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Thu 4th Jul 2024 - Update: Benugo and Pizza Union results, Marston's appoints new chair |
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Benugo reports record turnover and profit: Benugo, the operator of deli cafes and catering in high-profile venues, has reported turnover increased to a record £123,501,000 for the year ending 27 December 2023 compared with £98,668,000 the previous year. The business made a record pre-tax profit of £8,032,000 compared with £3,740,000 the year before. Cash and cash equivalents increased to £5.1m (2022: £4.4m) while net assets rose to £36.3m (2021: £28.3m). During the period, the company incurred exceptional costs of £350,000 as a result of the closure of a number of sites as a direct result of reduced footfall in these locations following the covid pandemic. In their report accompanying the accounts, the directors stated: “The turnover recorded in 2023 is the highest we have achieved in our 25-year history. We continued the work from 2022 in exiting poor performing locations that had been negatively impacting us and working with our key clients to drive mutual benefits, as well as winning new profitable business. We invested in additional training for our employees to drive productivity as we strive to become a more streamlined and focussed company. These actions helped generate a stronger financial performance compared with the previous year and we are very proud of our teams’ efforts throughout 2023. Looking forward our pipeline of new business is excellent with some significant wins in the early part of 2024. We continue to work closely with our clients. We will fight against complacency and continue to drive the business forward for the mutual benefit of clients, customers and the company. The strong balance sheet and cash position ensures the company is robustly structured for the opportunities and risks that 2024 will bring. Alongside this we continue to look forward and target specific public space accounts and corporate accounts where we believe our expertise could be of mutual financial and strategic benefit.” No dividend was paid (2021: nil). The company, which employs almost 1,500 staff, reported a total of £25,269,000 in tax borne or collected by Benugo, compared with £20,232,000 the previous year.
Premium Club members to receive new searchable and segmented New Openings Database tomorrow: The next Propel New Openings Database will be sent to Premium Club members tomorrow (Friday, 5 July). For the first time, it will also be delivered in an easy to search Excel sheet and segmented into seven key categories of cafe bakery, casual dining, experiential leisure, fine dining, hotels, pubs and bars and quick service restaurants. The database will show the details of 160 site openings, including which company has opened a site or its plans to open one in the future. It will have details on what type of site it is and its location, and there will also be a website link to the businesses. The database is published on a monthly basis and Premium Club members will also receive a 12,356-word report on the 160 new additions to the database. The database includes new openings in the experiential leisure sector such as Eden Project launching a second visitor attraction, in Dundee; Pure Padel opening its indoor, six court padel experience in Manchester; and Roxy Leisure’s King Pins concept gearing up to open another venue in Leeds. Premium Club members also receive access to five other databases: the Turnover & Profits Blue Book; the Multi-Site Database, produced in association with Virgate; the UK Food and Beverage Franchisor Database; the UK Food and Beverage Franchisee Database and the Who’s Who of UK Hospitality. Plus, all Premium Club 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. Marston’s appoints new chair: Marston’s has appointed Kenneth Lever has been appointed as independent non-executive chair of the company with effect from 8 July 2024. Lever succeeds William Rucker who, as previously announced, steps down from the board on the same date. Lever will also be appointed as chair of the nomination committee. Marston’s stated: “Ken is an experienced business leader, having held a number of senior executive and non-executive positions at UK listed firms, across multiple sectors including retail, manufacturing, construction, software and business services. He is currently non-executive chair at Cirata, senior independent director at Rockwood Strategic, and deputy chair of Rainier Developments. Ken has recently retired from the board of Vertu Motors and was previously the non-executive chair of Biffa and RPS Group and a non-executive director at Blue Prism.” Octavia Morley, Marston’s senior independent director, who led the succession process, said: “Following a thorough independent selection process, I am really pleased to announce that Ken will be joining Marston’s as non-executive chair. Ken brings a strong and valuable external perspective to the board and his broad range of business skills and experience will support Justin and the team as the business continues the next phase of its development.” Lever, added: “I am delighted to be joining Marston’s at this juncture and enthused by the opportunity ahead. Marston’s is a quality business with strong market presence, and I am looking forward to working with the board, [chief executive ]Justin Platt and the wider team to deliver sustainable growth that will drive value for our shareholders.” Pizza Union in negotiations on a ‘few’ sites as it reports return to profit: Pizza Union, the six-strong London operator, has said it is in negotiations on a “few” sites as it reported a return to profit. The company, which was founded by Babak Hashemi, one of the founders of Coffee Republic, saw sales increase 2% to a record £8,184,298 for the year ending 31 December 2023 compared with £8,035,395 the previous year. Adjusted Ebitda was up to £979,002 from £371,977 the year before. The business made a pre-tax profit of £539,558 compared with a loss of £368,087 the year before. No new sites opened during the period. In his report accompanying the accounts, Hashemi said: “The company continues to build brand awareness across its existing sites in Central London. Throughout the period we experienced improved sales trends as the post-pandemic gradual return to office gained momentum. During the period, we managed our cost of goods in the inflationary environment, as well as keeping control of labour costs given sector staffing challenges, and in the second half benefited from lower utility costs post the material spike the previous year. Despite the continued broader trading environment, we recorded a net profit of £395,444 compared with a net loss of £434,746 for 2022. The company continues to selectively search for new sites across Central London, and while we are negotiating on a few potential new sites, none are in the legal stage of completion at the time of writing [3 June 2024].” The company did not receive any government grants (2022: £36,428). No dividend was paid (2022: nil).
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