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Thu 7th Aug 2025 - Simmons Bars acquired by founder for £6m in pre-pack administration, Deliveroo reports strong first half |
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Simmons Bars acquired by founder for £6m in pre-pack administration: Cocktail bar operator Simmons was acquired by its founder Nick Campbell for £6,051,660 in pre-pack administration, an administrators’ report has revealed. Propel exclusively revealed last month that Simmons had been working with Kroll Advisory on its options and completed a strategic restructuring process – supported by existing backer Lonsdale Capital Partners – designed to streamline its portfolio, strengthen its financial position and lay the foundation for continued growth. As part of the process, the business, which was founded by Campbell in 2012, said it had taken the decision to exit four leases in London, allowing management to “focus resources on our strongest-performing venues”. Alongside this, the company is understood to have secured additional investment to support future expansion and operational improvements across the estate. The report said the total sales consideration was £6,051,660, with £1,601,660 cash paid on completion and £4,450,000 of OakNorth debt being repaid. A statement of administrators’ proposal by Benjamin Wiles and Philip Dakin, of Kroll Advisory, showed at the time of the administrators’ appointment, Simmons operated 21 bars – 20 in Central London and one in Manchester, plus a head office. The group employed circa 300 employees across its sites. The report stated: “In 2018, Lonsdale provided investment to help fund the group’s growth plan, which included the opening of additional sites. In 2020, following the impact of covid-19 on the nightlife/bar sector, the group raised additional funding via loan facilities from OakNorth. In recent years, the group has experienced a downturn in trading, largely attributable to a combination of macroeconomic factors. This has caused several sites to be loss-making, which ultimately resulted in the closure of certain sites in 2024, and more recently, two within the first six months of 2025. The administrators understand from the management team that in the last 12 months, the cashflow and profitability of the group has been significantly impacted by: a continued challenging consumer environment post-covid-19, with consumers shifting away from drinking culture to more health-conscious lifestyles; increased inflationary pressures; and increased overhead costs. Despite positive Ebitda of £2.4m from revenue of £24.9m in FY25, the business faced cashflow issues from the beginning of 2025. This resulted in the business having to approach HM Revenue & Customs to request a time to pay in early 2025. A time to pay agreement was agreed covering VAT liabilities of circa £540,000, payable over five-monthly instalments (with a larger upfront payment in the first month).” The report showed the business was introduced to Kroll’s restructuring team to look at the viability of a company voluntary arrangement, but following analysis, it was deemed the only option was an accelerated mergers and acquisitions process that led to Campbell acquiring the business. The report showed Lonsdale is owed £15,229,000 and is not expected to receive a dividend. The amount owed to ordinary preferential creditors and unsecured creditors is unknown at this time but are not expected to receive a dividend. Secondary preferential creditors are owed circa £850,000 and are also not expected to receive a dividend.
Premium Club subscribers to receive updated Turnover & Profits Blue Book tomorrow: Premium Club subscribers will receive the updated Turnover & Profits Blue Book tomorrow (Friday, 8 August), at noon. The database will feature 13 new entries and 58 updated accounts. The database now features a total of 1,151 companies, with 725 in profit and 436 making a loss. The Blue Book is updated each month and ranks companies by turnover, profit and profit conversion, listing directors’ earnings for the past five years. Premium Club subscribers also receive access to five other databases: the New Openings Database, the Multi-Site Database, the UK Food and Beverage Franchisor Database, the UK Food and Beverage Franchisee Database and the Who’s Who of UK Hospitality. All Premium Club subscribers will be offered a 20% discount on tickets to Propel paid-for events and discounts on specialist sector reports. Operators that are Premium Club subscribers are also able to send up to four members of staff to each of our four Multi-Club Conferences for free. Premium Club subscribers 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 subscribers 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 subscribers 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 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.
Deliveroo reports strong first half performance with profitability and growth ‘accelerating’, order growth up 8% in UK & Ireland: Deliveroo has reported a strong first half performance, with profitability and growth “accelerating”. Revenue grew to £1,046.6m in the six months to 30 June 2025 from £972m in the first half of 2024. Adjusted Ebitda increased to £96.3m from £66.2m, and while a £1.3m profit in the first half of 2024 turned into a loss of £19.2m, this was primarily due to higher exceptional items relating to costs associated with the DoorDash acquisition. The company said it was a “strong top-line performance with broad-based growth and an acceleration” and “good growth across key metrics”. Gross transaction value (GTV) and revenue were both up 9% in constant currency (9% and 8%, respectively, in reported currency), with orders up 8%, “driven by further execution on our growth initiatives and a more resilient than expected consumer”. Order growth was up 8% in the UK & Ireland. There was constant currency GTV growth of 10% in the UK and Ireland and 9% in international, where strength in UAE and Italy was offset partially by continued softness in France. The company said it saw broad-based growth across verticals, with a marked improvement in restaurant growth, strong double-digit growth in grocery and further progress in retail and advertising. It saw an acceleration in growth in the second quarter, with orders up 8% (Q1 2025: 7%), GTV up 10% (Q1 2025: 9%) in constant currency and revenue up 9% (Q1 2025: 8%) in constant currency. The company said it continued to increase the value on offer to its Plus subscribers through the launch of new partnerships and benefits, improved selection with 4,000 merchant sites added, reduced critical order defects to all-time lows and continued to promote value for money to consumers. Shareholder approval for the DoorDash acquisition was received in June, and the regulatory approval process is ongoing, with completion expected in the fourth quarter. In terms of its 2025 outlook, the company said: “GTV growth guidance narrowed to around the top end of the previously guided range of high single-digits percentage growth in constant currency. Adjusted Ebitda guidance narrowed to be in the upper half of the previously guided range of £170-190m, reflecting strong first half performance and second half weighting of previously flagged investments to capture future growth opportunities.” In terms of its medium-term outlook, it said: “GTV growth: targeting mid-teens percentage growth per annum (in constant currency) in the medium term. Profitability: adjusted Ebitda margin target of 4%+ in the medium term, with margin improvement accelerating from 2026.” Founder Will Shu said: “The first half of this year was very positive. Our long-term focus on improving the customer value proposition is paying off. Consumer engagement is encouraging, with order frequency and retention continuing to improve across all cohorts. Today, both growth and profitability are accelerating. We are delivering on our mission to change the way people shop and eat and to bring the neighbourhood to people's doors. I’m proud of where we are and all that we have achieved. We helped to build an entire sector and have redefined it multiple times over. I’m excited for what the partnership with DoorDash can bring in the future. They will be an excellent partner for everyone at the company, as well as for our consumers, merchant partners and riders.”
Atis to open three new London venues: London healthy bowl concept Atis has said it is set to open three new venues in the capital, starting with Atis Southbank on Tuesday, 26 August. Following this, Atis will open two more London locations in September, in Kings Cross and North Audley Street, “marking the brand’s most ambitious expansion yet”. By the end of summer, Atis said it will operate 15 locations across London, “cementing its position as one of the capital’s fastest-growing food brands”. Co-founder Eleanor Warder said: “This summer marks a big milestone for us. We’ve always believed healthy eating should never be dull – it should be bold, vibrant and full of energy. Southbank is the next step in bringing this to Londoners, and it kicks off a fast-paced wave of new openings this autumn.” Atis opened its latest location in June, in Battersea, and that same month launched a new catering offering. In May, co-founder Phil Honer told Propel the business has seen a “strong” start to 2025 and is closing in on a regional launch. Honer said Atis is exploring opportunities in Bristol, Brighton and Manchester, with initial offers submitted. The company secured £8m of new funding at the start of the year to support its growth.
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