Imbiba closes £90m funding round, invests in gym brand 1Rebel: Sector investor Imbiba, which backs the likes of Farmer J, Pizza Pilgrims, Clays and F1 Arcade, has announced the final close of its oversubscribed £90m second fund. At the same time, it has completed its second investment from the fund into leading boutique gym brand, 1Rebel. Imbiba made its first investment from the fund last January, when it invested in Little Houses Group – the nursery, soft play and cafe concept from Incipio Group co-founder Charlie Gardiner. The company said that Imbiba Fund II, with capital commitments from a diverse investor base, will support the expansion of “high-growth, category-leading businesses in the leisure, lifestyle, wellness, and entertainment sectors”. Propel understands that Imbiba is currently in talks with regards to investing in a further nursery business. Darrel Connell, managing partner at Imbiba, said: “The substantial investment we’ve secured demonstrates strong confidence in Imbiba and the broader UK leisure, lifestyle, wellness and entertainment sectors. With our experience and track record, Fund II positions us uniquely to support even more prominent entrepreneurs and best-in-class high-growth businesses. We're very grateful to our ever-growing and loyal base of investors who share our commitment, understanding and enthusiasm to this dynamic and exciting sector.” 1Rebel, which was founded by James Balfour and Giles Dean, has been hailed as the “King of Gyms” and offers carefully curated and fully immersive workout classes across ten studios in London, with a further three studios in Australia and the Middle East. Imbiba has provided growth capital to support the management team, with its ambitious plans to scale the business across the UK as well as its growing international presence, with multiple new venues already secured in the pipeline. Balfour, co-founder and chief executive of 1Rebel, said: “Securing this investment from Imbiba marks a pivotal moment for our business. We are thrilled to have their support and confidence as we continue our mission to redefine fitness and wellness. With this new infusion of capital, we’re poised to accelerate our growth, expand our reach, and further enhance the 1Rebel experience for our members. This investment is a testament to the hard work and dedication of our team, and we are excited about the possibilities that lie ahead. We are thrilled to embark on a long-lasting, sustainable partnership with such seasoned entrepreneurs and investors.”

  

Next Who’s Who of UK Hospitality to be released on Friday, 24 May featuring 872 companies: The next Who’s Who of UK Hospitality will be released to Premium Club members on Friday, 24 May at midday. Another 11 companies have been added to the database, which now features 872 companies. This month’s edition will also include 42 updated entries. The companies, listed in alphabetical order, will have their most recent results reported as well as broader information around Ebitda, plans and trading style available. The database merges Companies House information, interviews and other public information to provide an easy to reference and exhaustive guide to the sector. Premium Club members also receive access to five other databases: the Multi-Site Database, produced in association with Virgate; the New Openings Database; the Turnover & Profits Blue Book; the UK Food and Beverage Franchisor Database and the UK Food and Beverage Franchisee Database. All Premium Clubs members will be offered a 20% discount on tickets to Propel paid-for events including Social Media for Profit (18 July), the Talent and Training Conference (1 October) and Restaurant Marketer and Innovator (two days in January 2025). Operators that are Premium Club members are also able to send up to four members of staff to each of our four Multi-Club Conferences for free. Premium Club members 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 members 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 members 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.

 

Ticket tax needed to help grassroots venues: A new levy on arena and stadium concert tickets is the best way to support struggling local music venues, a group of MPs has recommended. In a new report, the cross-party Culture, Media and Sport committee also suggested a cut in VAT to help grassroots venues. The number of small music venues in the UK declined by 13% last year, accounting for as many as 30,000 fewer shows, according to the Music Venue Trust (MVT), which said the sector had taken a “battering”. The Trust has been campaigning for £1 to be added to tickets for arena and stadium shows to subsidise the pubs and clubs where many headline acts start out. The committee launched an inquiry into the grassroots music scene last year, with some artists warning it about a “cost of touring crisis”. The MPs’ resulting report also suggested the launch of a new fan-led review of live music to assess the challenges. Michael Kill, chief executive of the Night Time Industries Association (NTIA), said: “The findings of the report underscore the urgent need for comprehensive action to safeguard the future of our vibrant music ecosystem. It is deeply concerning to learn that venues are closing at an alarming rate, threatening the livelihoods of countless individuals who rely on these spaces to showcase their talent and contribute to our cultural landscape. The call for a comprehensive review of live and electronic music by the summer is a crucial step towards understanding the long-term challenges confronting the industry. Additionally, the proposal for a temporary VAT cut based on venue capacity and the establishment of a voluntary levy to support grassroots music activity demonstrate a recognition of the immediate interventions required to mitigate the crisis.”

 

Michel Roux Jr – ‘restaurants may only open three days a week because staff won’t work the hours’: Chef Michel Roux Jr, who is gearing up to launch his new restaurant – Chez Rouz at The Langham on Portland Place – has said that find staff has become harder since the pandemic as “people don’t want to work on the weekend”. He told The Telegraph: “After covid – and it’s not just in hospitality, it’s in lots of different careers and industries – people don’t want to work on the weekend; don’t want to work unsociable hours and would rather work delivering parcels as and when they want to. It’s as simple as that. Just because I worked 80 hours a week or more doesn’t mean the next generation should, quite the contrary. That is something that we have to address in our industry, we could still do more. But it will mean ultimately that going out is going to be more expensive, and that maybe your favourite restaurant is no longer open seven days a week – it’s only open three or four days a week. If somebody only wants to work three shifts a week, well, let’s make it work. That’s three shifts covered, I’ve got another four shifts, somebody wants to do four shifts. Restaurateur friends in France got helped out a lot more during the pandemic – I mean a heck of a lot more”. The government needs to support the British hospitality industry, he says. “They need to realise the hospitality industry brings in so much to the UK. I think I’m not mistaken in saying it’s the third largest employer. He added that British food used to be “the laughing stock” but “now people come to London not just to go to the museums, they come to eat.”

 

James May – ‘stop panicking over pub closures’: TV presenter and publican James May believes Britain is “oversubscribed” with watering holes and the sector’s struggles are simply “a cull” that will eliminate “bad pubs”. The former Top Gear host, who owns a half-share in The Royal Oak, in the village of Swallowcliffe in Wiltshire’s Nadder Valley, criticised efforts by the government to prop up the trade. He told The Telegraph: “I did a thing on TV a week or two ago about pubs on Newsnight, because another one of those surveys had shown another five million pubs had closed, or whatever. I took the view I often take, which is we’re slightly oversubscribed with pubs in the modern world and there’s a bit of a cull going on, and it’s the bad pubs that tend to disappear. Really good pubs will always survive because they do nice food, they’ve got a nice atmosphere, they’re clean, they serve nice beer, they’ve got decent wine – all that sort of stuff. One of the things I said, and people got very annoyed with me about it, is that we shouldn’t think of pubs being an essential part of our heritage or an important tradition, or part of our national identity, because they’re not monuments, they’re pubs and they have to work.” May said The Royal Oak, which he co-owns with a businessman friend, was 85% restaurant and 15% drinking establishment. “Aside from a few corner-of-the-street boozers that have survived and do well, most pubs have to do decent food to be successful,” he said. “That, and clean bogs and all the basic stuff, really. For a long time, pubs got away with being a bit tatty and were due a bit of an update.” He warned against the government stepping in to save pubs because it “doesn’t really know what it’s doing”. He added: “For example, their advice on car-buying all turned out to be bad, really, so I don’t think I want them trying to work out what would save the pub. The good pub will save itself, but I acknowledge it is a massive struggle.”

 

Royal seal of approval for Shepherd Neame: South east brewer and retailer Shepherd Neame has been granted use of the Royal Warrant by King Charles III. Royal Warrants are awarded to companies who have regularly supplied goods or services for a minimum of five consecutive years to the Royal Household. Charles first granted a Royal Warrant to the Faversham-based brewer in 1998, in his former role as the Prince of Wales, for Grant’s Morella Cherry Brandy. The drink dates back to 1774 and was originally produced by Thomas Grant and Sons in Dover before moving to Maidstone, where it lasted until the 1950s. Shepherd Neame bought the liqueur in 1988. In 2014, the Prince of Wales gave permission for the Royal Warrant to be used on bottles of Shepherd Neame’s Spitfire Amber Ale. Named after the legendary Supermarine Spitfire, the Kentish ale was first brewed in 1990 to commemorate the Battle of Britain.  Shepherd Neame chief Executive Jonathan Neame said: “We have a long association with the Royal Family and are incredibly proud to be among the first UK businesses to be awarded a Royal Warrant by His Majesty King Charles III. As Britain’s oldest brewer, we take great pride in preserving the traditions of our long brewing heritage, creating quality products using the finest locally sourced ingredients, so it is wonderful to have our efforts recognised with this special honour.”

 

New revitalised cellar management qualification released: The UK’s only nationally recognised cellar management qualification has undergone a major update to reflect current practices in cellar and bar management. The Award in Beer and Cellar Quality (ABCQ) is a Level 2 qualification certificated by the British Institute of Innkeeping Awarding Body, and is strongly recommended for publicans, licensees and bar and cellar managers. Cask Marque joined forces with the Skills and Education group to review the learning outcomes and update the assessment criteria for the one-day course. The ABCQ course content includes best cellar practices, equipment maintenance, line cleaning, cask handling, glass care, perfect serve and trouble shooting. Paul Nunny, director at Cask Marque, said: “We incorporated a Bar and Cellar Hygiene Audit into every Cask Marque assessment visit in 2023, and we identified that cellar equipment, practices and procedures had evolved considerably over the past few years. In response to this, we created an updated Cellar and Bar Manual, endorsed by the BBPA, and then we turned our attention to the ABCQ content and assessment.”

 

Job of the day: COREcruitment is working with a business that is seeking a marketing director. A COREcruitment spokesperson said: "You will have a proven track record in driving acquisition, retention and monetisation. This role will be fully accountable for translating the business strategy into a clear marketing plan. Collaborating closely with the executive team, you'll execute growth plans, making this a pivotal hire with a significant impact on commercial success and scalability. The ideal candidate will be analytical, data-driven, creative, and collaborative." The salary is up to £100,000 and the position is based in London. For more information, contact gemma@corecruitment.com.

 

EL&N looks to ramp up global expansion plans: Cafe and lifestyle brand EL&N is looking to ramp up its international expansion plans and has begun the process of securing new partners across the globe. The business currently operates circa 35 sites across 12 countries. New territories under consideration are thought to include the US, Japan, India and further parts of Europe. The business, founded in 2017 by Alexander Miller, entered its 12th international market in October when it opened at the Westfield Arkadia scheme in Warsaw, Poland. It is also set to make its debut in Lebanon later this year. Propel revealed earlier this year, that it would be further increasing its presence in the UK, with the opening of a circa 2,600 square-foot, 92-cover site in Westfield London this summer. Miller said: “It's been truly remarkable to witness the phenomenal growth and success of EL&N London over the past seven years. From the beginning of our journey in Park Lane, London, in 2017, we have evolved into one of the most iconic café and lifestyle brands in the F&B industry, capturing the hearts of coffee lovers and diners worldwide with our diverse menu including freshly baked patisserie, speciality coffee and of course our unique take on interior design within a culinary space. Expanding to 12 countries and operating in over 30 sites is a testament to the brand’s appeal and, of course, the dedication of our fantastic team of industry professionals. The global partnership programme has been instrumental in attracting top-tier partners in the most sought-after countries, enabling EL&N to expand its reach and continue its journey of international expansion. We are now opening up the discussions to like-minded partners to join the brand’s commitment to collaboration and growth. With such a strong foundation and a network of dedicated partners, EL&N is poised for even greater success in the years to come. Here’s to continued growth, innovation and unforgettable experiences around the globe with EL&N London!”

Wimpy targeting expansion in the north, Midlands and Scotland, open to more non-high street formats, aiming to have more franchisees signed up by end of year: Wimpy is targeting expansion in the north, Midlands and Scotland in the UK, and is open to more non-high street formats. The Famous Brands-owned burger brand currently has 63 locations in the UK – only five of which are in or above the Midlands. “If we look at the UK, the predominant bias of the Wimpy estate is towards the south of the country,” Chris Woolfenden, general manager at Famous Brands UK, told Propel. “So, when we’re looking at key areas, there's the likes of the Midlands, and certainly the north of England and Scotland. There's plenty of opportunity throughout the UK, but as a business driven by franchising, we will put energy and resources into those areas we have been approach about. There’s the possibility of looking at different formats, and it's certainly not something I’d discount just because it isn’t Wimpy currently. There's been flexibility in the brand in the past and could well be in the future – just because it doesn’t necessarily sit with the current high street bias of the business, doesn’t make it a no. We do have a number of restaurants that aren’t necessarily the menu offering we'd have on the high street. A great example is Milford up on Cannock Chase in Staffordshire. It’s a restaurant that’s been in the same family since it opened in the early 1960s, a drive-to kiosk site, and it does exceptionally well with a reduced menu. There's a change in the market place within the petrol forecourt community with the launch of more EV charging stations, so we could be looking into that market as well. The predominant bias is out high street business, but we certainly won’t be closing doors and where there is opportunity.” Although wary of giving numbers, Woolfenden said he expects to see the UK estate “expanded by the end of 2024” and “significantly greater than where we are” in five years. “There is an expansion plan, we want the numbers to go up and we're actively engaged with both current and prospective franchisees,” he said. “We have very robust discussions with Famous Brands and everything is about surging this business forwards. I’m not going to put a number on it because of the economic factors that surround us – there’s an element of being cautious in the current climate, but there are opportunities out there.” Woolfenden said Wimpy is close to signing up some new UK franchisees and anticipates more being secured by the end of the year. “Multi-site franchisees in an ideal world, but we’ve also got franchisees coming into the business with the intention of being owner-operators and we can develop them a bit later in the future,” he said. “Wimpy as a brand has been around for 70 years, we’ve got the learnings of the past to look at, but we've also got to be looking at the here and now and the future. We’re taking a very real look at the market place, and there’s still opportunity out there, albeit there's probably a lot more research going into those individual opportunities – to give some form of surety before we expand into those areas.”

 

Watt – ‘this is something I’ve been considering for a while, IPO is not on the immediate horizon’: James Watt, co-founder of BrewDog, has said that his decision to step down as the chief executive of the brewer and bar operator is something he has been considering for a while, and is independent to the possibility of an IPO of the business. Watt, who co-founded BrewDog 17 years ago with Martin Dickie, announced last week that he is to step down as its chief executive, with James Arrow, who joined the business as its chief operating officer last summer, stepping up to take his place. He will remain on the company’s board in the new role as “captain and co-founder”. He told the Sunday Times that leaving the business was “scary” but “this is something I’ve been considering for a while”, pointing out, that Arrow was brought in last year with a view to handing over the reins. He said: “I love the business, I love the people, I love what we do. But I always wanted to build multiple businesses. The people I look to, most of them have built multiple amazing businesses.” Watt says that a stock market flotation is “not on the immediate horizon” and his decision is “independent” of that possibility. “There’s absolutely no link or correlation.” He also said that there is “absolutely not” another scandal brewing. The real explanation for his departure is that he is burnt out and a bit fed up with the day-to-day demands of running a large company. The thrill has worn off. “I love this thing to pieces, but there’s less building now,” he said. “It’s managing. I’m a builder, my skill set is a builder.” Watt said: “I would back myself over anyone taking a company from £10m to £50m or £100m turnover. Would I pick myself over anyone to run a company with 3,000 people? I think there are people that can do it better.” Watt said that the UK has got “such a curious relationship with success”.  He said: “Look at how successful business people are portrayed in the media, then look at the fact that the UK has one of the worst economic performances of any developed country; those two things are intrinsically linked. We need entrepreneurs, job creation, innovation. But to grow small companies needs push, there has to be hard charging. For this country to compete they need entrepreneurs who are willing to take risks and put everything on the line.”

 

Soho House CEO – ‘when members come in, they’re just spending a little bit less, a little bit more cautiously’: Andrew Carnie, chief executive of Soho House, has said that when its members are coming into its club across the globe “they’re just spending a little bit less, a little bit more cautiously”. Carnie was speaking to analysts after the members’ club group Soho House reported its net loss in the 13 weeks to 31 March 2024 increased to $46.0m from $16.0m the year before. Revenue increased 3.1% to $263.1m compared with $255.2m the previous year. When asked about the consumer landscape, Carnie said: “The first thing is because we’re a membership club, we’re pleased to see our members consistently using our houses. So that’s why our footfall trends are better than what you’ve been hearing or seeing across the general markets, that’s a real positive for us. What we’ve seen is when members come in, they’re just spending a little bit less, a little bit more cautiously. We’ve talked on the last call, I think, about dry January. The good news is that we have definitely been seeing it get better sequentially throughout the year. I don’t want to talk about whether it’s all about what we can do with our members. And the trend is improving, especially through March and April and into May. The good news is that, obviously, we’re protected differently than other folks that we have revenues coming in from membership. So that’s why we can still post a total revenue growth for the quarter. But we are more confident than we were when we last talked to you about eight weeks ago.” He said that as part of improving service and becoming more efficient, the company has launched a new “best-in-class HR system in the UK” that will rollout globally. He said: “This will allow managers to spend more time with our members and our teams whilst also allowing to better manage their hours. Given the strength of our membership revenue, our house level margins continue to improve in the quarter.”

 

The Rum Kitchen set for administration, interest shown in business: The Rum Kitchen, the Caribbean-inspired restaurant and bar concept, is set to be placed into administration after closing all four of sites. As Propel revealed last week, the business, which was launched in 2013, had shuttered its three sites in London – in Soho, Shoreditch and Brixton, plus its restaurant in Brighton. It is thought that Azets is set to be appointed administrators to the whole business, having already been appointed to the two companies behind the Shoreditch and Brixton sites. Propel understands that three parties have already shown an interest in acquiring the whole or part of The Rum Kitchen business. The business was launched in 2012 in Notting Hill's All Saints Road by Jonny Boud, Stevie Thomas, Alex Potter and Frazer Sipsides – the team behind pop-up party business Love Brunch and former London venues Ping and Bungalow 8. The original site shut in 2015 but further locations opened in Soho's Carnaby Street, in Brixton Coldharbour Lane in 2016, and Bethnal Green Road in Shoreditch in 2019. The Rum Kitchen made its regional debut in summer 2021 with an opening on the former Jamie’s Italian site in Brighton’s Black Lion Street. Boud and Potter subsequently left the business in 2019 following its sale to investment vehicle Naga Partners, with Mike Parnham, former operations manager at Las Iguanas, becoming its managing director.

 

Old Spike Roastery – ‘will need to look at investment later this year to continue growth trajectory’: Social enterprise Old Spike Roastery has told Propel it will need to look at investment later this year in order to continue its growth trajectory. Old Spike opened its sixth site earlier this month in New Street Square, near Chancery Lane in London. The company was founded in 2014 by Richard Robinson and Cemal Ezal, who went on to found fellow coffee social enterprise, Change Please. As well as a roastery in Gatineau Yard in Loughborough, south London, Old Spike currently has coffee shops in Peckham Rye, Elephant & Castle, Piccadilly, Fenchurch Street and Cabot Square. Each site serves Old Spike's specialty coffee alongside baked goods, while offering those affected by homelessness tangible ways to gain new skills and a job. “For now, all new sites will be in London, with a focus and central London locations,” Robinson told Propel of its future growth plans. “This has all been self-funded to date, but we will need to look at investment in the fourth quarter this year to continue the growth trajectory.”

 

Lacons looks to get back into operating pubs: Great Yarmouth-based brewer Lacons is looking to get back into the pub operating business and has launched a project to reclaim some of its former sites. Lacons Brewery was founded in 1740, but shut down in 1966, before being relaunched in 2003. In the 1960s, the brewery had 350 pubs in the east of England, including 50 in London, which were lost when they were taken over by Whitbread Brewery in 1965. Whitbread also decided to shut down the brewery. Whitbread's brands and trademarks were later taken over by Anheuser-Busch InBev and the Lacons trademark went to AB InBev. Mick Carver of JV Trading, a drinks distributor based in Lowestoft, started working to secure the rights to the Lacons name in 2009. Carver was successful and is currently managing director of Lacons. In summer 2015, the business opened its first pub in 50 years in partnership with the veteran Norfolk operator and founder of Animal Inns Henry Watt. It opened the Honingham Buck in Honingham, eight miles west of Norwich, to showcase Lacons’ range of ales. It now wants to go even further. According to local news reports the business has launched a project to reclaim some of its former pub estates. The new project comes 10 years after the business returned to Great Yarmouth in 2013 – and begins with the recent acquisition of The Artichoke Pub in Broome, a village north of Bungay. Carver, managing director, told the Great Yarmouth Mercury: “We are committed to treating our tenants fairly and supporting communities and local producers near our pubs. This reflects our forward-thinking approach and company ethos that values independence and community.” The brewery is hoping to buy back pubs in the old Lacons portfolio, and this will be their focus, but with many of those establishments now part of other groups and portfolios, Carver admits it will not be an easy or quick process. Additionally, many of those old pubs have closed. Amy Hancock, the brewery’s marketing manager, said: “The project is to create a portfolio of pubs that embrace our company ethos, values of independence, and community focus. We need to ensure these businesses are sustainable in a challenging marketplace, so we will explore a number of opportunities and ownership options, assessing each option on its merit. We are currently assessing some of these, but this is a long-term project.”

 

Daniel Thwaites hires Michael Horan as new ops director: North west brewer and retailer Daniel Thwaites has hired Michael Horan, formerly of Greene King and YO! Sushi, as its new operations director. Horan stepped as managing director of Greene King’s circa 70-strong Metropolitan Pub Company (Metro) last autumn, to pursue new interests following successful treatment for cancer earlier in 2023. Horan, who was previously an operations director at YO! Sushi, joined Greene King in 2018 and led Metro, which was part of its Partnerships and Ventures division, for four years. The division expanded under his leadership, acquiring key sites including the Fountain House in Manchester and the Ubiquitous Chip in Glasgow. Horan was also previously managing director of Loch Fyne Restaurants and also worked at The Living Room and G1 Group. 

 

Pho to make London Bridge site gluten free: Pho, the Vietnamese restaurant group led by Pat Marrinan and backed by TriSpan, is set to go the extra mile when it comes to National Coeliac Awareness Week. The 41-strong company is turning its entire menu gluten free this week at its London Bridge site to raise awareness around inclusivity when dining out, and the challenges Brits are facing. A study conducted by Pho, found that two in five Brits get food intolerance symptoms, and over half (55%) of Brits who believe they have a food intolerance, agreed that there aren't enough accessible or varied options when it comes to eating out. The company said: “Between 13-19 May, our London Bridge restaurant will see a coeliac-takeover, where the ever-trending 'gluten free hotties' will be able to dine out freely, without spending hours on end scanning the menu for what they are or are not allowed to eat, (or worrying about the aftermath!).” 

 

Baa Bar reports ‘resilient trading performance’ driven by strong weekends and loyal customer base: Baa Bar, the Liverpool bar and pub company, has reported a “resilient trading performance” driven by strong weekends and a loyal customer base in the year to 31 July 2023. The company – which operates Modo, Baa Bar, Frederiks and Café Tabac in Liverpool and Baa Bar in Nottingham – said despite the “unprecedented” challenges faced during the period, “we have navigated through these obstacles to achieve resilient trading performance”. Founder and chief executive, Elaine Clarke, in her statement accompanying the accounts, said: “Amidst these challenges, we have also witnessed noteworthy achievements. The bounce back experienced post-covid demonstrated the resilience of our business. Notably, Baa Bar's loyal customer base played a pivotal role in driving strong weekend performances throughout the year. Our best-ever Freshers period underscored the ongoing appeal of our venues to students, highlighting their importance as a key demographic for our future growth. To stay ahead in the market, we've made it a priority to offer distinctive guest experiences and to improve our venues. Our efforts include completely renovating Baa Bar Liverpool, with a focus on enhancing lighting features, and introducing innovative seating arrangements at Modo, which have been well-received by our customers. We will continue to focus on the ‘experiential’ with our largest venues. We continually monitor pricing and review our cost base to ensure we continue to convert our sales as efficiently as possible. We continue to monitor the appetite of customers to go to our venues and will continue to develop all our venues to meet the customers’ needs.” Clarke added the company has also noticed changes in customer behaviour, such as an increase in pre-drinking and reduced frequency of outings, resulting in later arrivals at its venues and a consequent decrease in spending per customer. It comes as the business reported turnover of £8,477,830 for the period, down from £9,549,107 in 2022. Its pre-tax profit was also down from £2,028,340 in 2022 to £967,379. The company said its gross margins have strengthened, in part due to the decision to begin charging an entry fee to Baa Bar Liverpool at weekends and renegotiating supply deals. No government grants were received (2022: £84,424) and dividends of £2.1m were paid (2022: nil).

 

Rick Stein forced to abandon rooftop restaurant plans in Padstow: Chef Rick Stein bit off more than he could chew when he launched his latest bid to expand his empire in the Cornish fishing town of Padstow he has been accused of “trying to take over”. The Daily Mail reports Stein was forced to abandon plans to build a rooftop extension on his flagship Seafood Restaurant in Padstow after the proposals left locals gently simmering. He runs a 16-bedroom hotel from the establishment which has spectacular views over the harbour and the Camel Estuary. Stein wanted to replace a rooftop terrace which had been popular with diners with a large extra en-suite room at the property, parts of which date back to the 19th Century. The restaurateur said the terrace had not been used since the start of the covid pandemic and staff shortages meant it had not been possible to reopen it since then. He commissioned a detailed 56-page heritage assessment report highlighting how the proposals would serve to ‘conserve and enhance’ the Conservation Area the building is set in. But Stein withdrew his application after conservation experts and the local council disagreed and insisted the development would be out of character for the town. Fed-up locals have told how the town should be renamed ‘Padstein’ due to the large number of businesses the chef has set up there. He was accused by locals of trying to take over Padstow after setting up Rick Stein’s Cafe, Ruby’s Bar, St Petroc’s Bistro, Stein’s Fish and Chips, The Cornish Arms and a fishmonger, all in the coastal town.

 

Searcys Bar & Brasserie replaces Roux at Parliament Square: Restaurateur and events caterer Searcy’s is to open a new bar and brasseries on the former Roux at Parliament Square site in London’s Westminster. It is part of plans from the Royal Institution of Chartered Surveyors (RICS) to revitalise its London headquarters on Great George Street, providing its members with a state-of-the-art members’ lounge complete with meeting rooms and collaborative workspaces, as well as offering a new bar and brasserie on the ground floor. The new brasserie will be delivered in partnership with Searcys and named ‘Searcys Bar and Brasserie at Surveyors House’. RICS members will be able to enjoy an exclusive discount at this venue as well as Searcys’ additional eight venues in London. Chef Michel Roux Jr closed Roux at Parliament Square at the end of 2020. Tina Paillet FRICS said: “With our exciting plans for Great George Street, the RICS London headquarters is set to become a vibrant hub for surveyors from Britain and beyond. When our new facilities open in autumn, members will be able to work, meet, socialise and eat in one location, with a professional base in the heart of London. Whether you’re popping in from across town, or from the other side of the world, I look forward to welcoming you very soon.” DCL acted on behalf of RICS in sourcing a new hospitality partner for 11 Great George Street. 

 

Yorkshire Mexican restaurant concept looking to expand after ditching underperforming sites: Yorkshire Mexican restaurant concept Mexi Bean Express is looking to expand after ditching its underperforming sites. The business was founded in 2020 as Mexi Bean by Danielle Best, who fell in love with the different types of Mexican cuisine while travelling. The five-strong business later added the Express concept and created a franchise programme to help with its growth plans. “A few months ago, I decided to close a couple of our units that didn't make sense in our business model anymore,” Best said. “It sucked, but it was the right step to secure future opportunities for the business and make it all more streamlined and focus on the most profitable concepts we have. Today, I’m so happy I did it because it opened many great opportunities and I'm already looking at opening new locations that are aligned with the business vision and model I’m growing. We’ve had our best revenue months and are working on exciting expansion plans because we chose to let go of what was no longer serving us. It’s okay to scale back before scaling up.” Mexi Bean Express has sites in Halifax, Brighouse, Huddersfield, Sowerby Bridge and Morley.

 

Leicester Indian takeaway opens first site outside of city and fourth overall as it seeks to expand through franchising: Leicester Indian takeaway Bombay Bites has opened its first site outside of the city, and fourth overall, as it seeks to expand through franchising. Bombay Bites was founded in 2007 by the Wahid family and has since opened three sites in Leicester – at 79 Braunstone Gate, 194 Evington Road and 88 Granby Street. It has now expanded outside of the city to open at Far Gosford Street in Coventry, offering award-winning Indian food served in ready-to-eat boxes. Bombay Bites launched a franchise programme last year and exhibited at the recent International Franchise Show at ExCel London. Current owner Ahmed Wahid is the son of successful Midlands restaurateur Abdul Wahid, whose own journey began with the opening of Kohinoor in Leicester Railway Station in 1967. He opened a second restaurant, called Grand Durbar, with eldest son, Kibria, in 1988, and when Abdul retired in 1996, Ahmed stepped in to help run the business. Recognising the need for a grab and go concept, the family launched Bombay Bites in the city centre 2007, followed by further sites in 2010 and 2012. The brand has now set its sights on the south of England, with a particular focus on potential franchisees situated in Greater London. Single unit franchisee fees are £15,000 while multi-unit franchise (minimum of three units within 18 months) are £10,000, with a fit-out-to-launch cost of £100,000-£250,000 per unit. “Bombay Bites is an award-winning brand – we’ve triumphed at the British Takeaway Awards and the English Asian Food Awards,” Ahmed said. “Our heritage goes back more than half a century when my father and mentor set up his first restaurant in the late 1960s. He was honoured with a lifetime achievement award for his contribution to the Indian food industry in 2019. Along the journey, we also got huge national exposure, featuring on prime-time TV show X Factor’s adverts two years running (as chosen by Just Eat). A Bombay Bites restaurant can thrive in many different locations and demographics  and with four stores and a formidable reputation in the Midlands, we're ready for rapid growth across the UK.”

Desert franchise set to opens in Batley: Desert franchise Chocoberry is set to open in Batley for its 15th UK site. The business, founded in Leicester in 2018, is preparing to open at 69 Commercial Street in the West Yorkshire town. It follows an opening earlier this year at 401 Hoe Street in Walthamstow – its second London site. The business, led by chief executive Kashif Razzaq, also has one overseas location, in Dar Wasi, Dubai, which is currently relocating.

 

Lake District and North Wales hotel business refinances following revenue and profit boost: Lake District and North Wales hotel business, The Inspire Holding Company, has refinanced following a revenue and profit boost in the year to 30 September 2023. The company operates The Inn at Grasmere, and Ash Cottage and Bridge House Hotel in Grasmere, plus the Deganwy Quay Hotel & Spa in North Wales. In its accounts for the period, the company said that post year-end, it had renewed its £7m bank facility on similar terms for a further five years. It also acquired a freehold property adjacent to The Inn, which is a retail outlet, for a total cost of £605,000. On its outlook for 2024, director Anthony Troy said: “The year has started slower due to ad-hoc refurbishment in the properties, we expect to make back any shortfall on budgeted revenue later in the year. We have continued to invest in all properties during the winter period with the complete refurbishment of the Spa at Deganwy Quay hotel. We also added more bedrooms to the property which now has 80 bedrooms. Potential challenges for 2024 include rising interest rates, continued cost pressures, staffing issues combined with reduction in government energy support/reduction in rates support. We continue to invest for the long-term strategic objectives of the group. The group is in a very strong financial position to continue its growth in 2024.” Its turnover for the period was £11,165,030, up from £10,266,167 in 2022, while its pre-tax profit grew from £1,455,233 to £1,587,003. The Inn at Grasmere and Ash Cottage contributed revenue £3.9m (2022: £3.4m), with an occupancy rate of 76%. The Bridge House Hotel contributed revenue of £880,000 (2022: £790,000). Deganwy Quay contributed revenue £6.2m (2022: £6.0m), with an occupancy rate of 82%. “As a comparison, the group in 2019 had turnover of £9.8m, so we are now over achieving pre-pandemic levels,” Troy said. A £700,000 payment to service its debt was made from cash flow and the year-end cash position was £15.2m (2022: £7.8m) due to funds introduced by the director of £6.5m pending an anticipated transaction. Group net assets increased to £7.5m (2022: £6.4m) before a year-end revaluation of land and buildings as profits were reinvested into the business. The revaluation uplift net of deferred tax of £15.2m, which increased group net assets to £22.7m. No government grants were received (2022: £30,031) and no dividends were paid (2022: nil).