at midday. The database features a number of launches by quick service restaurant operators including Burger Boi, which has new sites in Birmingham, Dudley and Shoreditch, while Lemon Pepper Holdings, which is rolling out the Wingstop brand in the UK, will open its largest site yet, at Westfield Stratford City in London. Meanwhile, Chipotle has opened further outlets in the capital, in Putney and East Dulwich. The database will show the details of 95 site openings, including which company has opened a site or its plans to open one in the future. It will have details on what type of site it is and its location, and there will also be a website link to the businesses. The database is published on a monthly basis and Premium Club members will also receive a 4,800-word report on the new additions to the database. 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 has evolved its Premium subscription offer by launching Premium Club. All circa 4,000 existing subscribers automatically became members. 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 Club 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 Premium Club for a year for £995 plus VAT – whether they are an operator or a supplier. Email kai.kirkman@propelinfo.com today to sign up.

 

UKHospitality appoints first deputy CEO: UKHospitality has appointed Allen Simpson as its first deputy chief executive – providing strategic oversight across its corporate social responsibility, policy and communications output. Simpson joins the trade body from London & Partners – the mayor of London’s tourism, inward investment and city marketing agency – where he served as executive director and acting chief executive. Having also previously worked at Barclays Bank and the London Stock Exchange, he brings a wealth of experience from the tourism and leisure sector and expertise across economic development, business strategy, corporate affairs and communications. Simpson said: “I’m delighted to join UKHospitality as its first deputy chief executive and work with a sector that can be counted as one of the most integral and impactful in the country. I have seen first-hand in my career just how important hospitality, leisure and tourism is to the economy and our global competitiveness.” UKHospitality chief executive Kate Nicholls added: “Allen is a first-class addition to the team, bringing with him deep knowledge of the tourism sector and how to work across government and industry to deliver success.”

 

Job of the day: COREcruitment is working with an up-and-coming hotel, apartment and build-to-rent group that has sites across the country and is seeking a financial controller. A COREcruitment spokesperson said: “The business is incredibly high volume, and you will have had experience in managing a multi-site P&L of around £15m-£20m. Some of the duties and responsibilities will include: developing and managing key relationships with the senior leadership team and the hotel heads of department in providing financial support and understanding of short and long-term financial plans; reviewing the financial performance of each department with an analysis of variances, forecasts and budgets; challenging existing strategies and/or recommending alternate strategies to continually improve the effectiveness of the business or financial management; and contributing to all business decisions of the hotel regarding revenue generation, hotel expenditure and investment, promoting, driving and maximising gross operating profit across the departments.” The salary is up to £65,000 and the position is based in Manchester. For more information, email fabian@corecruitment.com.

 

The Alchemist secures new £15m loan to aid growth, eyes further expansion in London: Bar and restaurant brand The Alchemist has set out plans to open ten new sites over the next three years after securing a £15m loan from OakNorth. The new funding will aid The Alchemist’s expansion plans and refinance existing debt. The Palatine-backed, Simon Potts-led business currently operates 23 sites in the UK and made its international debut in Berlin last year. It will open its next site in London’s Victoria later this month. Propel understands The Alchemist is in advanced talks on a site in the City, and that it is looking at further opportunities to expand in the capital. At the same time, it is actively searching for a second site in Berlin after the success of its debut site there. Potts said: “Despite the well-known challenges facing the hospitality sector, we take pride in our unwavering commitment of growing our brand across the UK. Looking ahead, we have ambitions to roll out ten new sites over the next three years, with the funding from OakNorth being a key catalyst for this. With this capital, we will be able to open additional sites and continue bringing our unique cocktail bar and restaurants to more areas of the UK and overseas.” Potts told Propel that the business was keen to get back to opening three to four sites a year and had a “couple of offers out” on further sites in London. On the new loans, Stewart Haworth, director of debt finance at OakNorth, added: “The group has built-up a highly impressive reputation, with the management team delivering an experiential and theatrical food and drink offer across all dayparts, in an array of locations, as it plots its expansion here in the UK and abroad. With the pub and bar industry set for significant growth over the next five years, driven by a rising demand for craft spirits, the group is in a prime position to capitalise on this.”

 

US-based Korean barbecue brand eyeing UK market entry: US-based Korean barbecue brand Dae Gee is looking to enter the UK market and is aiming to attract potential partners at the British & International Franchise Exhibition in London, which begins today (Friday, 2 February). Dae Gee was founded in 2012 by Colorado native Joseph Kim, opening its first site in Westminster, Denver; and since expanding to six US sites and one in Mexico. It has eight further US sites and one more in Mexico in the pipeline. Dae Gee, which means “pig” in Korean, also offers barbecue and/or sushi for events, as well as vegetarian options. “It’s about family, and for our restaurants, the community that surrounds us is our family,” Kim said. “Dae Gee comes from multigenerational roots and feeding the neighbourhood runs in the family. Grandma’s recipes have been passed down from the first family restaurant to mum’s restaurant, and now Dae Gee pays homage to all the family recipes through each and every meal.” 

Flight Club operator sees venues break festive trading records as it hits 500 million darts thrown milestone, three more UK sites to open over two concepts in 2024: Flight Club, the darts brand owned by Red Engine, has told Propel all its UK sites broke their festive trading records last month, and that its new Scottish locations have exceeded all expectations. Red Engine operates 13 Flight Club sites in the UK, including two in Scotland, which opened in the final quarter of 2023, in Glasgow and Edinburgh. Red Engine chief financial officer Ross Shepley-Smith said: “On festive trading, we saw all our sites hit new records, and the newly opened Scottish sites far exceeded our expectations. We’re incredibly proud of our teams, their hard work and tenacity, which helped deliver this, and we’re looking forward to an exciting 2024 ahead.” It comes as Red Engine reported a milestone of 500 million darts thrown at its UK venues since launching in 2015, in London’s Shoreditch. As well as opening 12 more UK sites, it has opened a further eight in the US and Australia with franchise partners, State of Play Hospitality and NightOwl Entertainment. Red Engine will add a further three UK venues in 2024, including Flight Clubs in Liverpool and Oxford and a third UK venue for its shuffleboard concept, Electric Shuffle, in Manchester. Red Engine will also open an Electric Shuffle in New York, adding to the two already in Dallas and Austin. Meanwhile, its franchise partners will open Flight Clubs in Philadelphia, Washington, Sydney and Melbourne. “When we set ourselves the challenge of making darts cool again, never in our wildest dreams did we imagine that a decade on, we’d be 20 venues in and celebrating such a huge milestone”, said co-founder and chief executive, Steve Moore. “We are so grateful to our guests who have visited us in their millions, and it’s because of them that we are constantly innovating and iterating – so that we can continue to give people unforgettable moments of unexpected, ridiculous, joy.” 

 

Urban Pubs & Bars lines up Clapham opening on former M&B site: Urban Pubs & Bars, the London pub operator founded by Malc Heap and Nick Pring and backed by Davidson Kempner and Global Mutual, has lined up an opening in Clapham, on a former Mitchells & Butlers (M&B) site. Propel understands that the Chris Hill-led business has secured the former All Bar One site in Northcote Road. The site, which was closed by M&B late last year, will reopen under the new name The Red Setter on Wednesday, 27 March. Urban Pubs & Bars said this week that it was poised for further expansion as it saw an “exceptional” Christmas period and reported record revenue of £52.2m. Like-for-like sales were up 19% in December, with the continued strong performance reflecting London recovering to pre-pandemic levels, the company said. The group has more than doubled in size in the last 24 months. Since the start of the current financial year, the business has opened three new sites – Victory at Waterloo station, Railway in Putney and The Junction in Islington, with trading exceeding expectations. Hill said: “While the economic conditions are unfavourable at present, presenting numerous challenges to the hospitality industry, Urban Pubs & Bars is trading strongly and remains highly profitable and well-funded. We are confident that further opportunities to expand the business will arise and look forward to more openings and further growth this year.”

Murger Han founder to launch Cantonese concept: The founder of Murger Han, the first restaurant to bring Xi’an food to London, is to launch a new Cantonese concept in the capital, in Fitzrovia. Bin Li, founder of the four-strong Murger Han restaurant chain, and his business partner, Yuning Hou, are to open Ning’s Fresh Beef Hotpot & Cantonese Sashimi on the former Eggoland site in Tottenham Street. Ning’s will combine an “array of staple authentic Cantonese dishes such as Dao Lon, Consomme and Caly in a way not done before in London”. Murger Han opened its fourth site, in Elephant and Castle, in 2022, adding to its restaurants in Euston, Bank and Mayfair. CDG Leisure’s Salvatore Di Natale and David Kornbluth acted on behalf of Eggoland on the Fitzrovia deal. 

 

Cheshire McDonald’s franchisee disposes of nine restaurants, in process of selling remaining sites: Cheshire McDonald’s franchisee Rookery Foods has disposed of nine of its 16 restaurants and is in the process of selling its remaining sites. This saw the company make a pre-tax profit of £10,977,106 in the year ending 31 December 2022, up from £6,791,345 the previous year. Although it gave no figure for profit on disposal, the company made a net amount of £13,365,499 from investing activities during the year, including the sale of assets. The reduced estate size saw turnover fall from £69,249,240 in 2021 to £58,188,604. No government grants were received (2021: £410,524) and dividends of £1m were paid (2021: £1.1m). Owner Dave Shaw started out with an entry-level position at his local McDonald’s in the 1980s and opened his first franchise after 18 years with the business. “The company has positive cash flows and the balance sheet shows net assets of £19,317,078,” the business said. “Sales decreased during the year due to the sale of nine restaurants. Gross profit decreased by 5.59% to 38.79% due to food cost inflation.”

 

Joule’s acquires Birmingham pub: Shropshire brewer and retailer Joule’s has acquired The Red Lion Inn in Hockley, Birmingham. With an estate of 42 taphouses located mainly across Staffordshire, Shropshire and Cheshire, The Red Lion joins a small group of Joule’s sites in the Birmingham area, including The Crown Inn in Codsall and The Boldmere Tap in Sutton Coldfield. Anna Brakel, Joule’s development director, said: “The Red Lion is an ambitious project for us. We have admired it from afar for many years and are thrilled to have secured such a beautiful site. It will be a big scheme to evolve the pub and bring back some of the beautiful features that in time have been hidden. We’re delighted to be able to continue working with landlord David Dindol and his experienced team.” Matt Phillips, of Matt Phillips Surveyors, acted for Joule’s. Earlier this month, managing director Steve Nuttall told Propel that Joule’s is currently trading in line with expectations and holding its beer prices for a fourth consecutive year. Joule’s saw its pre-tax profit grow from £1,103,116 to £1,475,083 during the year to 31 March 2023, although the previous year included a £631,969 loss on disposal of assets, while turnover grew from £6,851,149 to £8,875,7787.

Alma Hospitality Group opens fourth London site: Alma Hospitality Group has launched its fourth site in London, in Balham. The company, which is led by Bakhtiyar Sadigli, has taken the former Arlo’s site at 47 Northcote Road. The concept offers “famous brunches, wholesome lunches, cocktails, and much more”. The Balham site joins the company’s other venues in Primrose Hill, Barnes and Hammersmith. 

 

Contracts exchanged on former Authentic Alehouses pub, another being remarketed after sale falls through: Contracts have been exchanged on a former Authentic Alehouses pub while another is being remarketed after a sale fell through. The once seven-strong business, which was launched by Allan Harper in 2017, entered administration in March 2019. An update emailed to investors by secured creditor Crowdstacker, which has been seen by Propel, said contracts have been exchanged on The Fountain Inn in Barnoldswick, with a deposit paid, but completion is not expected for a number of months. Last year, it looked as if a second Authentic Alehouses pub, The Albert in Anlaby Road, Hull, was to reopen under new owners. However, the update from Crowdstacker said: “We had received a cash offer for The Albert, which is below valuation but reflects the extensive remedial work, in particular to the roof, which is now required. The offer was accepted on the basis that the buyer could move quickly. Unfortunately, the company being used to make the purchase was not VAT registered, which significantly increased the purchase price for the buyer, so the transaction was unable to proceed. The pub is being remarketed.” A third pub, Ponty Tavern in Pontefract, is trading well and remains on the market at an asking price above its original valuation. “Since the listing, there has been a lot of interest in the Ponty Tavern and there have been a number of viewings,” the update said. “We are currently providing trading figures and other information to interested parties, and we expect to see some offers over the next few months.”

 

Midlands independent operator set to open sixth site: Midlands independent operator The Fulton Partnership is set to open its sixth site. The group, led by Graeme Fulton, struck a deal in May last year with Wavensmere Homes for one of the buildings at the £175m Nightingale Quarter Scheme in Derby city centre. The Fulton Partnership will now open restaurant and cocktail bar Pepperpot in one of the city’s historic 19th century Pepperpot towers, in London Road, on Wednesday, 14 February. The group also operates Butchers Bar and The Westgate Suites wedding venue in Long Eaton; Stables Hotel and The Bowling Green Inn in Ashbourne; and The Saracens Head Steakhouse in Meir, Stoke on Trent. A former site manager for Chef & Brewer when it was part of Scottish & Newcastle, Fulton set up his own business in 2008.

Karma Kitchen launches sixth site, McDonald’s to be first partner: Karma Kitchen, the Crosstree Real Estate Partners-backed dark kitchen operator, has launched its sixth site, in Wimbledon. Propel revealed earlier this month that the brand’s next location would be in south west London, as it looked to open two more locations in the capital and acquire its first regional site this year. It has now launched a 14,682 square-foot, 26-unit strong location, with McDonald’s set to be its first partner to open at the site. The fast-food chain has taken a 2,000 square-foot delivery kitchen that it has customised to suit its own operations and production methods, choosing Wimbledon following a strategic assessment of its current location coverage. Co-founders and siblings. Eccie and Gini Newton, said: “Wimbledon represents another major milestone for us and it continues our growth within carefully selected sites. We are excited to welcome operators to our new Wimbledon location, bringing Karma Kitchen to a new area of the capital to create success for the brilliant people and businesses that really make the food and beverage industry.” The sisters also told Propel earlier this month that their business has eight sites in the pipeline, with a west London location set to open this summer, and it will also be exploring overseas sites.

 

Cawley Hotels & Restaurants reports dip in turnover and profit: Cawley Hotels & Restaurants, operators of five venues across the west coast of Scotland, has reported a dip in turnover and profit in the year to 30 April 2023. In the prior year, the business had reported its highest revenue in 30 years of operations of £10,237,909, but this dropped slightly to £9,944,790 during the following 12 months. Its pre-tax profit was down from £2,172,840 in 2022 to £846,925. No government grants were received (2022: £43,699) and no dividends were paid (2022: nil). Director Alan Cawley said: “As the hospitality sector continues to face the challenges of current market conditions, the directors are pleased with the underlying trading results over the last 12 months. This is despite revenue decreasing by 2.9%. The prior year saw exceptional results due to the lifting of lockdown rules and staycation boom within the Scottish market. The business will continue to invest any future cash generated and is open to further new venues as opportunities arise.” Founded in 1985, Cawley runs the family-owned business with his wife Lynn and their children, Darrach and Cara.

 

Indian Tiffin Room opens fourth site: Street food restaurant group Indian Tiffin Room has opened its fourth site, in Liverpool. It has opened in the city’s Duke Street, joining its sites in Manchester, Cheadle and Leeds. Founded by cousins Suresh Rje Urs and Srini Sundaram, the concept offers a “street food with style” menu inspired by the roadside vendors of the subcontinent. Specialising in thalis and small plates designed for sharing, dishes include butter chicken and kerala fish curry, as well as alcoholic and non-alcoholic cocktails. “We started in 2013 in Cheadle, moving into Manchester in 2016, and then a natural progression for our campaign to continue putting our restaurant on the map in the north west was Liverpool,” Sundaram told Liverpool Confidentials. “It’s been on the cards for a couple of years, so finally, we’re really excited to be coming to Liverpool. All the amazing food we serve in Manchester and Leeds, we’ve brought to Liverpool. I don’t think any other restaurant here has got this kind of variety of street food that we serve, from all parts of India.”

 

Yorkshire theme park sees wage costs as percentage of turnover increase almost 10%: The company behind Yorkshire theme park Flamingo Land has seen wage costs as a percentage of turnover rise almost 10%. Turnover was down 6% to £30,359,584 for the year ending 31 March 2023 compared with £32,151,765 the previous year. Pre-tax profit was down to £4,568,825 from £13,325,359 the year before. Cash reserves at the year end stood at £13.5m. A new ten-inversion roller coaster opened during the period “to favourable reviews”, while a new hotel and restaurant opened in July 2023. In their report accompanying the accounts, the directors stated: “While there was a significant reduction in profit, this is not entirely surprising as a number of elective costs had been delayed during the aftermath of the covid pandemic. The costs of wages and salaries also increased significantly in the year as the company felt more confident in the economic climate that it was able to increase staff numbers. The most significant cost increases in terms of overhead costs saw wage costs (excluding directors) increase by £2.4m, which represented 28% of turnover (2022: 19%). Repair costs increased by £1m, advertising and marketing costs increased by £1m, light and heat costs increased by £0.35m, rates increased by £0.48m, and depreciation increased by £0.32m. Overall, overhead and administration costs increased by £6.3m. The directors anticipate the business environment will remain competitive but believe the company is in a good financial position.” The business did not receive any government support (2022: £93,940). A dividend of £5m was paid (2022: £1m).

 

Chef Giancarlo Caldesi to open third restaurant: Chef Giancarlo Caldesi to set to open his second London restaurant and third overall. He has acquired the former Calici site at 29 Belsize Lane in Belsize Park, which will reopen as Caldesi this spring, reports the Ham & High. The venue will be his second Caldesi restaurant in the capital, having opened the Marylebone original in 2002, and he has also operated Caldesi in Campgana in Bray, Berkshire, since 2007. Caldesi and wife Kate previously ran a Tuscan cookery school in London, between 2005 and 2009, and were subjects of the 2006 BBC documentary Return to Tuscany, as well as appearing regularly on shows including MasterChef, Saturday Kitchen and Sunday Brunch. They have also published several cookbooks and offer cookery courses and private dining hire. Calici closed in December, four years after opening in the former site of pan-Asian restaurant XO. Co-founder Andrea Casasola had previously worked overseeing Gino D’Acampo’s restaurants.

 

Teesside luxury hotel and spa owned by Middlesbrough FC chairman sees first profit turn into loss, begins £2.35m restaurant refurbishment in bid for Michelin star: Rockliffe Hall, the Teesside luxury hotel and spa business owned by Middlesbrough FC chairman Steve Gibson, saw its first profit turn into a loss in the year to 30 June 2023. In the previous year, the resort, which includes a five-star hotel and 18-hole golf course, swung into the black for the first time as it made a pre-tax profit of £2,599,000, having recorded losses every year since first publishing accounts in 2007 following extensive investment in the complex. But this turned into a loss of £848,000 and an Ebitda loss of £133,596 (2022: profit of £3,235,766). Turnover fell from £12,518,000 to £11,593,000, with £3,613,000 coming from food and beverage (2022: £4,411,000), £3,076,000 from accommodation (2022: £2,542,000), £3,015,000 from the spa (2022: £3,798,000) and £1,065,000 from golf (2022: £962,000). No dividends were paid (2022: nil). The hotel has also begun a £2.35m refurbishment of its fine dining The Orangery restaurant and Old Hall suites in a bid to gain a Michelin star. Managing director Jason Adams last year told Boutique Hotelier that the restaurant will also be rebranded and Gibson’s goal is “to get a Michelin star”. The accounts also showed that during the year, in December 2022, the company set up a new subsidiary company, The Pheasant Hotel (Harome), which acquired the trade and assets of The Pheasant Hotel in York. The company issued 2,117,000 ordinary shares of £1 each and 750,000 ordinary shares of £1 each to its parent company to finance its new subsidiary, and to fund the refurbishment of Rockliffe’s New Hall bedrooms, respectively.

 

Oldest microbrewery in north east England goes on market: The oldest microbrewery in the north east of England has been put up for sale. Christie & Co has been instructed to sell The Keelman & Big Lamp Brewery in Newburn, Tyne and Wear, at an asking price of £995,000. Established in 1982, The Big Lamp supplies a range of traditionally brewed fine ale to pubs throughout the UK. The Keelman comprises a traditional pub and restaurant with seating for circa 100 diners. There is a mezzanine level and large contemporary conservatory, which overlooks the external patio. With a total of 14 en-suite letting bedrooms in two purpose-built buildings set in the grounds, The Keelman’s Lodge comprises six en-suite family rooms, and Salmon Cottage consists of eight en-suite letting rooms. The freehold interest is owned by the pension fund of two semi-retired, local businessmen, who wish to fully retire and realise the worth of their asset, and who may consider leasing the entire site on terms to be negotiated.

 

Scottish hotel and leisure resort reports record turnover but falls to loss, holding off further capital projects until economic and labour situation improves: Scottish hotel and leisure resort Auchrannie has reported record turnover but fell to a loss and is holding off further capital projects until the economic and labour situation improves. Revenue rose to £10,129,660 for the year ending 31 March 2023 compared with £9,370,085 the previous year. The business posted a pre-tax loss of £83,337 compared with a profit of £1,580,940 the year before. In her report accompanying the accounts, director Linda May Johnston stated: “The company continues to identify future development opportunities and a number are being assessed. However, in the current economic climate they will not be progressed beyond the planning stage until staffing shortages in the industry ease, ferry reliability improves and the economic outlook is better.” The business did not receive any government grants (2022: £139,925). A dividend of £75,000 was paid (2022: £75,000).

 

London Mexican food kiosk opens second site: London Mexican food kiosk Bad Manners, formerly known as Quarter Kitchen, has opened a second site in the capital. Bad Manners was launched as Quarter Kitchen, in St John At Hackney churchyard in Hackney’s Lower Clapton Road, in July 2021 by Max Fishman, who is behind nearby shop The Quarter Store. Fishman has now opened Good Manners outside Canonbury station in Wallace Road, Islington, reports London on the Inside. It serves coffee and pastries from St John Bakery, and is launching a sandwich range from chef Rodrigo Cervantes, formerly of Super 8 Restaurants, the London business led by Brian Hannon and Ben Chapman.

 

Owner of Weston-super-Mare’s Grand Pier sees £22.5m rise in profit after making £25m on sale of investments: AGM Holdings, the owner of the Grand Pier in Weston-super-Mare, saw a £22.5m rise in profit in the year to 28 March 2023 after making £25m on the sale of investments. Its pre-tax profit shot up from £4,148,283 in 2022 to £26,657,954, boosted by the £24,918,135 profit from disposals. Turnover grew slightly from £8,278,000 to £8,575,835. Director Kerry Michael said: “The Grand Pier saw a good year in terms of post covid trading in terms of turnover, but the profitability was hampered by increases in staffing costs and supplies, some of which could not be passed on to the visitor. Events remain the slowest part of the business to resume to anything like pre covid levels and is further hampered by having to deliver events that were cancelled in covid. As ever, weather also plays a major part in turnover. The board is confident the facilities will remain popular with locals and visitors and that next year, trading will remain strong.” Post year-end, the financial statements were restated to recognise an accounting error dating to 2013 and 2014. This related to funds of £7,456,451 put into the company by Michael in order to develop the Grand Pier, but which was never recorded within the balance sheet of AGM Holdings. To correct this, the original loan has been restated, resulting in an additional £7,456,451 liability and the profit and loss reserves being reduced by £7,456,451. Profit and loss reserves before restatement were £46,627,092 (2022: £20,587,928) and after restatement stand at £39,170,641.