Exclusive – remainder of Temper business acquired by new vehicle: The remainder of the Temper business, the modern barbecue brand, has been acquired by a new subsidiary of Wellfound, the Paradiso Burger and Cocktail Bar concept operator, Propel has learned. New vehicle Elevare Hospitality has acquired the three Temper sites in Soho, the City and Covent Garden, preserving more than 100 jobs. Elevare is an intended future subsidiary of Wellfound Ltd, the Imbiba-backed operator of the Paradiso Burger and Cocktail Bar concept in Soho and Gabriel’s Wharf. Joe Lowry, managing director of Wellfound, said “I am delighted to secure these excellent locations and be part of the future journey of the Temper brand. I have inherited a fantastic team of people and look forward to driving the brand and business forwards so that consumers can continue to enjoy the wonderful experience at Temper.” The acquisition by Elevare Hospitality follows a sale process managed by Quantuma, with Casper & Cole, the parent company of Temper, subsequently entering into administration. The chairman of Casper & Cole said: “With regret, the company has entered into administration. This difficult decision follows a period of significant financial challenges, making continuation under the current structure unfeasible. I understand the disappointment this may bring to our shareholders, whose support has been invaluable throughout our journey. I extend our gratitude to our employees, customers, and other stakeholders for their support and dedication over the years. While this marks a challenging time, I hope that these sites will flourish under new management.” Its most recent accounts filed with Companies House showed that in the year to 26 February 2023, Casper & Cole made a pre-tax loss of £40,749 compared to a profit of £739,201 in 2022. Its turnover had grown from £6,377,190 in 2022 to £8,734,735. Earlier this year, Temper launched a sister, smash burger-focused concept – Temper Burger – on the former Patty & Bun site in White City. Last year, the company launched a Temper restaurant in Merchant Square, Paddington. Temper was founded by restaurateur Sam Lee and chef Neil Rankin, launching in Soho 2016 followed by its City site in 2017 and Covent Garden location in 2018. Initially, the Soho restaurant had focused on tacos and mezcal, with the City site specialising in gin and curry and the Covent Garden venue in house-cured meat, pizza and vermouth. All three restaurants then pivoted to serving an identical menu including a selection of tacos and steaks from rare-breed British cattle and butchered in-house. Rankin left the group in 2020, after which it continued to be led by Lee.

 

AI challenge to be held at Restaurant Marketer and Innovator European Summit, open for bookings: An artificial intelligence (AI) restaurant challenge will be held at the Restaurant Marketer and Innovator European Summit. Two teams of industry professionals will work under time pressure to design an entirely new restaurant concept in just four hours. They’ll receive a live brief and create everything from mood boards to menus and video flythroughs, exclusively using AI tools. The two teams will later pitch their concepts, followed by an audience vote to crown the winner. Restaurant Marketer and Innovator European Summit is returning for its seventh edition, and tickets are now on sale. The event is a partnership between Propel and Think Hospitality, aiming to build a community, promote the sharing of ideas, recognise talent and define the future of eating out. Bookings are now open for the two-day conference as the centrepiece of the January event series, taking place on 21 and 22 January at One Moorgate Place in London. The conference will focus on technology, marcomms strategies, proposition, brand building, the latest market insights, digital developments and diversification of revenue streams. It is designed for customer focused chief executives, senior marketers, technology and innovation teams, as well as investors wanting to better understand the latest marketing, innovation and development opportunities to build market share and grow. For the full speaker schedule, click here. The pre-Christmas early-bird prices are as follows: a one-day ticket for operators is £295 plus VAT while a two-day ticket is £550 plus VAT. Supplier tickets are £395 plus VAT for one day and £700 plus VAT for two. Propel Premium Club members receive a 20% discount. To book, email kai.kirkman@propelinfo.com.

 

Exclusive – Tokyo Industries places 12-strong package on the market: Bar and nightclub operator Tokyo Industries has placed a 12-strong package of sites on the market, with the majority based in the north east, Propel has learned. The business, which operates circa 50 bars, clubs and venues in the UK, plus several international sites, is believed to be working with property advisors to market the venues on an individual basis or as a portfolio sale. The sites are believed to include the former Red’s True Barbecue site in Headingley, Leeds; the BrewDog in Huddersfield; Neptune House in Newcastle; Impossible in York; Klute in Durham; The Constitutional Club in Lincoln; and the Tower Ballroom in Hull. In July, the company opened its latest project, Iron Lilles, a late-night bar and restaurant, in Hull. The Aaron Mellor-led business invested circa £2m in the new venue. The business was a recipient of a £750,000 government-backed grant, courtesy of Hull City Council, last summer.