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Tue 26th Nov 2024 - Update: Shaftesbury – West End estates are “busy and vibrant”, employment law, Odeon |
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Shaftesbury – West End estates are “busy and vibrant” coming into the Christmas trading period: Central London landlord Shaftesbury has said that its West End estates are “busy and vibrant” coming into the Christmas trading period “with high footfall and good customer sales growth”. The business reported £15.9m of new leases and renewals in H2 to date, 9% ahead of June 2024 ERV and 7% ahead of previous passing rent. It also reported low vacancy with 2.1% of ERV available to let (June 2024: 2.7%). It said: “Retail and hospitality leasing demand has been strong across our vibrant destinations with 48 new openings since July. There is good momentum across Seven Dials with eight new brands introduced since July. There is particularly positive performance from our Soho hospitality portfolio. Kingly Court continues to attract interest from multiple hospitality operators. Mediterranean concept Alta has signed following the redevelopment of units across two floors, creating a larger destination dining opportunity. Cheesecake specialist La Maritxu signed on Kingly Street, while the opening of Donutelier has introduced al fresco food on Carnaby Street at the gateway to Kingly Court. Eastern Mediterranean concept Delamina opened in Covent Garden while Suzhou Noodle and Noodle & Beer will open new restaurants in Chinatown.” Ian Hawksworth, chief executive, said: “Our West End estates are busy and vibrant coming into the Christmas trading period with high footfall and good customer sales growth. We are encouraged by the strong leasing demand across all uses, with 192 transactions completed in the period, at rents on average 9% ahead of June ERV and an excellent leasing pipeline. We have completed £240m of asset sales over the last 18 months and will continue to recycle capital into target acquisitions. We are well-positioned to deliver attractive long-term returns as the leading central London mixed-use REIT.”
Next UK Food & Beverage Franchisor Database to feature 50 new entries: The next UK Food & Beverage Franchisor Database will feature 50 new entries, when it is sent to Premium subscribers next month. The database has grown to feature 280 businesses since it was first launched with 100 entries in April 2022. The database includes UK companies offering a franchise and overseas companies either franchising here or looking to launch here through franchising. It includes contact details, a background to each business and details of its franchise offer. The 50 new entries, which cover the broad spectrum of food and beverage franchising in the UK, will bring the overall total to 330 companies. The database is sent to Premier subscribers every two months, including new entries and updates to existing entries. The next edition will be sent out at 12pm on Wednesday, 11 December. The new entries are: Ivan Ramen, iLunch, Captain D’s, SoBe Burger, Chicken & Blues, 92 Degrees, Little Bao Boy, Smoky Boys, Jones the Grocer, Bageterie Boulevard, Sojubar, Smashville, Oakberry, Champagne + Fromage, The Halal Guys, Gooey, Galito’s, Papa Ji, Cheat Daze, Marlowe’s, Chocoberry, Churros Locos, Pasta Evangelists, Pizza Rebel, Insomnia Coffee, HeyBoba, Cactus Jacks, 12th Street Burgers, Rico Burrito & Jimmy’s Burgers, Udderlicious, Side Street Burgers, Project Bun, Popeyes, The Souvlaki, CoffeeLab, Ben & Jerry’s, BeLeaf Juice Bar, Wolf, Bagel Corner, Mayfair House Group, Mikel Coffee Company, Salad Box, Incredible Ice Cream Co, Brunch & Cake, Freddy’s Chicken & Pizza, Gringo’s Nacho Factory, Rio’s Piri Piri, Mother Hubbard’s, Zambrero and Centenary Lounge. A 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 supplier. Email kai.kirkman@propelinfo.com today to sign up.
Employment rights law ‘will lead to lower wages’: Angela Rayner’s employment rights bill risks reducing the number of new jobs while leaving workers on lower wages, a government watchdog has warned. The Times reports that in a critical assessment of the Labour deputy prime minister’s plans to give rights to workers on their first day, and unions more workplace power, the Regulatory Policy Committee (RPC) said the proposals lacked “evidence to support the problem being addressed”. It warned that the estimated £5bn a year cost of the rules to business could be an underestimate that would be paid for through lower wage growth. The RPC, which examined the government’s impact assessment of the bill, concluded that it was “not fit for purpose”. The committee said: “The assessment does not provide evidence that the proposals would achieve the desired policy outcomes, including improved productivity and wage growth, equality of opportunity, job security, increased economic activity and employment. The proposals could make it more difficult for those unemployed or economically inactive to access jobs … and could lead to increased reliance on internal hiring or recruitment based on personal networks.” The bill, which is going through parliament, includes protections against unfair dismissal from the first day, a right to guaranteed hours, flexible working by default, sick pay from the first day of illness and new rights to parental and bereavement leave. Companies would also be forced to recognise and negotiate with unions even if only a minority of staff are members or supported the move. The Federation of Small Businesses said the findings supported its concerns that small firms would be hardest hit.
Industry levy to tackle gambling harm: Casinos and bookmakers will have to pay a £100m “statutory levy” to fund research and treatment for harm caused by gambling, according to new government plans. Labour appears set to approve the Conservatives’ proposal to replace the existing voluntary system, under which industry operators can choose how much money to donate and which organisations should receive it. Under the proposed statutory levy, gambling firms would be required to pay 1% of their earnings from UK gamblers, known as the gross gambling yield, to support research, education and treatment. This could be as much as £109m based on figures published by the Gambling Commission, which showed that in the past 12 months the gross gambling yield came to £10.9bn. The levy, which could be announced as soon as tomorrow by Baroness Twycross, the gambling minister, is expected to take effect from April. Iain Duncan Smith, chair of an all-party parliamentary group examining gambling reform, told The Guardian: “I am delighted that the statutory levy, which the APPG first proposed five years ago, is finally being introduced. For the first time the gambling industry will be mandated to pay for the harm they cause. Whilst there is much more to do this is a seismic moment and a huge step forward and I welcome it unreservedly.” The Department for Culture, Media and Sport was approached for comment.
Odeon to open at Bristol’s Cabot Circus: Cinema operator Odeon has signed up to open at the Hammerson-owned Cabot Circus scheme in Bristol. The UK’s largest cinema brand will open its venue next year, including all of its most up to date guest features for the ultimate big screen experience. A new cinema was the leisure experience most requested in a customer survey by Hammerson this year. Odeon is the 10th new occupier to sign at Cabot Circus this year, part of a drive to bring new brands and experiences to central Bristol to boost the daytime and evening offer for customers. Other recently agreed leisure operators include King Pins Bowl which will open its 16,500 sq ft venue featuring bowling, gaming and leisure activities next year. Meanwhile, Treetop Golf is opening this December to deliver a new and immersive golf experience. Six by Nico will also soon be opening at Cabot Circus as well as Honi Poke, which chose Cabot Circus as one of its first sites outside London. Toby Tait, director of Asset Management at Hammerson, said: “Cabot Circus is proud of its record providing Bristol with a leading cinema which acts as a key draw to both our destination and the wider city centre. This new partnership with Odeon is the culmination of months of hard work to select the best operator and bring the latest technology and experience into a completely renewed cinema venue. It adds to our growing line-up of restaurants and entertainment venues, specifically introduced to boost day and night experiences at Cabot Circus in the heart of Bristol.”
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