Patisserie Valerie turns to franchising to help rebuild its estate, plans 20 new locations by 2026: Patisserie Valerie, which is backed by Irish private equity firm Causeway Capital, has turned to franchising to rebuild its estate. The brand once had a circa 200-strong portfolio of stores before collapsing into administration in 2019, following which the majority of them closed. In December 2023, the company reopened its store in Cribbs Causeway, Bristol, and said it was looking to start reopening more of its sites. It currently has circa 30 shops as well as concessions inside around 400 Sainsbury’s stores. Patisserie Valerie has now partnered with Mikayla Whittle, consulting partner at 2X Group, to help seek out potential franchising partners. “I’m excited to share some fantastic news for the food and beverage franchise sector,” Whittle said. “I’m thrilled to be working with Patisserie Valerie to help drive its ambitious growth strategy. For the first time in nearly 100 years, this iconic British brand is opening up opportunities for franchise operators to join the Patisserie Valerie family. Since being acquired by Causeway Capital, the brand has undergone a refresh and is now poised for significant expansion. With plans to open 20 new locations by its centenary in 2026, this is a fantastic opportunity for passionate operators to be part of a household name, known for its handmade cakes and patisseries and much more.” Whittle previously spent five years as head of franchising at Franchise&, working to help grow businesses such as Black Sheep Coffee, Oodles Chinese and Cupp. In June, Patisserie Valerie launched a new business-to-business arm to cater for independent cafes and hotels. 

 

 

Wendy’s UK and Europe MD Michael Clarke to speak at final Propel Multi-Club Conference of 2024, open for bookings with free places for operators: Michael Clarke, managing director of Wendy’s UK and Europe, will be among the speakers at the final Propel Multi-Club Conference of 2024. The full-day conference – titled “new directions, new ideas” – takes place on Wednesday, 30 October at the Millennium Gloucester Hotel in London Kensington and is open for bookings. Clarke will discuss how the return to the UK for the third-largest quick service restaurant brand in the US has gone, why it is succeeding this time around, its work with franchisees, and what the next stage of its expansion here will look like. For the full speaker schedule, click here. Operators can book up to three free places per company while Premium Club members who are operators can book up to four free places. To book, email kai.kirkman@propelinfo.com.

 

Premium Club members to receive new searchable and segmented New Openings Database today: The next Propel New Openings Database will be sent to Premium Club members today (Friday, 11 October), at midday. The database will show the details of 216 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 11,941-word report on the 216 new additions to the database. The database is now segmented into seven categories – cafe bakery, casual dining, experiential leisure, fine dining, hotels, pubs and bars, and quick service restaurants – making it even easier for users to search. The database includes new openings in the quick service restaurant sector such as Yolk, opening in London’s Victoria, Benito’s, set to make its motorway debut in Leeds, and Tortilla, opening its third airport site at Glasgow airport. Premium Club members will also be sent the videos from this month’s Talent & Training Conference on Friday, 18 October, at 9am. Premium Club members also receive access to five other databases: the Turnover & Profits Blue Book, 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 Clubs members will be offered a 20% discount on tickets to Propel paid-for events including Restaurant Marketer and Innovator (two days in January 2025) and Excellence in Pub Retail (May 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. In this week’s Propel Premium, Katherine Doggrell, Propel’s editorial advisor, looks at Propel’s recent Talent & Training Conference and asks when it comes to a company’s culture, what happens when great minds don’t all think alike? Simon Anderson, food hall consultant at Ideas Food Consultancy and ex-chief operating officer at Market Halls, explains why no food halls have closed over the last year compared with closures seen in the restaurant and pub sectors. Ben Dixon, co-founder of Sona, looks at how AI can help bridge the gap between a challenging market and a need for growth. Meanwhile, Mark Wingett looks at the recent deal for Amber Taverns, which proves that the community pubs remain attractive to investors, and rescue of TGI Fridays, and where it goes from here under new ownership. 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.

 

Sector companies among businesses taking AIM at chancellor over tax threat: Sector companies are among more than 140 London-listed businesses that have warned chancellor Rachel Reeves that uncertainty over the continuation of a vital tax incentive is damaging investor confidence ahead of this month’s Budget. Sky News reported that AIM-quoted businesses including Revolution Bars Group, Tasty, Comptoir Group, CakeBox, Safestay and Fevertree have written to the government to provide “clear support” for business relief (BR) in order to restore investors’ faith in the City’s junior exchange. The letter represents a comprehensive warning to Reeves from dozens of prominent companies about the impact of recent speculation about the abolition of BR for inheritance tax. It is understood to have been organised at the behest of Octopus Investments, which is invested in a large portfolio of AIM stocks through its AIM Inheritance Tax Service. Cavendish, the investment bank that acts for roughly a quarter of all AIM-listed companies, is said to have corralled many of the signatories to the letter. It said: “While there are a small number of specialist funds investing in companies listed on AIM, a significant percentage of our shareholder base is made up of individual investors. BR compensates those investors for some of the additional risks associated with investing in growing companies. This investment forms the foundation of AIM as a critical growth platform for smaller companies. Recent uncertainty around the future of BR, created by media speculation, has significantly impacted the ability of AIM businesses to raise capital. A lack of clarity on the future of this relief has damaged investor confidence, showing clearly the close link between the relief and the future success of the market. Clear government support for BR will restore confidence in the AIM market and help it to play a key role in driving economic growth, ensuring the UK remains competitive for high-potential businesses.” Octopus Investments and Cavendish both declined to comment. 

Fuller’s, All Bar One and The Gipsy Hill Brewing Company scoop honours at Footprint & C&C Group Drinks Sustainability Awards: Fuller’s, Mitchells & Butlers brand All Bar One and The Gipsy Hill Brewing Company were among the winners at the Drinks Sustainability Awards. Fuller’s picked up the C&C Group on-trade operator of the year accolade, with All Bar One brand highly commended. Toast Brewing came top in the social impact award while Nemi Teas was highly commended. Fever-Tree with All Bar One were victorious in the stakeholder engagement award and Kerry Europe was highly commended. The sustainable use of raw materials accolade went to The Gipsy Hill Brewing Company with Ellers Farm Distillery highly commended. Sustainable Wine Solutions took home the packaging innovation award while Konvoy was highly commended. The waste prevention and management accolade was won by Apricity Restaurant with Bow Bar at the Hilton London Metropole highly commended. The Canned Wine Company scooped the sustainable supplier award while The Gipsy Hill Brewing Company was highly commended. Ellers Farm Distillery was victorious in the economic sustainability award category with Soilable Straws highly commended. Carlsberg Marston’s Brewing Company picked up the C&C Group on-trade supplier of the year award while Toast Brewing was highly commended. Meanwhile, Tim Etherington-Judge, co-founder of Avallen Spirits, won the special achievement award and Francesco Betti, manager at Bow Bar at Hilton London Metropole, was highly commended. Now in its sixth year, the Drinks Sustainability Awards is the barometer for sustainability and responsible business practice for the drinks industry and celebrates businesses and individuals making a difference to sustainability in the on-trade drinks sector and its supply chain.

 

Job of the day: COREcruitment is working with a rapidly expanding international group of exclusive membership clubs that is looking for a global group HR director. A COREcruitment spokesperson said: “The role involves leading and shaping the future of the company’s people strategy on a global scale. This role is perfect for a dynamic and strategic HR leader who thrives in an international environment, with a passion for building culture and driving growth. They will play a pivotal role in crafting an exceptional employee experience that aligns with the brand mission while overseeing HR operations across multiple regions. Fluency in English is essential, and a working knowledge of French would be a great advantage.” The package is up to £135,000 and the position is based in London. For more information, email gemma@corecruitment.com.

 

Promoted content – introducing Maral, the visionary behind Ayal who is sharing Turkmenistan’s flavours with London’s streets: With the help of the McCain Streets Ahead programme, Maral turned her dream into a thriving business. Through Ayal, she offers Londoners a taste of Turkmen cuisine, from Manti dumplings to traditional palav, highlighting the rich heritage of her culture. To find out more, click here. 

 

Valiant Pub Co secures new £12m bank facility to aid growth: Valiant Pub Company, which was founded by Hawthorn Leisure co-founders Gerry Carroll and Mark McGinty at the start of 2021, has secured a new £12m bank facility to aid its further growth, Propel has learned. The circa 60-strong business, which is backed by investment firm Njord Partners, has secured the new loan facility with Metro Bank. The funding, together with the ongoing support from Njord Partners, will help Valiant to grow its portfolio of “locals pubs at the heart of their communities”. It comes as the company acquired the Heart of Northumberland, a grade II-listed pub situated just off Market Place in Hexham. David Cash, regional director – pubs and restaurants at Christie & Co, which acted on the deal, said: "The sale of this well-invested, busy pub further reinforces the demand for assets in strong trading locations. The market town setting and the pub's popularity with tourists while being underpinned by a very strong local trade were key drivers for the buyers, an incredibly acquisitive, national pub company with a healthy appetite for further expansion.” Earlier this year, Valiant hired Jennifer Sloyan, formerly of Next and Mitchells & Butlers, as its new chief financial officer, having also acquired four pubs from McManus Pub Company located across Northampton. It also hired Darran Jacklin, formerly of Hawthorn and Admiral Taverns, as its new operations director. Valiant previously told Propel that, having reached the 50-site mark, it had the firepower to triple that number if “the right opportunity” came along.

 

Pasta Evangelists co-founder – the vision is to have hundreds of restaurants all over the world: Alessandro Savelli, the co-founder of Pasta Evangelists, has said the group’s vision is to have hundreds of its restaurants “all over the world”. The delivery start-up, which was founded in 2016 by Savelli, Chris Rennoldson and Finn Lagun, first entered the takeaway market with a single unit in east London but now operates 47 takeaway units. In the summer, it opened its first restaurant site and has now opened five restaurants in four months – in Richmond, Greenwich, Chiswick, Guildford and Manchester airport. Pasta Evangelists has plans to open many more across the UK. The company previously told Propel it thinks it can have more than 100 sites under the new concept operating across the UK. Savelli told City AM that Pasta Evangelists’ expansion into bricks-and-mortar is only the start of a big shift for the company as it moves from a takeaway service to an in-person one. He said: “Our physical stores are becoming our number one channel to express the brands.” He added that the opportunity is “a global one” for Pasta Evangelists. He said: “We’ve got many international players interested from the Middle East, south east Asia, Greater China, from the US, Ireland, Greece. We need to be ambitious [because] there are many amazing opportunities out there. The vision is to have hundreds of these all over the world. Italian food is a product that can be transported anywhere.” In January 2023, Pasta Evangelists launched its own takeaway service in London, with an ambition to eventually open more than 800 takeaway units. It also operates a stand-alone restaurant within the Dining Hall at Harrods in London.

Sandbox VR UK franchisee set to launch at Gravity Max Wandsworth for third venue here: VR Entertainment, the UK franchisee of virtual reality (VR) brand Sandbox VR, is set to launch at Gravity Max Wandsworth in London for its third venue here. Opening on Wednesday, 23 October, the VR studio will allow groups of up to six players to immerse themselves in one of nine exclusively designed experiences, offering cutting-edge VR tech, full body tracking systems and haptic feedback vests. The Gravity Max venue will house two Sandbox free-roam virtual arenas and post-experience booths where they can watch back the best action and check out the top scores. They will operate alongside Gravity Max’s own experiences including go-karting and augmented reality darts and bowling, as well as food and beverage options. Gravity co-founder Harvey Jenkinson said: “Whether you want to blast aliens or take on your very own Squid Game experience, this experience will provide our visitors with the very best the world of VR has to offer.” VR Entertainment co-founder Andy Scanlon added: “We’re excited to be partnering with the team at Gravity for our third venue launch in the UK and Ireland. Our new Wandsworth location will be the perfect complement to the existing Gravity Max offering.” Sandbox VR, which opened its first UK venue in London’s Holborn in July 2022 and has its largest VR venue in Birmingham’s Grand Central, operates circa 50 venues globally. In July, VR Entertainment closed its crowdfunding campaign, to aid its ambition to operate 30 venues across the UK and Ireland by 2031, after raising more than £1m. It had been aiming to raise £500,000 and was offering 9.71% equity in return for the investment, giving the company a pre-money valuation of £10m. A new report has been produced by Propel on the fast-growing experiential leisure sector. The report profiles the current shape of the experiential leisure market – including brands, estate size, trading type and geographical location and future trends. It provides a detailed list of UK experiential leisure companies including key staff and Companies House information. The report includes more than 180 companies, 3,500 sites and a 35,000-word report. The report is available to Premium Club members. 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.

 

Azzurri Group hires Will Campbell as new FD: Azzurri Group, the hospitality investment platform that operates ASK Italian, Zizzi, Coco di Mama and Boojum, has hired Will Campbell, formerly of RedCat Pub Company, as its new finance director, Propel has learned. Campbell joins Azzurri Group after nearly three years at RedCat as its acquisitions financial controller. He previously spent five and a half years at RSM, including a year as a corporate finance manager. His appointment comes after the departure of Kushal Banerjee, who after five years at Azzurri Group, joined Japanese premium restaurant group Sticks‘n’Sushi as its new chief financial officer. Last month, Propel revealed that Azzurri Group had secured a UK debut site for Dave’s Hot Chicken, the fast-growing US quick service restaurant brand, in London’s Piccadilly. Propel revealed in July that the US brand, which was founded in 2017 and has more than 200 sites, had signed a franchise agreement with Azzurri Group to open 60 locations across the UK and Ireland. The Steve Holmes-led business has secured the former Fratelli La Bufala site for an opening under the US brand at the start of December.

 

Cubitt House co-founder to open third site for Boxcar concept next week, lfl growth up 24%: Cubitt House co-founder Barry Hirst will open a third site for his Boxcar concept on Tuesday (15 October) and said that his new business has seen like-for-like revenue growth of 24% year-on-year. The 70-cover Boxcar Bread & Wine will open in Connaught Village in London’s Westminster. By day, the site will serve bakery goods and coffee, transitioning later in the day to a menu focused on cured meat, fish, cheese and relishes, all accompanied by house-baked bread. Hirst launched the Boxcar concept in New Quebec Street in Marylebone in 2017 before adding Boxcar Baker & Deli on the corner of Crawford Street and Wyndham Place the following year. Hirst founded central London gastropub operator Cubitt House with Stefan Turnbull in 2005, selling a majority stake in the business to a consortium of private investors in 2015. Boxcar said that its expansion follows a period of “exceptional performance” across its existing sites, with like-for-like revenue growth of 24% year-on-year and a significant increase in group Ebitda, which has increased by more than 200%. It said that the new opening is projected to contribute an additional 45% to overall group sales within its first year, “solidifying Boxcar’s continued growth and profitability”. Co-founder and managing director Ankur Wishart said: “Our growth is driven by our commitment to our team, providing more opportunities for our people across all our venues. At Boxcar, we believe that fostering talent is key to creating exceptional experiences.” Hirst added: “This venue marks a pivotal moment for us. It embodies our vision of a neighbourhood destination that highlights our dedication to quality ingredients and outstanding hospitality, while enriching the community we serve.”

 

Scott Macdonald steps down as MD of Lionhearth Group: Scott Macdonald, the former managing director of Bill’s and Polpo, has stepped down as managing director of the Lionhearth Group, the pub venture backed by property developer Sir Tony Gallagher and businessman Chris Palmer. Macdonald joined the business, which operates The Chequers in Churchill, The Swan in Ascott-under-Wychwood and The Black Horse in Salford, in the summer of 2022. MacDonald, who prior to joining Lionhearth was interim managing director of café brand Fego, and previous to that, headed up Sourced Market, said: “I’m excited to share that I’m transitioning into a new chapter of my career as an advisor/consultant.”

 

Cornish Bakery secures site for Buckinghamshire debut: Fast-growing independent brand Cornish Bakery has secured the site for its first location in Buckinghamshire. It has signed for a 2,650 square-foot site in Milton Keynes’ centre:mk destination. It fills a large hole in the middle of the country in Cornish Bakery’s 61-strong estate, stretching to Stamford to the north, Chelmsford to the east, Gloucester to the west and Brighton to the south. The business has previously said it expects to reach 65 sites by the end of 2024. Bill’s, the Richard Caring-backed group, has also secured a 3,500 square-foot on corner of centre:mk’s Queens Court and Silbury Arcade, due to launch in November. Meanwhile, Indian street food franchise Chaiiwala will move into the 1,784 square-foot former Starbucks unit on Silbury Arcade. This will be made possible by Starbucks moving into a larger 2,800 square-foot space on Queens Court. Kevin Duffy, centre:mk’s centre director, said: “This quartet of F&B brands to invest in centre:mk will provide visitors with an even greater choice, joining our dynamic hospitality offering.”

 

Bubbleology extends northern footprint with two new store openings: Bubbleology, the London bubble tea bar operator, has extended its northern footprint with two new store openings. It has opened within the McArthurGlen Cheshire Oaks Designer Outlet in Ellesmere Port and opened a second Manchester store at The Trafford Centre. The launches bring Bubbleology’s estate to 35 stores across the UK, as it works towards a target of 50 bricks-and-mortar sites within the next 12 months, across Western Europe and the US. Bubbleology founder chief executive Assad Khan said: “Over the past few years, we have seen an increase in demand for our brand across England and are delighted to be opening new branches. Located within key retail destinations, both these sites are the next step to help pave the way for future bricks and mortar expansion as we continue to grow across the UK.” Bubbleology also has its home kit stocked in 2,000 UK retailers, which is projected to grow to more than 3,000 UK retail locations by the end of 2024. In August, the company launched a new mobile kiosk format as it looks to roll out to high footfall locations in new regions across the UK.

 

Midlands McDonald’s franchisee reports increase in profitability as turnover passes £70m: Midlands McDonald’s franchisee Cara Restaurants has reported an increase in profitability in the year to 31 December 2023 as its turnover passed £70m. The company, which operates 14 restaurants across Derbyshire, Nottinghamshire and Yorkshire, saw a pre-tax profit of £1,422,454 in 2022 grow to £1,858,274. Turnover was up from £67,565,977 to £71,034,478. No new sites opened during the period. Dividends of £581,000 were paid (2022: £598,000). Founded in 2000, Cara Restaurants is owned by husband-and-wife team Walter and Samantha Wright. “Sales through digital channels, including McDelivery, mobile and self-order kiosks, have increased during the year,” said Walter Wright. “The financial performance of the company improved in 2023. This was aided by government support packages such as the 75% business rates relief in the retail and hospitality industry and rent assistance from the franchisor. Gross profit as a percentage of sales is 66.17%. This has been maintained by continually reviewing prices to reduce the impact of food cost inflation, while still offering great value and quality.”

 

Revolution Bars Group confirms smash burger concept launch, expands Playhouse format: Revolution Bars Group – the operator of the Revolution, Revolución de Cuba and Peach Pubs brands – has confirmed it has launched a smash burger pop-up at its site in Sheffield, and that it is planning to expand the concept throughout more of UK sites in the near future. Propel revealed earlier this week that the Rob Pitcher-led business, which completed its fundraising and restructuring plan last month, had introduced the Savage Eats concept to its Revolution site in the city’s The Plaza. Described as “smash burgers with bite”, the company said: “Savage Eats epitomises the pop-up and residency food trend, creating an exciting and relaxed atmosphere that sets it apart from traditional restaurant experiences”. It added the Sheffield launch is just the beginning, with Revolution planning to expand the concept throughout other UK branches in the near future. The Savage Eats menu has more than ten burger options that range in price from £9.50 to £13, with a children’s menu also available for £7.50. Revolution Sheffield is also transforming its hidden bar on the first floor into the Playhouse – a new retro competitive-socialising space featuring a dance battle machine, critter racing, gopher golf, Sonic battle, bubble hockey, air hockey and more. Elvij Susts, general manager at Revolution Bars Group, said: “Revolution is renowned as a fun cocktail bar, but collaborations like Savage Eats are really flipping the script on our food and drink offering. The launch of Savage Eats at Revolution Sheffield is just the starting point for this collaboration, so expect to see these incredible burgers popping up across the rest of the UK soon.”

 

Welsh doughnut shop concept WhoCult opens sixth site: WhoCult, the Welsh doughnut and café concept, has opened its sixth site, in Swansea. The concept, which originally opened in 2019 on an industrial estate in Bridgend, is now part of the food court line-up at Swansea’s Albert Hall, developed by Loft Co, joining Larkin Cen's XO, Burger Boyz, parmesan fried chicken restaurant Mr Croquewich, Greek street food venue Ya Souvlaki, Pizza Boyz, Indian Street Food Kitchen and Italian street food The Italian Job. WhoCult also operates sites in Porthcawl, Goodsheds in Barry, Newport Market, and Cardiff's Royal Arcade. Scott Magill, owner of WhoCult, said: “It has been a crazy time for us – we've been able to organically grow. We've had no outside investors – it's all been done in house, everything is made in house and is fresh every morning. We kind of haven’t had time to stop and take a breather to be honest, it’s been a case of on to the next. People can expect our usual freshly made doughnuts, and we’re going to be doing our thick freakshakes. We won't be selling coffee, unfortunately.”

 

Watergate Bay Group hires new COO: Watergate Bay Group – the team behind the Watergate Bay Hotel in Cornwall and the Another Places hotels in the Lake District and Isle of Islay – have hired a new chief operating officer. The group – which is also behind self-catering holiday letting agency Beach Retreats and coastal lifestyle aparthotels business SeaSpace – has appointed Simon Mahon to the role. Stepping into the new position from Monday, 4 November, Mahon joins Watergate Bay from the award-winning The Grand in York. Responsible for operations across all four businesses, he will work with the hotel directors, general managers and all teams to “enhance guest experience, operational standards, team culture and commercial performance”. He said. “In Watergate Bay, I see a set of businesses that understand sense of place through and through, are genuinely values-driven and have true hospitality at their core.” Watergate Bay chief executive Ben Harper added: “In a landscape full of flux, 2024 has seen us double the size of our business, and we have ambitious plans for further growth of all of our brands. We now want to take our operational delivery to the next level, and given his track record, Simon will do just that by providing inspirational leadership, new ways of thinking and experience that will really take us places in 2025 and beyond.”

 

Midlands smash burger business opens first franchise location: Midlands smash burger business Brgr Lab has opened its first franchise location. It has opened at Braunstone Gate in Leicester – part of the De Montfort University campus. “We’re thrilled to open our first franchise location here in Leicester, and the incredible reception has exceeded our expectations,” franchisee Jamshaid Akhtar told whichfranchise. “Seeing the line of people waiting to taste our burgers on opening day was an amazing feeling.” A second franchise location is set to open in Birmingham in December. Brothers Hamzah and Hassan Islam, who previously ran a marketing and branding agency together, launched Brgr Lab in 2020, opening its first restaurant in Coventry’s Stanton Road that same year. The business told Propel last month that it is aiming for up to 15 stores plus an international debut by the end of 2025. “We’ve had incredible interest from prospective franchisees, and we're excited to grow our footprint across the UK,” Hassan added. “We look forward to welcoming more partners into the Brgr Lab family.”

 

Family-owned hotel group refinances while acquiring new hotel, signs lease for another and disposes of one: Family-owned Ashley Hotels has refinanced while acquiring a new hotel, signing a lease for another and disposing of one. In its accounts for the year to 31 December 2023, director Zamir Hirji said: “After the year end, the group completed a refinance. Subsequent to year end, Ashley Hotels Rockingham, a subsidiary, disposed of its trading hotel asset and the directors are assessing the future options for the company. After the year end, the group purchased a hotel and signed a lease for a further hotel. The group continues to seek to grow by the continued investment in the hotels. The impact of the covid-19 pandemic is now fully behind the group. However, the cost-of-living crisis and high interest rates is causing wider economic disruption in the UK. The directors are monitoring this and potential consequences on the group.” During the year, the company’s pre-tax profit rose slightly from £1,079,497 in 2022 to £1,098,007. It reported a £458,700 gain on financial assets at fair value (2022: loss of £1,458,728). The company’s turnover dropped from £8,641,527 in 2022 to £8,150,589. The 2022 figures included £945,692 in insurance claim settlement (2023: nil) and £31,500 in government grants (2023: nil). Dividends of £1,254,803 were paid (2022: £241,505). Its current portfolio of six hotels is spread across London (two hotels), Salisbury, Andover, Farnborough and Liverpool.

 

London churros and dessert brand set to open fourth site: London churros and dessert concept Knot Churros is set to open its fourth site. Knot Churros was founded in 2019 by interior designer Anisah Taj and has grown to a flagship store in Knightsbridge, a boutique cafe in South Kensington and a kiosk in Westfield White City. It has now teased the opening of a new location on social media, with a picture of Camden Market. Knot Churros launched a franchise programme earlier this year, with options for a dine-in dessert bar, a smaller boutique café/bar with a focus on takeaway, or a kiosk designed for shopping centres. The business describes itself as offering “the world’s first churros afternoon tea and churros cotton candy combo” as well as offering “London’s first cotton candy burrito and cotton candy milkshake”.

 

Midlands holiday park business acquires three new parks for £2.8m, narrows losses despite reduced trading: Midlands holiday park business Avon Estates has acquired three new parks for £2.8m after narrowing its losses in the year to 31 December 2023, despite reduced trading. The new parks, acquired post year-end, include the double acquisition in July 2024 of Edkins Park in Wilmcote, Stratford-upon-Avon, and The Willows in Forthampton, Gloucestershire. During the year, the company owned and managed five sites with a combined total of more than 600 pitches, alongside the Riverside Club, adjacent to its Rayford caravan park. The company brought its pre-tax loss of £6,262,868 in 2022 down to a loss of £2,288,683 as costs came down by almost £3m. Turnover was down from £20,479,176 in 2022 to £13,948,708. “With the company being at the heart of a growing tourist town in Stratford-upon-Avon, it has enjoyed healthy growth in recent years, particularly in the sale of holiday and residential park homes,” director Nicholas Allen said. “Management is focused on increasing the growth of the company and are looking to capitalise on the increased desire of UK residents for a holiday home within the UK. The housing market was weak throughout 2023 and this led to decreased sales on our residential parks. The increased financial pressure on households also saw a drop in the holiday home market. The touring and holiday hire market remain buoyant despite the economic factors. We will be looking to acquire other parks to further increase our portfolio and grow the business. Pitch utilisation has been stable this year, with a similar amount of pitches being occupied this year compared with 2022.” No government grants were received (2022: £289). Ordinary dividends of £250,000 were paid (2022: £609,117) along with preference dividends of £121,472 (2022: £121,472).

 

Mowchi set to open second London store for fourth site overall: Bubble tea franchise Mowchi is set to open its second London store for its fourth site overall. It will later this month open in East Ham, although the exact location has not yet been revealed. Founded in 2022 by Afrikana brand and marketing director Syeda Kayanath, Mowchi opened its first store in Birmingham’s Ladypool Road, although that site has now closed. It launched its first franchise location, in Bradford, last summer, which was followed by a site in Essex’s Lakeside shopping destination. A 40-seater flagship then opened in London’s Mile End earlier this year, at 450 Mile End Road.

 

Cornish chef acquires pub and brewery: Chef Trystan-Ross Pooley-Tolkien-Williams and his wife Daisy have acquired The Star Inn and Penzance Brewing Company in their native Cornwall. Having spent a decade in Michelin-starred kitchens under the likes of Angela Hartnett, Nieves Barragan, Gary Foulkes and Sat Bains, Trystan-Ross Pooley-Tolkien-Williams’ new venture sees him looking to continue the legacy of the pub and brewery, located in Crowlas. The Star Inn’s original owner, the late Pete Elvin, purchased the inn with his partner in 1999. Ten years later they purchased Penzance Brewing Co. While the Penzance Brewing Co continues to operate, The Star Inn will open in the run up to Christmas with a full kitchen to follow in the new year. Trystan-Ross and Daisy Pooley-Tolkien-Williams said: “We are honoured to have been entrusted with continuing the legacy that Pete built over the years. We understand how much this brewery and pub means to the local community, and we are committed to maintaining its heart and soul while also bringing in fresh ideas to help it grow and thrive.”