Exclusive – Neos Hospitality secures £25m of new funding, to launch two new concepts: Nightclub and bar operator Neos Hospitality, formerly Rekom UK, has secured £25m of new funding to expand its “party bar” business, Propel has learned. The business, which separated from its owner, the Danish Rekom Group, in May, said the new funding from its main lender, investment group ACG, will enable it to actively target acquisitions in prime city centre locations across the UK. It said it was prioritising sites in Birmingham, Edinburgh, Glasgow, Leeds, Liverpool, London, Manchester and Newcastle. The company, which currently operates 23 venues and employs 900 staff, said it had several new locations “in sight with an acquisition imminent” and a clear timeline to rebrand its existing portfolio where relevant. As part of its growth strategy, Neos Hospitality, which is led by Russell Quelch, is set to launch two new party bar concepts. Bonnie Rogue’s Pub will be a “fiercely confident and always-on live and loud atmospheric party pub” and Barbara’s Bier Haus will be the après ski-themed bar that “throws the best party nights out, bringing the mountain vibe to the high street”. The company’s remaining estate comprises ten bars and 13 nightclubs. It currently operates two sites under Proud Mary’s – in Cardiff and Swansea – and two under Heidi’s Beer Bar – in Birmingham and Cardiff – and both brand names belong to Rekom Group. Quelch said: “Our strategic focus is to develop our party bar business. We have seen strong results throughout 2024 in our party bars, delivering 12% revenue growth versus 2023. Extended trading hours and a wide consumer base have been key to this success. This strong performance has given us the confidence to invest in the new concepts and grow our business over the coming months and years. We are focused on the next stage of our strategic plan to double the party bar portfolio by the end of 2025. This is an exciting phase for Neos. We are confident that we have the winning formula to create seriously good fun spaces for people of all ages to eat, drink, dance, play and watch sport. Investing in our party bar concepts now will lay a solid foundation for the future growth of the business.” Rekom UK was acquired out of administration in February for circa £19.5m, which included the rolling over of circa £19m of debt owed to Axiom. 

Krispy Kreme hires Guy Meakin as new president of Krispy Kreme UK & Ireland: Krispy Kreme, the doughnut retailer, has hired Guy Meakin, currently UK shops & franchise director at Pret A Manger, as its new president of Krispy Kreme UK & Ireland. Meakin, who was formerly at Marks & Spencer, has been with Pret for seven and a half years, including a stint as interim managing director for the UK & Ireland. He will leave Pret to take up his new role in November. Jamie Dunning, who has been leading Krispy Kreme, has decided to leave the business after two and a half years. Matt Spanjers, Krispy Kreme president, international, said: “We are thrilled to have Guy Meakin join us. He has extensive experience in the quick service restaurant industry, most recently as Pret’s shops and franchise director, and prior to that he led its UK business as interim managing director. He also has strong relationships with many of our customers and partners. We recently launched a new doughnut line-up of fan favourites, best-sellers and some new trending flavours and we look forward to having him lead our amazing brand through its next phase of profitable, nationwide expansion. We also want to thank Jamie for his contribution as he pursues his next career step and wish him well.” Meakin added: "Krispy Kreme is one of the most beloved and well-known sweet treat brands in the world. I’m delighted to be taking over leadership of the UK & Ireland business. By touching and enhancing more peoples’ lives through the joy that is Krispy Kreme, we can make a real difference to their days.” In his time with the business, Dunning oversaw a period of double-digit revenue growth through the continued expansion of Krispy Kreme points of access and digital e-commerce development, including the flagship store on Oxford Street earlier this year. He said: “I have thoroughly enjoyed my time leading this great brand to continued revenue growth through an unprecedented period of change. I believe it is time for a new leader to take the business through the next phase of its journey and wish Guy all the best.” Clare Clough, managing director for UK & Ireland at Pret, said that Meakin has been a “big and important part of the Pret UK team for the last seven years”. She said: “Joining first to lead our buying team, before taking on additional responsibilities including supply chain, food, coffee and marketing. During this time, he drove significant change and benefit into our commercial behaviours, P&L and offer for customers. I'm also incredibly grateful to Guy for the support and commitment he showed during some of our most difficult moments being a key part of our allergy plan group and a senior member of my leadership team as we navigated the covid pandemic. It was for these strengths and character that I asked Guy to step up to lead the UK business while I took maternity leave in 2022. And, under Guy's leadership, our franchise business in the UK and Ireland has grown significantly in a relatively short period, now standing at more than 125 shops. Adding this new strength to an established equity business is no small challenge and Guy's entrepreneurial approach and focus on building successful partnerships has been central to this success. He has without doubt laid some solid foundations for the future of this part of our business. While Guy's departure will no doubt be a loss to Pret, I am delighted for him that this move represents the next step in his own professional development…and is a great credit to the leader he has become. Given the importance of Guy's role in Pret, I am going to take the time to ensure we have the right structure and people in role to continue to drive our UK business forward. I will have more news to share on this before Guy's departure over the next couple of months.” Krispy Kreme UK features in the Propel Turnover & Profits Blue Book, which is available exclusively to Premium Club members and features 958 companies. Krispy Kreme's turnover of £119,751,000 for the year ending 31 December 2023 is the 95th 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.

Timothy Taylor hires new CEO: Yorkshire brewer and retailer Timothy Taylor has hired Andrew Carter as its new chief executive. Carter will join the business next year from winemaker Chapel Down where he was chief executive. Carter will replace Tim Dewey, who is retiring in March. Chapel Down said a recruitment process for a new chief executive will commence shortly. Carter, who has been chief executive at Chapel Down for three years, will continue to lead the business until this process is completed in the first half of 2025. Martin Glenn, chair of Chapel Down, said: “Chapel Down has enjoyed huge success and celebrated several strategic milestones during Andrew’s time as chief executive and he should be very proud of what the business has achieved and the top team he has developed around him. I and the board have enjoyed working with Andrew immensely and wish him every success in his new role leading another iconic British brand. Chapel Down is the market leader in the English wine industry which continues to enjoy exceptional growth, and the team is highly motivated to execute the growth strategy and drive the continued development of the world's newest global wine region from the front.” Chapel Down also said the strategic review of the options to fund its long term growth plan announced in June is “ongoing” and the company will provide a further update in due course. The company reported, which showed that net sales revenue declined 11% to £7.1m for the six months to 30 June 2024 as strong performances in direct-to-consumer, on-trade and export were offset by a more challenging performance in off-trade, where sales slumped 36%. This was due mainly to one-off factors, particularly movement in retailers' stock holdings, the company said. Adjusted Ebitda fell 58% to £1.36m.