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Exclusive – Six by Nico reports record results after doubling in size: SixCo, the company behind the Six by Nico restaurant business, has reported record results after doubling in size. The group also said it continues to work with advisors at Cavendish “to determine the most appropriate route and the best timing to match our ambitions”. Finance director Stuart Sheils told Propel: “We have a loyal and growing customer community and even with the enforced price rises we believe our fixed price/high experience offering continues to offer a great time at an accessible price point. This is shown by our again having a strong multi-million pound response to our Black Friday and Christmas gifting promotions, which underpins activity levels and provides a level of certainty as we go into the first quarter of 2025.” It comes as the company reported turnover from continuing activities increased 42% to a record £41,880,000 for the year ending 30 June 2024 compared with £29,579,000 the previous year. Ebitda grew 74% to £10.1m. Net operating margin increased to 18.3% (2023: 14.6%), “reflecting improvements in procurement and in the management of staff rotas as well as benefitting from some economies of scale”. The company continued its UK expansion with £8.3m of capital invested that extended the core Six by Nico’ network by a further seven locations to 16 sites across the UK and Ireland with the next site due to open in Bristol in February. The group also added two new concepts, Sole Club, an innovative fish restaurant, and “Somewhere by Nico”, an immersive cocktail-experience bar. Chief financial officer Graeme Sheils said: “Our return-on-investment continues to be exceptional relative to the sector, with almost all our openings generating full payback within 12 to 15 months. Our expansion was supported by cash generated from operating activities of £9.3m, while our net debt increased by £1.9m to £12.3m. We now operate on a significant scale, serving around 15,000 covers a week (more than 675,000 covers served in the year) that are almost 100% pre-booked driven from our consented database that now exceeds one million records.” Nico Simeone, founder and chief executive of SixCo, said: “While we opened several new sites during this year and have an ambition to open in every major city in the UK, as well as exploring international opportunities, we have decided to slow our rate of openings this current year. Our business depends on having an authentic connection with our customers and we believe that this is the right time to focus 100% on them, rather than to overexpand and lose that. We have continued to explore new concepts for our customers such as our launch, in Glasgow and Edinburgh, of ‘Somewhere by Nico’, where, I’m delighted to say, we’ve had great customer feedback.” Chair Rob Wirszycz added: “We are, along with others in the hospitality sector, absorbing the news of the pending above-inflation rise in national living wage, the unprecedented rise in employers’ national insurance contribution and the threshold reduction, along with the unwelcome increase in business rates. While we had anticipated some of these rises, we did not expect the significant hit to our employment costs. Initial figures suggest that the impact on our cost line will be near to £2m, which will inevitably restrict the funds available to grow the business and create new jobs. It’s at times like that that our creativity and ingenuity come to the fore, working to deliver customers with amazing food and drink experiences, while minimising price increases.”

Propel 500 report – 2025 could see a flurry of M&A activity, argues Propel group editor Mark Wingett: There are many companies at the higher end of the Propel 500 list that will be in a position to acquire smaller businesses facing financing challenges this year, writes Propel group editor Mark Wingett in the introduction to the Propel 500 report – which showcases the UK’s 500 leading hospitality operators ranked by turnover. This is just one article in a report that is delivered in two parts: an introductory PDF, featuring deep dives into the top 25 companies and 6,500 words of insight from Propel’s expert writers, and a fully searchable Excel sheet, offering easy access to all the data. Together, the Propel 500 companies generate more than £30bn in turnover across 51,000 sites, and the report spans seven key segments: pubs and bars, hotels, quick service restaurants (QSR), casual dining, cafe and bakery, experiential leisure and fine dining. A list of these operators can be discovered now by visiting the Propel 500 page on Propel’s website. This comprehensive report provides more than 90,000 words of analysis, delving into company histories, leadership structures, site numbers and financial performance, making it an essential resource for industry professionals. Further analysis includes Tim Street’s view of the UK’s franchise market and Phil Pemberton’s insights into experiential leisure as a hospitality cornerstone. Katherine Doggrell examines developments in UK hotels, while Mark Bentley, business development director at HDI, identifies emerging growth sectors, and Maria Vanifatova, founder of Meaningful Vision, analyses trends in QSRs. Propel 500 is available now for £595 plus VAT. Existing Premium Club members can purchase it for £395 plus VAT. Premium Club members will receive the report for free on Friday, 28 February at 9am. Order the Propel 500 report today by emailing: kai.kirkman@propelinfo.com.

Boparan Restaurant Group confirms debut UK site for Carl's Jr: Boparan Restaurant Group (BRG) has confirmed the UK debut site for Carl's Jr, will open this April, in Cardiff, with several new restaurants slated to open this year under the US brand. Propel revealed last November that BRG, which is led by Satnam Leihal, had secured a site at the St David’s shopping scheme, next door to Slim Chickens, which BRG also operates in the UK. In May, Propel revealed that BRG had signed a master licence agreement to launch Carl’s Jr here. BRG signed an agreement with CKE Restaurants Holdings to develop Carl’s Jr restaurants in the UK and the Republic of Ireland. Under this agreement, BRG will open, operate, and franchise restaurants throughout the UK and Ireland as the exclusive Carl’s Jr developer. Propel understands that no number has been put on the size of the rollout in the UK, but BRG said that the Cardiff opening is “just the beginning of Carl’s Jr’s plans, with more sites expected to follow in the near future”. In June, the company hired David Moffat, formerly of Hero Brands and German Doner Kebab (GDK), to oversee the UK operation of its Carl’s Jr franchise. Moffat, who was most recently was head of franchising at Lucky B’s, a hot chicken concept based in Glasgow, joined BRG as country general manager – Carl's Jr UK franchise. Moffat, who also previously worked with Stonegate Group and Gondola Group, helped grow GDK to 100-plus sites. Founded in 1941, Carl’s Jr, the California-born restaurant brand, is accelerating plans for global expansion. CKE currently operates more than 1,100 international restaurants under the Carl’s Jr brand across 38 countries around the world. The first UK site will feature 50 covers, blending “Carl’s Jr’s signature West Coast vibe with a welcoming atmosphere tailored to British tastes”. The opening will also create 40 jobs for the local community. Moffat said: “Carl’s Jr has a reputation for delivering high-quality, crave-worthy food that stands out in the burger market. We’re thrilled to bring this iconic brand to Cardiff, our first location in the UK. We’ve had incredible interest from fans eager to experience the Carl’s Jr difference, and we can’t wait to welcome them this April.”

Boxpark to launch immersive social gaming experience Playbox: Boxpark is to launch a new immersive social gaming experience called Playbox, at its site in Croydon, south London. Spanning approximately 3,500 square foot, the company said that Playbox, which will launch next month, is set to create a “one-of-a-kind immersive experience”, with features including: digital shuffleboard and darts, interactive karaoke, traditional pool tables and retro arcade games, a signature bar and hosted experiences. For sports enthusiasts, Playbox will also offer pre-booked booth spaces. The venue will also cater to corporate and group events with tailored hire options and multi-game reservations. Linda Miles, head of operations at Boxpark, said: “Playbox is about bringing people together through the shared joy of gaming and sports. We're thrilled to launch in Boxpark Croydon, a hub of culture and community” Boxpark launched two new sites in 2024 – Boxpark Camden in London and Boxpark Liverpool, which will be followed by the opening of its new concept later this year, Boxhall. At the start of this month, the company said it is in discussions on several sites across the UK and is also considering international licensing. The business also secured a further investment of £12.5m from its existing principal investor, LDC, which will partly be used to fund the opening of the company’s first Boxhall site, due to open this spring in London’s Liverpool Street. “With a pipeline of sites and agreements for lease agreed, the group plans to open new sites over the next five years in London and other major UK cities,” the company said in its accounts for the year to 30 April 2024. “The group’s management is in discussions on several sites throughout the UK and is confident of securing further sites for 2026 and beyond. The group is frequently asked to look at shorter tenures and has a specific product designed for this market opportunity.” Boxpark also said international licensing is among other channels for growth being “actively considered”. It comes as Boxpark saw its turnover decline marginally in the year due to a “tougher macroeconomic environment” and a drop in beverage sales. Turnover for the year for the four-strong business – which since the year end has opened a fifth site, in Camden – stood at £19,907,882 (2023: £20,538,150), while pre-tax losses widened to £3,778,202 (2023: loss of £2,018,620).