Exclusive – Comedy Store signs franchise deal to expand across the UK: Comedy Store, the live comedy venue business with sites in London and Manchester, has signed a franchise agreement to expand across the UK, Propel has learned. It has partnered with live entertainment company, Live Nation, “paving the way for the creation of purpose-built comedy venues across the United Kingdom”. The first joint initiative of its kind for The Comedy Store, the franchise agreement builds on a six-year collaboration with Live Nation. During this time, Live Nation has promoted more than 500 shows around the UK. With this expansion, both companies said they “aim to elevate the comedy experience while broadening access to high-quality, live stand-up performances”. The Comedy Store was founded in London in 1979 and remains “a vital cornerstone of the UK comedy circuit”, hosting more than 3,500 attendees each week. It has helped launch the careers of top-tier comedians such as Eddie Izzard, Paul Merton, John Bishop, Jimmy Carr, Rhod Gilbert, Sarah Millican and many more. By expanding its footprint, those artists following in their footsteps will “benefit from new venues for both mixed billed and touring shows”. Ian Coburn, president European comedy touring at Live Nation Entertainment, said: “The Comedy Store has a rich heritage of nurturing the brightest stars in comedy while delivering unmatched live experiences to audiences. This agreement underscores our belief in the enduring appeal of live comedy and The Comedy Store’s unique ability to cultivate talent and connect with audiences. These new venues will combine The Comedy Store’s reputation for discovering and presenting world-class talent with Live Nation’s operational expertise to deliver high-calibre entertainment to audiences nationwide.” Anna Cooke, vice-president European comedy touring at Live Nation Entertainment, said: “We are proud to play a part in The Comedy Store’s next chapter. This partnership reflects our commitment to fostering platforms where talent can thrive. By creating more comedy club venues, we’re ensuring that audiences across the UK can enjoy the very best in stand-up comedy, while offering new stages for both emerging and established performers.” Don Ward, chief executive and executive producer at The Comedy Store, added: “This agreement with Live Nation is a natural evolution for The Comedy Store UK. With 45 years of history, my team and I have built a reputation as a leader in stand-up comedy. This franchise agreement enables us to bring our signature experience to new markets, meeting the growing demand for live comedy.”

PizzaExpress hires Colin Elliot as new CFO: PizzaExpress has hired Colin Elliot, formerly of House of Fraser, the De Vere Group and Premier Inn, as its new chief financial officer. Elliot, who will begin his new role in the new year, is currently a managing director at investment real estate firm CBRE, a position he has had since 2019. PizzaExpress said he has a proven record working for UK multi-site hospitality businesses and brings “significant operational and refinancing experience” across his previous five chief financial officer roles, which include House of Fraser, the De Vere Group, Premier Inn and the boutique hotel group Malmaison. Elliot will join the pizza chain’s board and the leadership team and will lead its finance and legal teams. Paula MacKenzie, chief executive of PizzaExpress, said: “We are delighted to welcome Colin to PizzaExpress where his experience and expertise throughout his career at chief financial officer will be incredibly valuable to us at this stage in our growth journey. I would also like to take this opportunity to thank Rodney Hicks for his outstanding contributions as our interim chief financial officer. He has been a key member of the leadership team since May of this year, and we wish him the best in his future endeavours.” Elliot said: “I am excited to join PizzaExpress, a brand which is much loved across the UK and globally. After working for numerous businesses in the wider consumer sector, this opportunity provides me with the chance to leverage my operational experience and I look forward to working with Paula and the team.”  In October, Sky News reported that the parent company of PizzaExpress was hiring bankers to help it refinance a £335m bond ahead of its maturity, amid tough trading conditions for casual dining operators. It reported that Wheel Topco was close to appointing PJT Partners, the investment bank, to advise it on talks with its debtholders. PizzaExpress currently trades from 359 sites in the UK and Ireland. According to its latest accounts, its bond matures in July 2026, with negotiations expected to get underway with bondholders in the coming weeks. PizzaExpress features in the Premium Club Turnover & Profits Blue Book, the latest edition of which was sent exclusively to Premium Club members today (Friday, 13 December), featuring 1,039 companies. PizzaExpress’ turnover of £454,566,000 in the year to 31 December 2023 is the 30th highest in the database. 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.

UKHospitality – GDP figures ‘extremely worrying’: UKHospitality has said the UK’s latest GDP figures are “extremely worrying”, reflecting a slump in consumer, business and investor confidence. Britain’s economy unexpectedly shrank by 0.1% in October, figures from the Office for National Statistics have shown. It follows a decline of 0.1% in September and sluggish growth of 0.1% in the third quarter of the year, according to figures last month. Kate Nicholls, chief executive of UKHospitality, said: “These figures are extremely worrying and show just how fragile the UK economy remains. The economy shrinking in October reflects a concerted slump in consumer, business and investor confidence. This was before the Budget, which dealt businesses yet more costs, the consequences of which are still to come. The changes to employer national insurance contributions, particularly the lowering of the threshold, hits hospitality disproportionately hard and has already slammed the brakes on any investment decisions, which are much needed to drive growth. We are continuing to urge the government to rethink its decision to go ahead with this damaging change in its current form, and instead work with industry on alternatives that mitigate the impacts on businesses, team members and economic growth.”

North Lincolnshire and East Yorkshire McDonald’s franchisee says consumers becoming ‘increasingly demanding’ as it reports turnover and profit dip: McDonald’s franchisee Kingston Restaurants, which now operates ten sites in north Lincolnshire and East Yorkshire, has said consumers are becoming “increasingly demanding”. It comes as the company reported turnover fell 13.5% to £51,514,589 for the year ending 31 December 2023 compared with £59,573,181 the year before, which was primarily due to the sale of two restaurants in February 2023. Pre-tax profit was down to £1,759,776 from £2,822,508 the previous year “reflecting the impact that the increases in inflation, interest rates and energy costs have had in the industry at large”. In his report accompanying the accounts, owner George Michniewicz stated: “Last year saw the first restriction-free financial year of trading since 2019 and, as such, it was an informative year in which to understand the behaviour of consumers following the pandemic. We have learnt a great deal to inform our future trading strategies. Consumers are increasingly demanding in this regard. It is clearer than ever before that delivering a great guest experience is key, However, inflationary pressures have continued and the UK has seen significant increase in interest rates. Despite this, what is clear is the demand to go out and socialise and enjoy the everyday treat remains core to many people's lives. We have enjoyed another robust set of results against the backdrop of significant macroeconomic challenges.” The company paid dividends during the year of £500,000 (2021: £700,000). Since the year end, dividends totalling £200,000 have been declared. Polish national Michniewicz began working for McDonald’s in the 1980s and oversaw the launch of the brand in his home country. He became a franchisee in 1993 when he acquired the restaurant in Jameson Street in Hull city centre and now employs more than 1,200 staff.