Exclusive – State of Play Hospitality secures new £15m debt facility, increasingly confident 50-plus site opportunity exists in the US: State of Play Hospitality, the Toby Harris-led international experiential leisure operator, has secured a new £15m debt facility to aid its further expansion, as it told Propel it was “increasingly confident” that a 50-plus site opportunity exists in the US for darts concept Flight Club. With a continued focus on expanding Flight Club in North America (operated under licence), State of Play will open new venues in Washington DC, Philadelphia and St Louis before the end of next month to take its global estate to 14 venues (including nine Flight Clubs). In late 2025, State of Play will also be opening a flagship Flight Club in New York. The group recently completed a new £15m debt facility from Santander, its existing lender, to support its growth plans over the next two years. Harris told Propel the company is either in legals, or very close to moving into legals, on seven more sites for Flight Club in the US, the majority in what he described as “top tier US locations”. He said: “These will open between the back end of 2025 and the end of 2026. Our US Flight Club estate will be at 16 by the end of 2026. We’ve got some very interesting proof points coming up over the next couple of years. The site in St Louis, which is a smaller site in what I would describe as being on the border of a tier two and tier three location, will be very interesting. We’ve got a fantastic deal and low capex as a result of it previously being a fitted out restaurant. I think if we can make Flight Club work in those second and the third-tier locations then you’re talking (about the opportunity in the US) being well north of 50 sites, and we’re increasingly confident that that sort of opportunity exists. We are seeking primarily to put our capital and our time into the huge runway of growth that we have in the US. We have to choose to place our chips in the market, which is likely to give all stakeholders in the group the best prospects of a good return, and that is currently the US.” It comes as the business, which also operates the Hijingo and Bounce concepts in the UK, reported group revenue increased 33% to $59m (£47.5m) in the 12 months to March 2024, with site level Ebitda up by 44%. Adjusted group Ebitda increased by 129% to $2m, with the group investing in its US central team to support the next phase of growth. Harris described it as “another year of significant progress” and that the business had achieved “a record-breaking festive period”. In terms of its performance in the UK during 2024, Harris said it had been a challenging 12 months. He said: “The summer was particularly soft, but trade strengthened in the autumn. We had a really good December, and that is absolutely underpinned by robust corporate appetite.”

 

Propel to release the definitive guide to the Top 500 UK hospitality companies on Friday: Propel will release the Propel 500 report, an unparalleled resource that profiles the UK’s largest hospitality companies, this Friday (10 January). This comprehensive guide provides in-depth insights into the top-performing businesses, capturing the heartbeat of the UK’s dynamic and evolving sector. Among the companies featured are industry giants such as Whitbread, Costa Coffee, Stonegate, SSP, Mitchells & Butlers, Nando’s, The Restaurant Group and Domino’s. The exact rankings of the full 500 will be revealed on Friday, with some surprising brands narrowly missing the top spots. The full report, spanning 500 companies, delves into their history and key data including company turnover, site numbers and leadership teams. The guide will be provided as a PDF introduction including feature insights and a fully searchable excel sheet so all data can be easily accessed. The full report is in excess of 90,000 words. Analysis includes Mark Wingett examining the mergers and acquisitions shaping the future of the Top 500, while Tim Street dissects the UK’s rapidly developing franchise market. As the experiential leisure sector becomes a cornerstone of modern hospitality, Phil Pemberton will assess how innovative experiences are attracting customers, while Katherine Doggrell will examine the key developments in UK hotel. Data expert Mark Bentley, business development director at HDI, will look at emerging growth sectors, and Meaningful Vision founder Maria Vanifatova will analyse the latest trends in the quick service restaurant market. The Propel 500 will be available from 9am on Friday, 10 January 2025, priced at £595 plus VAT, or £395 plus VAT for existing Premium Club members. Premium Club subscribers can access it for free on 28 February 2025. Pre-order your copy now by emailing: kai.kirkman@propelinfo.com.

Discover how to leverage loyalty to drive incremental spend and additional visits: Discover how to leverage loyalty to drive incremental spend and additional visits at the Restaurant Marketer & Innovator European Summit. Jessica Cooke, director of media and loyalty at Stonegate Group, will share insights from her grocery sector experience and how she applied them to hospitality. She will discuss leveraging consumer insights to drive visits, boost spending and encourage product trials, as well as the success of the MiXR app, which revolutionized the guest experience and achieved a million downloads with support from top drinks brands. Restaurant Marketer & Innovator European Summit is returning for its seventh edition, and tickets are now on sale. The event is a partnership between Propel and Think Hospitality, aiming to build a community, promote the sharing of ideas, recognise talent and define the future of eating out. Bookings are now open for the two-day conference as the centrepiece of the January event series, taking place on 21 and 22 January at One Moorgate Place in London. The conference will focus on technology, marcomms strategies, proposition, brand building, the latest market insights, digital developments and diversification of revenue streams. It is designed for customer-focused chief executives, marketers, technology and innovation teams, as well as investors wanting to better understand the latest marketing, innovation and development opportunities to build market share and grow. For the full speaker schedule, click here. A one-day ticket for operators is £320 plus VAT while a two-day ticket is £575 plus VAT. Supplier tickets are £420 plus VAT for one day and £725 plus VAT for two. Propel Premium Club members receive a 20% discount. To book, email kai.kirkman@propelinfo.com.

 

Shops and restaurants face record staff tax bill: Shops and restaurants face record staff tax bills this year as Rachel Reeves’s Budget impacts businesses. The cost of employing a full-time worker on minimum wage will rise by £2,367 this year to more than £24,800 per person, with more than £5,000 of that going to the Treasury, according to new analysis by the Centre for Policy Studies (CPS). The jump in the tax burden is by far the biggest year-on-year increase since the minimum wage was first introduced in 1999, the CPS said. The overall tax burden for minimum wage workers is also a record. Robert Colvile, CPS director, told The Telegraph: “Labour claims to understand the importance of growth and to have made it a priority. But it was clear from the moment of the Budget that taxing jobs and work would damage the economy.” The sharp increase in the cost of employment will hit hardest in retail and hospitality, sectors that employ large numbers of minimum wage staff. Kate Nicholls, chief executive of UKHospitality, said: “The government needs to urgently rethink these changes. We’re calling for a delay to its introduction in April to give the chancellor time to consult with businesses on measures that can protect businesses and team members. These regressive tax changes will hit part-time workers incredibly hard, with businesses forced to make tough decisions to reduce hours, pause recruitment and, in some cases, cutting jobs.”

 

Hotel investment levels more than doubled from previous year in 2024, driven by portfolio transactions: Hotel investment levels more than doubled from the previous year in 2024, driven by portfolio transactions. Research from estate agency Savills said investment transactions are estimated to have reached £5.75bn in the year, which marks the highest level of activity in the sector since 2018. The resurgence in activity, the data found, was largely driven by portfolio transactions such as Blackstone’s acquisition of Village Hotel and KKR and Baupost’s purchase of 33 Marriott hotels – these transactions accounting for 55% of total investment volumes. Portfolio volumes grew by 582% year-on-year, reflecting subdued levels of activity seen in 2023, the study said. Regional hotel volumes totalled £3.34bn in 2024, representing 58% of total volumes. This marks a 217% year-on-year increase and is 24% above the ten-year annual average. Tim Stoyle, head of UK Hotels at Savills, said: “In 2024, the UK hotel market demonstrated resilience, with investment activity resurging. Private equity confidence has been central to this recovery, with significant investments made by Starwood Capital, Blackstone and KKR as well as a number of others. The sector’s strength is supported by solid fundamentals, including its role as a robust inflationary hedge, its resilience as an asset class, and its continued international appeal.”

 

Chipotle UK teams up with Strava to encourage healthy eating: Chipotle Mexican Grill UK, the fast-casual restaurant chain, has announced a partnership with Strava, the app for active people with more than 135 million users in more than 190 countries, to encourage healthy eating. Chipotle is launching its first-ever international Strava segment challenge for participants to compete to win free lifestyle bowls for a year, plus free Chipotle for their city. The Chipotle ‘segment’ in London is located at 101-103 Baker Street. Running from now through to 31 January, consumers in London can compete to complete the segment the most times and win free lifestyle bowls for a year. “Our nourishing, real food is quickly becoming a go-to training meal for athletes across all levels in London,” said Anat Davidzon, managing director international for Chipotle. “After launching with Strava in the US in 2024, we saw a passionate response from our fans in the UK, requesting to bring the competition here.”

 

JD Wetherspoon launches January sale: Pints at 770 JD Wetherspoon pubs across the UK will be reduced to as little as 99p for a limited time this month. The pub chain is offering cheap beer, wine and soft drinks for two weeks during January, with deals on the likes of Worthington’s, Greene King IPA, Guinness 0.0% and Heineken 0.0. The January sale began on Thursday (2 January) and will run until Thursday, 16 January. The company will also be cutting the price of selected food options: burger meal deal (includes chips and a drink) – £4.99 with soft drink or £6.52 with alcoholic drink; breakfast deal – £2.99 (includes free refills of coffee, tea or hot chocolate or any soft drink).

Job of the Day: COREcruitment is collaborating with an award-winning restaurant group which seeking an experienced executive head chef to lead its new fine dining Italian seafood restaurant in central London. The venue offers a premium dining experience with an impressive seafood display and a menu featuring the finest ingredients. As executive head chef, you will develop innovative menus showcasing refined Italian seafood and pasta dishes; lead and manage a skilled team of 11 chefs, ensuring excellence in execution and service; maintain high standards of presentation with elegant, modern plating techniques; and interact with guests to enhance the dining experience, discussing dishes and daily specials. This position offers a salary up to £80,000 and is based in London. For more information, please contact olly@corecruitment.com.

 

Exclusive – Shereen Ritchie steps down as CEO of Buns from Home: Shereen Ritchie is stepping down as chief executive of Buns from Home, the independent London bakery brand, after nearly two years in the role, Propel has learned. Ritchie, previously managing director at Leon, will be passing the baton back to the company’s founder, Barney Goff, who started buns from home in his mother’s kitchen during the first covid lockdown before opening the brand’s first store in Notting Hill in January 2021. He will now resume the chief executive role and continue “driving the company’s roll out plans”. Ritchie joined the brand in May 2023 as chief operating officer, having spent four years as managing director with natural fast-food brand, Leon, where she oversaw two record-breaking years before covid hit. She then spent a year and a half at Sprout, the Dublin-based organic salad and farm business. She was promoted to chief executive of Buns from Home at the start of 2024. Under Ritchie’s leadership, the business expanded from eight sites to 21 across London, earning a “devoted, cult-like following along the way”. Ritchie, who remains a shareholder in the business, said: “The last few years have been an incredible whirlwind of growth and achievement, and this remarkable brand is now well-positioned for global success. I’m deeply grateful to my amazing team for their dedication, creativity and passion in delivering the ‘buns magic’ to our ever-growing customer base. They are all superstars. Passing the reins back to Barney feels like a full-circle moment. We have a strong pipeline of openings for 2025 and I’m excited to watch buns from home thrive in its next chapter.”

London dessert lounge concept targets 100-plus UK sites plus international expansion as it relaunches franchise programme: London dessert lounge concept Scooperb has targeted 100-plus UK sites plus international expansion as it relaunches its franchise programme. The business, owned by Ram and Deepali Prabhu, was founded in 2017 in Rayners Lane, north west London, and has since grown to 11 sites. As well as eight locations in and around the capital, it has expanded out to Southampton, Basingstoke and Hatfield in Hertfordshire. The company has now partnered with Nil Naik, former franchise director for brands including Chaiiwala, Doner Shack, Coffee Republic and Hero Brands, and now running his own Franchise With Us consultancy. “Thrilled to announce a new client partnership with Scooperb – the home of eggless ice cream, indulgent desserts and irresistible savoury delights,” Naik said. “With 11 thriving locations across the UK, Scooperb is setting its sights on exponential growth, aiming for 100-plus stores domestically and ambitious expansion into international markets, including the GCC, African subcontinents, Canada and the USA. What makes Scooperb a standout opportunity? Low build costs starting from just £100,000–£150,000, including equipment; extremely favourable terms for franchisees; low labour and royalty costs, ensuring higher profitability; and a proven, scalable model with wide appeal. We’re looking to partner with multi-unit franchise operators to establish Scooperb’s presence in East London, Birmingham, Bristol, Leicester, Nottingham, Sheffield, Leeds, Bradford, Newcastle, Liverpool, Manchester, Glasgow and Edinburgh.” As well as ice creams, Scooperb offers desserts such as sorbets, waffles, crepes, mini pancakes, brownies, baklava and sundaes, plus milkshakes and hot drinks. A Scooperb spokeswoman said: “We are an aspirational brand, inspired by the flavours and aromatic spices of South Asia, relating to the founder’s childhood. All the ice creams and desserts are eggless, vegetarian or vegan, handcrafted and churned with very little air, resulting in purer, more robust flavours and the creamiest textures you can find.” Scooperb features in the UK Food & Beverage Franchisor Database, the latest edition of which was sent to Premium Club members last month, featuring 50 new entries and now has a total of 330. 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.

Exclusive – Manchester-based Australasia and Grand Pacific concepts set for new investment under new ownership: Australasia and Grand Pacific, the Manchester-based bar and restaurant concepts, are set for expansion after securing “major investment”, Propel has learned. The two sites have been taken on by new vehicle Orka Koncepts, which already operates the Dear Sailor bar and the Hessian events catering business in the city. It said the new investment in the previously Living Ventures-owned concepts will “drive strategic growth, innovation and expansion”. It said the deal brings together seasoned investors and operating partners with deep-rooted ties to Manchester hospitality and pays tribute to the visionary work of the late Tim Bacon and co-founder of Living Ventures, Jeremy Roberts. A statement on behalf of Orka Koncepts, the managing agents for the investors, said: “The investment into the group facilitates enhanced working capital, intensified marketing initiatives, product refinement, and an elevated guest experience, affirming Australasia and Grand Pacific’s place among Manchester’s premier dining and social destinations.” Roberts, co-founder of Living Ventures, added: “I wish Orka every success and I am sure that both the Australasia and Grand Pacific businesses will continue to thrive in Manchester.”

 

Losses before tax reduce at Pure as it recovers from rail strikes and boosts business-to-business trade: London-based healthy food-on-the go business Pure, which Whitbread held a 49% stake in until 2023, has reported turnover rose 11% to £22,227,838 in the year ended 28 December 2023 (2022: £20,049,719). Loss before tax reduced to £2,842,371 compared to £4,559,421 the year before. The company, led by Spencer Craig, reported an additional loan of £1.5m was provided by investors to the company in December 2024 in support of growth ambitions and working capital requirements. The company stated: “Sales in 2023 would have been notably higher were in not for the significant number of travel-related strikes which – after the covid years – brought another level of unwanted disruption. We estimate the travel strikes have caused at least £600,000 of losses over 2022 and 2023, millions of pounds of lost sales and has had an undefinable impact on the momentum of returning to offices. The sequence of events outside the company’s control also got worse in 2023 with rapid inflation and rising interest rates meaning that, although more people were on the move near Pure’s shops in central London, this was undermined by a decline in disposable income for consumers. But the travel strikes and inflation could not stop the momentum of Pure’s business-to-business catering business. This grew by more than 50 per cent in 2023 – growth which has continued into 2024, and these sales now make up 35 per cent of company sales. This has been a key focus for the company post year-end and will soon make up 50 per cent of the company’s total sales.” The company opened two sites during the year and closed two venues at the end of the year which did not have the level of footfall required to commit longer terms in either location. The company had 16 shops and four catering kitchens at the end of the year. Pure, which is registered at Companies House as Healthy Retail Limited, improved its gross profit margin during the year to 38.5% (2022: 33.5%) and received an insurance settlement during the year, as a result of business interruption, of £400,000.

 

Company behind Wulf & Lamb files notice of intention to appoint administrators: The future of the London-based, fast casual vegan concept Wulf & Lamb has been thrown into doubt after the company behind the business filed a notice of intention to appoint administrators. Propel understands that Phyto Nourishment Limited made the filling last week. The company, which was the brainchild of Rosanna Von Zweigbergk and Philip Ryan, opened its debut site, in Pavilion Road, Chelsea, in October 2017. In 2020, it opened a second site, in Chiltern Street, Marylebone. Both sites continue to trade. The all-day dining concept’s menu was previously overseen by former Vanilla Black head chef Franco Casolin. It is best known for its “indulgent mac’n’cheese and burgers” but also offers healthy salads and whole-food plant-based dishes. 

 

Remaining Cattle Grid site to close: The remaining site under the steakhouse concept Cattle Grid, in Windsor, is set to close. The concept had once grown to six sites, including a handful in London and one in Leeds. Founder Steve Novak said: “I will be closing Cattle Grid Windsor this year after 16 years, the rent and the recent budget will ensure the business is no longer viable. I am looking for a more suitable site and I am hopeful but please be under no illusions what this Budget will do.” As part of his Rhapsody Hospitality Group, Novak is planning to reopen the former Horse & Groom in Streatham High Road as Stanleys of Streatham later this year. Last year, Novak reopened the former Lloyds bank in New Malden High Street as the New York Italian-inspired Harlem NYIT, a bar and diner. He currently also operates Hannah in Battersea and two pubs – The Earlsfield in south west London and The Charlotte in Southwark. 

 

Insomnia Coffee sees FY pre-tax profits triple as turnover nears €40m: Insomnia Coffee, which operates more than 160 coffee shops and kiosks in Ireland plus 13 in the UK, has reported that its pre-tax profits more than tripled in 2023, as revenue topped pre-covid levels for the first time. Pre-tax profit at the company behind the Insomnia chain stood at €2.49m in 2023, up from €797,236 the year before. The Irish Independent reported that accounts filed by BHJ Holdings show the group recorded the sharp increase in profits as revenues increased by 7% from €37.32m to €39.87m, topping pre-covid 19 revenues of €36.77m in 2019. The group recorded revenues of €39.16m in Ireland and €714,853 in the UK during 2023. Directors Harry O’Kelly, John Clohisey and Barry Kehoe stated they were satisfied with the performance of the group in 2023 “and will look to further grow the business in Ireland as well as abroad”. On the company’s future developments, the group plans to further develop and consolidate its existing activities. Insomnia Coffee Company is Ireland’s leading independent coffee shop chain and the 15th largest in Europe. The company also has more than 600 self-service machines in operation in Ireland and the UK. Employee numbers increased from 491 to 509 as staff costs increased from €12.65m to €13.2m.

 

Guy Hands’ Hand Picked Hotels chain cuts staff wages: The luxury hotel chain controlled by private equity tycoon Guy Hands and his wife, Julia, is cutting the hours and wage packets of hundreds of workers as it faces rising costs and weak demand. About a thousand employees, including chefs, porters, waiters, spa therapists, housekeeping staff and office workers, at Hand Picked Hotels were sent letters this week telling them to expect “temporary changes” to working arrangements. These are understood to include compulsory working hour reductions of up to 12.5%, costing employees hundreds of pounds in reduced monthly incomes. The company has denied that anyone is being asked to reduce their hours by more than 12.5%. “Morale is horrific,” one employee told The Times. “We’ve had colleagues in tears; we’ve got people thinking of walking out. No one wants to work for a company that can do this so clinically and carelessly without considering the impact on individuals.” The company owns 21 upmarket country house hotels across Britain and the Channel Islands, where the Hands live, including Bailbrook House in Bath and New Hall Hotel, a moated manor house in Sutton Coldfield. The business was established by Julia Hands in 2001 after she bought some hotels from Virgin Group. In response to questions from The Times, Hand Picked said: “Hand Picked Hotels looks very carefully at balancing the needs of our guests with staffing levels. Faced with challenging market headwinds and reduced guest demand we, alongside many other hotel and hospitality businesses in the UK, are aligning our staffing levels with our occupancy levels. This has resulted in the tough decision of us having to reduce the number of payroll hours in the short term, by up to 12.5% in total. This is within the flexibility of our employee contracts. This is not a decision we have taken lightly. Despite operating in a challenging economic environment, with on-going rising costs and lower consumer confidence, Hand Picked Hotels remains committed to our people and to delivering the best possible service to our guests.”

 

Petersham Nurseries family in talks over future of Covent Garden restaurants: The family behind Petersham Nurseries are braced for crunch talks over the future of its two London restaurants. The Telegraph reports that the threat of closure is currently hanging over The Petersham and La Goccia, which have been pushed to the brink amid a row between the Boglione family and landlord Shaftesbury Capital over rents. Talks to determine the restaurants’ future will take place between the parties early this week, with administrators at Buchler Phillips lined up in the event of their closure. Petersham UK Limited, which runs the two restaurants in Covent Garden, has already submitted two High Court filings over the past month to declare an intention to appoint administrators – which has given the company breathing space while attempting to negotiate lower rents. It is understood that the rental dispute only relates to The Petersham and La Goccia and not the wider Petersham Nurseries business, which includes a garden nursery, lifestyle shop and a Michelin Green-starred restaurant in Richmond.

 

Pub Invest Group – several new sites slated for development, student market ‘opened up’ while venues catering for older crowds ‘thriving’: Liverpool operator Pub Invest Group has said it has several new sites slated for development, and while the student market has “opened up”, those venues catering for older crowds are also “thriving”. Pub Invest Group operates more than 40 brands in its portfolio of bars and nightclubs across the north west and opened several new sites in 2024 – including Irish bar Kells of Eden in 

Concert Square and rock dive bar Diego’s Demise on Wood Street. Marketing manager Philip Gillespie told Insider Media that 2025 will be an “exciting year” for the business, with “several new sites slated for development”. And while 2024 was a “tough year overall”, he said there was a “glimmer of turnaround, or at the very least, a levelling off of the impact of inflation on the consumer”. He added: “What impact the new tax changes and pay rises have is yet to be seen, but it’s not all bad news.” In terms of market trends, Gillespie said: “For us, the student market, while still really strong, has opened up. The younger crowd is far more discerning and are more open to quality over quantity. It's all about the experience now and not the cheapest drinks available.” Gillespie said venues catering for an older market are “thriving”, with live-music sites “as popular as ever”. He added: “Different types of venues are now more popular too. For the younger crowd, a more pop-up impromptu style venue is popular, where they feel they get a different experience each time. The slightly older crowd seem to be happier in one of the new bars, which generally have more of a pub vibe than cocktail bar.”

 

Northamptonshire McDonald’s franchisee sees pre-tax profit rise to £1.5m as turnover hits record £52.3m: McDonald’s franchisee Kazper Restaurants, which operates ten sites in Northamptonshire, has reported turnover increased 6% to a record £52,274,824 for the year ending 31 December 2023 compared with £48,870,416 the year before. Pre-tax profit rose to £1,513,273 from £943,488 the previous year. Gross profit margin stood at 66.38% compared with 66.37% the previous year, which was “in line with expectations”. In his report accompanying the accounts, franchisee Perry Akhtar stated: “As a result of the 2023 menu and marketing strategy, alongside the execution of incremental price rises, the company has seen increased sales growth as the company continues to operate against the backdrop of significant macroeconomic challenges. Overall, the financial position of the company is healthy, with the balance sheet currently showing net assets of £7.94m compared with £7.37m in 2022.” A dividend of £360,000 was paid (2021: £380,000). Akhtar started his career with McDonald’s 30 years ago.

 

Meatailer confirms plans to open new sports bar concept: Meatailer, the Scott Collins-led operator of the MeatLiquor concept, has confirmed it plans to open a new sports bar concept, called BLOODsports, in London’s West End. Last September, the business acquired the lease of the former Circus site at 27-29 Endell Street via a share purchase. The property extends to approximately 7,000 square feet, with the ground floor sales area extending to approximately 5,000 square feet. It told Propel: “Covent Garden’s bar scene gets a thrilling upgrade this January with the launch of BLOODsports, a new sports bar from Meatliquor founder Scott Collins. Situated on Endell Street, this ‘watching bar’ draws inspiration from iconic dive and sports bars across the US. Guests can enjoy live broadcasts of all major sports day and night, alongside late-night horror film screenings (from 9 pm onwards). The drinks menu features slushies and highballs, while the food offering includes the classic Meatliquor menu with exclusive new dishes.” The new venue is set to open in the first quarter of 2025. MeatLiquor currently operates seven sites across the capital, plus sites in Brighton and Leeds. It also operates The Dartmouth Arms in Forest Hill.

 

Wingers opens in Stafford for 14th site, set to double estate in 2025: Buttermilk fried chicken restaurant concept Wingers has opened in Stafford for its 14th site and is set to double that number in 2025. The business, set up during the pandemic by brothers Amran and Dylan Sunner and their dad Bill out of a kitchen in Birmingham, has opened at Unit 2b in Riverside Retail, South Walls. “2025 is already looking like a fantastic year, with the doubling of the estate very likely,” said franchise consultant Anthony Round. “Next up, Wellingborough and Wigston.”

 

Costa franchisee Goldex Investments falls to loss: Costa franchisee Goldex Investments posted a pre-tax loss of £65,781 for the year ending 31 October 2023 compared with a profit of £690,009 the year before. The group, which operates 46 Costa stores across Kent and Sussex, reported turnover increased to £13,303,150 compared with £12,174,994 the previous year. Dividends of £175,000 were paid (2022: £175,000). Chief executive Diljit Brar, who founded the business in 2008, said: “In the past year, Goldex Investments and its subsidiary companies have maintained their share of the market with their existing stores. The company has recovered and maintained its income post pandemic, despite the increased cost of living and the associated increased cost of sales. There are no plans to open any new stores in the next financial year.” The accounts are just for its UK-based Costa business and gym concept Goldex Fitness, which generated turnover of £152,802 during the period (2022: nil). The group also operates ten Costa sites in Morocco and is also the UK master franchisor for Kaspa’s and operates more than 100 of its stores here, as well as in two overseas territories. The company also runs four German Doner Kebab sites here, an estate agency in Gillingham in Kent and a portfolio of coastal break apartments on the Kent coast.

 

Luxury Family Hotels reports increased losses: Luxury Family Hotels, the trading name of MBO Hotels, which runs five upmarket destination hotels, has reported turnover rose to £15,463,524 in the year ended 31 December 2023. (2022: £14,177,302). Loss before taxation was £8,149,364 compared to £5,253,926 the year before. The company operates Fowey Hall in Cornwall, Moonfleet Manor in Dorset, New Park Manor in the New Forest, The Ickworth in Suffolk and Woolley Grange in Suffolk. The company stated: “Fowey Hall and Moofleet Manor fully opened in the spring of 2023 following an upgrade to all bedrooms and public areas, and in addition, the bedroom stock at Fowey Hall was increased from 336 pre-covid up to 60, while New Park Manor underwent a full bedroom, public area and spa facility refurbishment at the beginning of 2024.” Revenue per available room was £139 compared to £144 the year before. Rooms revenue was £8,751,000 compared to £7,718,000 the year before.

 

Crerar Hotel Group reports swing into small profit despite Isle of Mull ferry disruption: Crerar Hotel Group, which operates ten Scottish hotels and inns and was acquired by Blantyre Capital in March 2023, has reported turnover rose almost 9% to £20,189,798 in the year to 31 March 2024 (2023: £18,562,540). Profit before tax was £56,973 compared to a loss of £2,163,990 the year before. The company reported strong summer trading at its Balmoral Arms, Loch Fyne and Gold View hotels. However, its Isle of Mull Hotel & Spa suffered from “widely reported ferry disruption”. The company stated: “The key measurement has been successfully achieved during the trading period with a ten per cent increase in room revenue over the prior year, with improvements in secondary spends of food and liquor, although food gross profit per cent dropped three per cent as a result of increased costs in the supply chain and the liquor gross profit dropped by one per cent. Overall, gross profit as a percentage of revenue improved by 1.7%. To remain competitive in a restricted labour market, the company has had to offer increased salaries.” The company’s operating partner is Fairtree Hotel Investment – it has also entered into a contract with Blantree Holdco Limited (the ultimate parent of the group) to provide management services to other hotels under its control.  

 

North east operator set to reintroduce Tomahawk Steakhouse takeaway concept: North east operator Howard Eggleston, who owns the Tomahawk Steakhouse brand and co-owns the Rio Brazilian brand, is set to reintroduce a takeaway concept for Tomahawk. His next opening, at 23a Greenside in Thornaby, Stockton-on-Tees, will be Eggleston’s 11th Tomahawk Steakhouse and operate as a takeaway. He previously operated a Tomahawk takeaway in Yarm High Street – in a separate location to its restaurant – until it was taken over by pizza firm Greedy Ted’s. It comes a month after Eggleston opened a Tomahawk Steakhouse in Gateshead’s Metrocentre, featuring a new hot stone concept, which sees guests cook the steak to their own taste over a hot stone. He also co-owns eight Rio Brazilian restaurants with Rodrigo Grassi, as well as The Hawk pub in Ponteland, which sells Jeremy Clarkson’s Hawkstone beer alongside a menu featuring products from Clarkson’s Diddy Squat farm.

 

Innis & Gunn reports stable losses, turnover up 5%: Scottish brewer and retailer Innis & Gunn has reported turnover up 5.2% to £29,051,000 in the 15 months to 31 March 2024 compared to the previous 15 months. Its loss before tax was £2,364,000 compared to £2,370,000 for the period before. On its 20th anniversary, the company stated: “Amid the challenges we still managed to grow both group turnover and gross profit despite of a volume drop versus the previous year as price shocks reverberated through the market. Turnover increased by £1.4m largely driven by our hospitality business which saw revenues increase across all trading sites. The key driver was a full 15 months of trading in our newest site to open in Glasgow’s West Nile Street. The events side of our business also saw revenues almost treble, up 148% from last year offsetting lost revenue of circa £300,000 from the closure of our Dundee and Leith sites. Our brewing business also saw revenues increase from last year despite a reduction in volumes, the majority of the reduction as a result of moving production of some of our canned products to Canada to local production causing £800,000 in lost revenue while production transitioned. The upside of this move is improved revenue and margin per hectolitre sold in the market, a reduction in transportation costs, faster cash turn and less volatility in supply due to shipping issues.” The company reported there has been a 35 per cent (£700,000) improvement in Ebitda, a trend that has continued throughout the current financial year.

 

Ronnie Scott’s unveils solid profits: Ronnie Scott’s Jazz Club, the West End jazz institution founded in 1959, has reported turnover rose to £14,166,649 in the year to 31 March 2024 (2023: £13,865,092). Profit before tax was £3,289,709, down slightly on the £3,437,421 reported the year before. Dividends of £3,800,000 were paid compared to £3m the year before.

Steve Cox places Buckinghamshire freehold pub on the market: Steve Cox, the founder of Faucet Inn and the craft beer portfolio business In Good Company, has placed the freehold of The Dog & Badger in Medmenham, near Marlow, on the market. Cox acquired the site in 2019 and is believed to have paid circa £2m for the pub, which was privately owned. The pub comprises a 20-cover bar, 60-cover restaurant, 12-cover private dining room and 50-cover enclosed front terrace. It is currently closed for trading. The site is being marketed by Christie & Co. It is thought to be one of four pubs Cox still owns, including the Warrington Hotel in London’s Westminster.

Ukrainian restaurateurs set to open first London restaurant: Ukrainian restaurateurs Alex Cooper and Anna Andriienko are preparing to open their first London restaurant, Tatar Bunar, in Shoreditch. Opening in March, the 90-cover restaurant, which also has a 20-cover outdoor terrace, is taking over the space that was once the Shoreditch outpost of Brindisa, at 152 Curtain Road. It will be decorated with materials from the Carpathian region, with plans to showcase Ukrainian artists and craftsmen. The duo have multiple restaurants in Ukraine, and throughout the war there have been using these as food distribution points. Alex has had to stay in Ukraine to manage this effort and the restaurants there, while Anna has relocated to London to run the restaurant here. The menu, led by Kate Tkachuk, will be inspired by the biodiversity of the Bessarabia region and Alex’s hometown of Tatarbunary in southern Ukraine. The duo said: “We believe there is still work to be done in showing London how wonderful Ukraine food is, which is why we have decided to open Tatar Bunar, and we can’t wait to show London what Ukraine cuisine has to offer.”