Megan’s reports record full-year revenue of £29.9m: Megan’s, the all-day, neighbourhood restaurant concept, has reported revenue increased to a record £29.9m for the year ending 31 March 2024 compared with £26.5m the previous year. Company Ebitda was up to £4.8m from £2.7m, “which together reflects the continued success and growth of the business”. Megan’s stated: “A significant highlight of the fiscal year was the performance in the second half, where the company realised 20% Ebitda margin at the company level. This improvement is largely attributed to the strategic leadership of Bridget Lambert, operations director, and her dedicated team. Their efforts have driven sustainable operational efficiencies and enhanced the overall guest experience, building on a strong foundation poised for further growth.” Megan's expansion continues at pace, with the recent opening of its 20th site in Twickenham, south west London. Additionally, construction is now underway for their long-awaited opening in Weybridge, Surrey, which will launch in July 2024. “Our financial results and operational achievements over the past year are a testament to the hard work and dedication of our entire team,” said finance director Gill Clements. “With Bridget's leadership, we have optimised our operations and are excited about the continued expansion of our business. The whole team has worked exceptionally hard over the past year to set the business up for growth, including the rollout of several market-leading systems and a full revamp of our menu offering and supply chain. With a strong pipeline of sites, including Farnham, Crouch End, and Henley, we look forward to another strong year of growth and continuing to bring Megan’s to more neighbourhoods.” Megan’s features in the Propel Turnover & Profits Blue Book, which is available exclusively to Premium Club members. Its turnover of £29.9m is the 310th highest in the database. The Blue Book ranks companies by turnover, profit and profit conversion, listing directors’ earnings for the past five years. 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 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.

Shaftesbury reports strong hospitality leasing demand: Central London landlord Shaftesbury Capital has reported string retail and hospitality leading demand in the year to date, as it said it had been a positive start to the year, with its West End estates “busy and vibrant with high footfall, customer sales growth and increasing levels of international tourism”. The company said it had seen strong leasing activity across all uses; 147 leasing transactions, representing £22.4m of new contracted rent, 7% ahead of December 2023 estimated rental value (ERV) and 16% ahead of previous passing rents. It said: “A total of 23 new brands and concepts were introduced during the period, reflecting the appeal and vibrancy of our West End portfolio. Customer sales continue to grow reflecting the positive trends seen in 2023 boosted by increasing levels of international visitors. Available to let space is 2.5% of ERV, which when combined with 2.9% under offer results in total EPRA vacancy of 5.4%. Retail and hospitality leasing demand has been strong across the portfolio. There have been several new additions across Carnaby/Soho, including new hospitality signings from Goldies which will offer wood-fired cookery on the ground floor of Kingly Court, The Counter and The Little Violet Door on Kingly Street joining hospitality concept Two Floors which has expanded its presence following the refurbishment of 2-4 Kingly Street.” Ian Hawksworth, chief executive, said: “It's been a positive start to the year, our West End estates are busy and vibrant with high footfall, customer sales growth and increasing levels of international tourism. There is continued strong leasing demand across all uses with 147 transactions completed in the period, at rents on average 7% ahead of December 2023 ERV and an excellent leasing pipeline, reflecting the appeal of our exceptional portfolio. We have completed £213m of asset sales since merger at a premium to valuation, reinvesting over £80m in target acquisitions. Backed by our strong balance sheet and talented team, Shaftesbury Capital is well-positioned to deliver growth in line with our medium-term targets as the leading central London mixed-use real estate investment trust.”

Sky News – Moto owners plot sale of motorway services business: The owners of Moto, one of Britain's biggest operators of motorway service stations, are preparing to put the company up for sale for more than £2bn. Sky News reported that CVC Capital Partners and the Universities Superannuation Scheme (USS), which have jointly owned Moto since 2015, have hired Rothschild to oversee an auction of the company. City sources said a process was likely to get underway this year. One added that Moto could be worth as much as £3bn, depending on the level of competition among prospective buyers. Moto, which describes itself as the UK's leading motorway service area operator, trades from scores of sites across Britain. It has electric vehicle charging partnerships with companies including Elon Musk's Tesla, while its catering partners include KFC and Pret A Manger. Moto’s two shareholders became joint owners in 2015, when CVC acquired a 40% stake. Moto’s financial performance has recovered since the depths of the pandemic, with accounts for the 52 weeks ending 28 December 2022, showing a 34% rise in turnover to £1.06bn. During that financial year, it raised £835m of long-term debt to strengthen its balance sheet. CVC, which recently made its stock market debut in Amsterdam, declined to comment.