Young’s reports lfls up 3.4% in first 16 weeks of new financial year as ‘strong trading momentum continues’: Young’s has reported like-for-like sales are up 3.4% for the first 16 weeks of its new financial year with revenue up 26% in total as its “strong trading momentum continues”. The company said for the five weeks since its year-end preliminary results announcement on 19 June, revenue was up 33.8% in total and 10.6% on a like-for-like basis. Ahead of the company’s annual general meeting (AGM) today (Thursday, 25 July), outgoing chairman Stephen Goodyear said the business was in “brilliant shape”. He said: “This positive performance demonstrates that our proven strategy of operating premium, individual, and well-invested pubs and bedrooms consistently delivers industry leading results. Maintaining a premium position is central to this success, and last year we reported a record year of investment. We completed the landmark acquisition of City Pub Group, the largest in our 193-year history. The integration of City Pub Group is progressing as planned and we expect to provide further detail at the time of our interims in November. We also acquired eight premium freehold pubs last year. We made some significant investments across our existing estate, several of which were transformational. This included at the world-famous Guinea Grill (Mayfair) which we doubled in size and was recently named one of the top 100 steak restaurants in the world. These investments underpin even greater confidence in our future. We are enjoying a great summer of sport. Customers flocked to our pubs to watch England make us proud, only narrowly missing out at the final of the Euros, and Wimbledon which although wet, saw a number of our pubs breaking records. Our pubs are looking forward to welcoming customers for the Olympics, followed by the autumn Rugby internationals in November. I have no doubt the business will make further progress this year, as it continues to invest in the estate and realise the benefits of the acquisition of City Pub Group, supporting long-term shareholder returns. As previously announced, today is my last AGM as chairman. It has been an absolute privilege being at Young’s for nearly 30 of my 50 years in the pub industry. The business is in brilliant shape, with an experienced and well-balanced board, which reflects the unique heritage and character of the business. Last year, we were delighted that Steve Cooke agreed to take over from me as chairman. He has been on the board of Young’s as a non-executive director since November and takes the reins on conclusion of today’s meeting. Having recently retired from law firm, Slaughter and May after 41 years, the last eight as senior partner, he brings a wealth of city experience to Young’s and I know he will be a great asset to the business. I wish him great success in the role.” Cooke added: “It is an honour to take over as chairman of Young’s, a business I have long admired. Since I joined the board in November, I have seen first-hand that Young’s is a fantastic business with a compelling strategy and a team throughout the group, which deliver excellent results. On behalf of the board, I’d like to thank Steve for his incredible service and contribution to Young’s. During his tenure, Young’s has transformed and cemented itself as a leader in our sector. We wish him all the best for his retirement.”

 

Everyman reports first-half revenue up to £46.9m: Everyman, the independent, premium cinema group, has reported revenue was up to £46.9m for the 26 weeks ending 27 June 2024 compared with £38.3m the year before. Group Ebitda increased to £6.2m from £5.8m the previous year. Admissions rose to 1.9 million in the period (2023: 1.6 million). Paid-for average ticket price was up to £11.76 (2023: £11.49) while food and beverage spend per head increased to £10.47 (2023: £10.25). The company stated: “Financial performance for the half year was in line with expectations and reflected the impact of last year’s SAG-AFTRA and WGA strikes. The group expects a significant second-half weighting to admissions, revenue and Ebitda based on the strong pipeline of releases for the remainder of the year, including Joker: Folie à Deux, Paddington in Peru, Gladiator II, Wicked, Moana 2 and Mufasa: The Lion King.” Everyman now operates 45 cinemas, having opened a three-screen venue in Bury St Edmunds in February 2024. The group expects to open a five-screen venue in Cambridge in November 2024 and a three-screen venue in Stratford, east London in December 2024. The company said it remains confident that the financial performance for the full year ending 2 January 2025 will be in line with market expectations. The group intends to publish its interim results for the 26 weeks ended 27 June 2024 on Wednesday, 25 September 2024. Chief executive Alex Scrimgeour said: “We have once again delivered robust growth in both revenue and Ebitda during the first half, reinforcing our position as a leading player across the UK’s cinema landscape. Our continued strong performance, driven by consumer appetite for the unique Everyman proposition, comes despite a marked reduction in film output following last year’s writer and actor strikes. During the second half, we have an exciting slate of releases to look forward to and are confident in our ability to capitalise on the opportunity ahead.”

 

Sandbox VR UK franchisee closes crowdfunding campaign after raising more than £1m: VR Entertainment, the UK franchisee of Sandbox VR, has closed its crowdfunding campaign after raising more than £1m. VR Entertainment had been aiming to raise £500,000 and was offering 9.71% equity in return for the investment, giving the company a pre-money valuation of £10m. Having smashed its target within four days of its inaugural fundraise through Crowdcube, the campaign has now closed having raised £1,076,033 from 247 investors to aid its growth ambition to operate 30 venues across the UK and Ireland by 2031. The brand, which opened its first UK venue in London’s Holborn in July 2022 and has its largest VR venue in Birmingham’s Grand Central, operates circa 50 venues globally. Andy Scanlon co-founded VR Entertainment with Jake Wilmot-Sitwell four years ago to take on the UK & Ireland master franchise for the brand. A total of 160,000-plus guests have visited Sandbox VR’s London and Birmingham venues to date. Scanlon added: “Our venues are going from strength to strength, posting 39% year-on-year like-for-like-sales growth on average this year. We’re now really eager to open the Sandbox VR experience to even more people around the country.” A new report produced by Propel on the fast-growing experiential leisure sector will be available to purchase on Thursday, 1 August. The report profiles the current shape of the experiential leisure market – including brands, estate size, trading type and geographical location and future trends. It provides a detailed list of UK experiential leisure companies including key staff and Companies House information. The report includes more than 190 companies, 3,500 sites and a 35,000-word report. Existing Premium Club members can receive the report on Thursday, 1 August for £395 plus VAT. The report will be made available for free to existing Premium members on Tuesday, 10 September at 9am. Email kai.kirkman@propelinfo.com today to order a copy.

 

Padel concept closes crowdfunding campaign after raising more than £980,000 to support expansion plans: Padel concept Smash Padel has closed its crowdfunding campaign after raising more than £980,000 to support expansion plans. The company, which has six operational courts, with two more due to open in August and another three in September, had been aiming to raise £750,000 via Crowdcube and was offering 11.46% equity in return for the investment, giving the business a pre-money valuation of £5,791,890. The campaign has now closed having raised £983,324 from 421 investors. The pitch stated: “The growth of UK padel is hindered by a lack of accessible, high-quality facilities and coaching, making it challenging for people to discover and engage with this rapidly expanding community sport. We’re establishing elite and accessible facilities with top tier coaching to foster community engagement and growth, with the goal to make padel a mainstay in sports communities in the UK. The UK padel market is rapidly expanding and there is high demand. This growth opens vast opportunities for establishing new facilities and coaching. We have just received full planning permission to build out a six-court, fully covered site, at Llandaff Fields in Cardiff. We have raised more than £2.7m of equity capital to date demonstrating confidence in our vision and the potential of UK padel.” Smash Padel has centres in Bicester and Oxford, while as well as Cardiff, the company is also opening venues in Whitstable and Haywards Heath.