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Thu 20th Feb 2025 - Propel Thursday News Briefing |
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Story of the Day:Wingstop CFO – we now see an opportunity for upwards of 450 sites in the UK: Alex Kaleida, senior vice president and chief financial officer of US brand Wingstop, has said the company now sees an opportunity to grow the UK side of the business to upwards of 450 sites, and that it will eventually lead to expansion into western Europe. In December, Propel revealed Sixth Street had acquired Wingstop UK’s parent company Lemon Pepper Holdings for a price that was believed to be in excess of £400m. Wingstop UK currently operates 58 sites across the UK, employing more than 2,500 people, with more than 20 new locations set to launch by the end of the year. Talking to analysts after the brand’s Q4 update, Kaleida said: “The international area is a really exciting area for us. We’ve been talking about how it’s supercharged for growth. You've also heard us talk about a way to facilitate our strategy on international development by making small investments in these start-ups as we open a new market. The UK was an example of this. We took a minority equity position in the business, and you saw the transaction – the value of the transaction upwards of $500m for a low upfront investment for us. We see that as a way to create value for our shareholders, as well as facilitate that growth with our brand partners in the market. For the UK specifically, at one point, I think we thought the opportunity was somewhere in the 250-restaurant range. As we went through this transaction, and just seeing the conversations we’re having with the financial sponsor that bought the business, we now see an opportunity that could be upwards of 450 restaurants. We extended a development agreement as part of this transaction, including Ireland, and we do see an opportunity where there could be expansion beyond the UK and Ireland into western Europe as well. It’s a component of our strategy that we’re really excited about, and probably more to come from us as we enter new markets. We anticipate in 2025 to be in two to four additional international markets this year.” There were 2,563 Wingstop restaurants at the end of the fourth quarter. Systemwide sales rose 27.6% year-over-year to $1.2bn during the quarter, helped by 105 net new openings compared to a year ago.
Industry News:Sponsored message – Klubnacht: industry Mondays at Albert’s Schloss in Soho has launched: Every Monday from 5pm, London’s biggest bier palace invites its friends from the industry to indulge in food, drink and bench dancing all night long. A spokesperson said: “Expect live music, DJ sets and special guest takeovers each week. Discover Albert’s Schloss in the heart of London’s Soho and indulge in Alpine-inspired plates, tankards of Europe’s finest beer or speciality cocktails and haus-made schnapps. Sign-up below to start claiming your industry perks and enjoy a Margarita on ‘das haus’. Start your week as you mean to go on.” Sign-up here. If you have a sponsored story you would like to see featured in this newsletter position, email paul.charity@propelinfo.com.
Next Who’s Who of UK Hospitality to be released tomorrow featuring 891 companies: The next Who’s Who of UK Hospitality will be released to Premium Club members tomorrow (Friday, 21 February), at midday. Another 16 companies have been added to the database, which now features 891 companies. This month’s edition will also include 85 updated entries and more than 238,000 words of content. The companies, listed in alphabetical order, will have their most recent results reported as well as broader information around Ebitda, plans and trading style available. The database merges Companies House information, interviews and other public information to provide an easy to reference and exhaustive guide to the sector. Premium Club members also receive access to five other databases: the Multi-Site Database, the New Openings Database, the Turnover & Profits Blue Book, the UK Food and Beverage Franchisor Database and the UK Food and Beverage Franchisee Database. All Premium Clubs members will be offered a 20% discount on tickets to Propel paid-for events including Excellence in Pub Retail (May 2025) and discounts on specialist sector reports such as the Propel 500 and International Brands report. Operators that are Premium Club members are also able to send up to four members of staff to each of our four Multi-Club Conferences for free. Premium Club members receive their daily Propel Info newsletter 11 hours earlier than standard subscribers, at 7pm the evening before. They also receive videos of presentations at eight Propel conference events two weeks after they are held. This represents around 100 videos of industry insight over the course of the year. Premium Club members will be sent a dedicated monthly newsletter that will highlight key updates in the sector and direct subscribers to all the vital content their membership offers. Premium Club members also receive exclusive opinion columns every Friday at 5pm, which include the thoughts of Propel group editor Mark Wingett and a host of industry leaders from across the sector. A Premium Club subscription costs an annual sum of £495 plus VAT for operators and £595 plus VAT for suppliers. Companies can now have an unlimited number of people receive access to Premium Club for a year for £995 plus VAT – whether they are an operator or supplier. Email kai.kirkman@propelinfo.com today to sign up.
Butcombe Group CEO – government needs to take a calmer approach to tax increases, made it harder to hire people: Jonathan Lawson, chief executive of Butcombe Group, has said the government needs to take a calmer approach to the tax increases the sector is set to deal with and look at some “pragmatic, common sense solutions”. Talking to Radio 5 Live about what kind of steps he would like to see the government take to help businesses, Lawson said: “I would add to the existing calls from the likes of Simon Wolfson at Next, which is a common-sense step from the government to slow down the pace of the changes it has announced, particularly on national insurance and the reduction of the threshold. I think also it needs to take a calmer approach to the increases that we've seen in national minimum wage (NMW), which has gone up by 48% since 2019. So, when you look at a business such as ours, you know we are under a high burden of cost from business rate taxation, and now increases to national insurance and NMW. I think the government needs to realise that. I realise the chancellor does not have much wiggle room, partly because of the decisions that the government have already made, but I think there are some pragmatic, common-sense solutions that would just help ease the pressure on businesses and actually reduce some of the inflationary pressures at the same time. In part, I think it’s too bound by fiscal rules. I also think if you track back, it was too bound, in principle, to its manifesto commitments. Instead of taking some more common-sense steps about raising money, it slams business with more than £25bn of extra costs and taxation, with the view that that wasn't going to hurt the ordinary working person, which I just think is naive and not true. It’s made it more expensive for us to hire people. We employ more than double the number of people now that we did in 2019, but we're now at a point where vacancies in our business are down more than 68% versus last year, and for those vacancies, we’re sitting on about 1,400 applications for 37 jobs. I think the government has been quite stubborn, and we all make mistakes. It would be good if it was humble enough to admit that and do something about it.”
UKHospitality – ‘worrying’ rise in inflation shows need for delay to employers’ NICs: The “worrying” rise in inflation shows the need for a delay in the increase in employers’ national insurance contributions, UKHospitality has said. Inflation ticked up to 3% in January, according to the Office for National Statistics – the highest level in almost a year. The rise has come from more expensive transport and food and non-alcoholic beverages costs. UKHospitality chief executive Kate Nicholls said: “This a worrying jump in inflation and should act as a stark warning of what is to come if the government persists with its plan to inflict £3.4bn of cost on hospitality businesses in April. Venues are already being forced to put up prices in preparation for the increases and will undoubtedly continue to do so, as businesses have reached the limit of what they can absorb. Avoiding this is simple – delay the regressive changes to the employers’ national insurance contributions threshold, thereby allowing hospitality businesses to continue on a path of growth. As top contributors to economic growth in November and December, it’s clear hospitality is a solution to help the government grow its way out of potential stagflation.”
Contract caterers surge with double-digit growth in last quarter of 2024: Britain’s top contract caterers grew their sales by 12% year-on-year in the fourth quarter of 2024, the latest Contract Catering Tracker from CGA by NIQ and Bidfood reveals. It was the tracker’s highest growth of the year, following increases of 7%, 10% and 7% in the first three quarters. Caterers have now increased sales year-on-year in every quarter since mid-2021, when venues were reopening after covid-19 restrictions. Growth peaked in December as organisations and people turned to caterers for Christmas celebrations. This lifted groups’ moving annual total growth – for sales over the last 12 months compared with the previous 12 months, including new contracts – to 14%. The fourth quarter also extended a steady post-covid rise in the number of venues managed by contract caterers. Leading groups now serve 4% more outlets than they did 12 months ago. Karl Chessell, director – hospitality operators and food, EMEA at CGA by NIQ, said: “Double-digit fourth-quarter growth caps an exceptionally good year for Britain’s contract catering sector. This year will bring more cost pressures, not least from unwelcome increases in national insurance contributions, but the outlook for contract catering is very positive.” Kate Nicholls, chief executive of UKHospitality, added: “Contract caterers are once again delivering significant sales growth, demonstrating its economic importance and ability to grow. The sector continues to drive impressive growth despite ongoing cost pressures, but these pressures will only intensify in April, when £3.4bn of cost hits the sector, and we’re urging the government to delay the changes to the employer national insurance contributions threshold.”
Female chefs sign open letter calling out ‘toxic and sexist culture’ in restaurant kitchens: A group of 70 female chefs and hospitality professionals have signed an open letter condemning the sexism and inequality they have faced working in the UK’s restaurant sector, and described the industry as “systematically flawed”. The letter was published in The Telegraph and written in response to a Jason Atherton interview published this week by The Times, in which the owner of 16 restaurants denies having witnessed sexism in kitchens. The women share they are “exhausted by an industry so systematically flawed that we struggle to see ourselves within it”. Citing sexism, which continues to “diminish the potential and contributions of countless talented women”, the letter goes on to address how this culture impacts the wider industry. Spearheaded by London chefs Sally Abé, of The Pem, and Dara Klein, of Tiella, the call to action began with a link posted in a WhatsApp community created 18 months ago, designed to facilitate conversations between female chefs. “When I shared [The Times] article to the group, it really hit a nerve,” said Abé. This, on top of outrage caused by a video shown at last week’s Michelin Guide awards ceremony, which appeared to praise female chefs despite awarding only one woman a Michelin star, pushed those in the group to write. The letter said: “It’s no secret our industry faces significant challenges, from economic pressures to changing consumer expectations. To weather these difficulties, we must future-proof our industry by creating inclusive and positive work environments, ensuring they have the tools and opportunities to thrive. We acknowledge that positive changes are already happening, thanks to the efforts of some dedicated individuals and allies. We celebrate these achievements and recognise those who stand with us in advocating for equality and diversity. However, today, we call on our colleagues of all genders to challenge and dismantle the harmful practices we’re highlighting. We implore you to help us to create a brighter, more inclusive future for our industry, because respect, equality and support must be the foundation of every kitchen.”
Fundraising for debut cycle challenge under Hospitality Rides hits £210,000: The fundraising total for the first cycle challenge under the Hospitality Rides brand has hit £210,000, just three months before riders set off on the 400km sponsored journey across Taiwan. Hospitality Rides is an annual sponsored bike ride. Rebranded from Pedalling For Pubs in 2024, the event is dedicated to raising vital funds for leading hospitality charities the Licensed Trade Charity and Only A Pavement Away. Fundraising has ramped up over the last few months, with many key industry events supporting the ride such as the UKHospitality Christmas Lunch and the Restaurant Marketer & Innovator Awards, held by Propel and Think Hospitality, which raised a combined total of more than £45,000 for the charities. Meanwhile, riders have supported the fundraising efforts with innovative charity initiatives, from cricket dinners to study tours in San Sebastian. Hospitality Rides will be led by Katy Moses, ride founder, and managing director of KAM. She will be joined by 29 industry professionals, setting out to cycle almost the entire length of Taiwan covering Hsinchu, Taipei, Keelung and Jiaoxi, between 14-20 May. The 2025 challenge follows last year’s cycle across Kenya, which raised £320,000. Alongside its sister event, Pedalling 2 Pubs, Hospitality Rides has established itself as the flagship fundraising event for the Licensed Trade Charity and Only A Pavement Away, with the two events exceeding £1m in fundraising since their creation.
Job of the day: COREcruitment is working with a small restaurant group in Central London that is seeking an experienced operations manager. A COREcruitment spokesperson said: “The operations manager will manage two sites, one established and the other a new opening coming soon; oversee daily operations to ensure exceptional service, quality and efficiency; lead a small team, promoting a positive and collaborative culture; and more.” The salary is up to £55,000. For more information, email kateb@corecruitment.com.
Company News:Heavitree – cost of doing business casting a shadow over good levels of turnover in our pubs: South west tenanted pub operator Heavitree Brewery has said the trading environment has remained tough, with the cost of doing business “casting a shadow over the good levels of turnover being reported in our pubs”. Chairman Nicholas Tucker was speaking following the company’s preliminary results for the year ended 31 October 2024, which saw its turnover increase 2% to £7,498,000 (2023: £7,346,000), and pre-tax profit fall to £1,732,000 (2023: £1,969,000). Tucker said the board is “pleased with the company’s performance”, and while repair costs were down on the previous year, they “still remain a significant figure”. He added: “The trading environment has remained tough at the sharp end, with the cost of doing business casting a shadow over the good levels of turnover being reported in our pubs. The government's Budget in October has not helped in this respect. Particularly concerning for pubs with a tradition of employing many part-time staff is the lowering of the threshold at which national insurance is applied. Very small pubs may not be affected, but operations the size of our houses will be subject to effectively a double increase in the cost of employing personnel. The 1p per pint of beer reduction in duty announced at the Budget is, of course, welcome, but does little to mitigate the increase in cost pressures.” The company said its forecasts for the coming year leave it with minimum headroom of more than £2m on an overdraft facility of £3m. Heavitree said the process of disposal of assets originally identified a few years ago is now under a complete review, and this year, the company sold one (2023: seven) of the non-core assets, resulting in profits of £308,000. Two further properties are the subject of offers and/or are being marketed for sale. Dividends of £289,000 were paid (2023: £267,000). The company added it currently has three vacancies available within the estate, all of which are “attracting strong interest from operators with proven track records”. It added: “The board is confident we are well positioned to face 2025 and are delighted to be raising the final dividend to give a total increase of 10.9% for the year.”
Young’s promotes Kara Alderin to interim COO: Young’s has promoted Kara Alderin, who joined the company as director of operations in July 2020, to interim chief operating officer. Alderin was previously managing director of London healthy eating company Abokado. She initially joined the 19-strong Abokado as operations director in early 2018 after almost nine years at Fuller’s. She was promoted into the newly created role of managing director in March 2019, taking overall responsibility for the day-to-day running of Abokado. Young’s said that since joining the company, Alderin has made an “incredible impact, leading the transformation of our pubs and bedrooms division”. Chief executive Simon Dodd said: “Kara has added significant value to Young’s, and her leadership will ensure we continue to go from strength to strength in the months to come.” Alderin said: “It’s an absolute honour to be steering the operational ship for Young’s. My first priority is getting out to meet all of you in our pubs.”
New concept from Topgolf and Puttshack founders to bring a ‘new era of pool and entertainment’: Poolhouse, the new concept from the founders of Topgolf and Puttshack, is set to bring a “new era of pool and entertainment” into the competitive socialising sector. Propel revealed last September that Steve and Dave Jolliffe, the founders of Topgolf and World Golf Systems, were to launch a new competitive socialising concept called Poolhouse. The Jolliffe brothers – who also co-founded Puttshack with Adam Breeden, co-founder of Flight Club, AceBounce and All Star Lanes – have lined up a site in the City of London for the first site under the new concept, which is set to open later this year. The debut site will open across the ground and first floor of 90 Liverpool Street. The technology-heavy pool hall concept will use projection mapping on a regular pool table to offer more intricate games and provide golf handicap-like adjustments for less experienced players. Propel previously revealed that the Jolliffe brothers have hired Matthew Fleming, formerly of Vagabond Wines, as chief operating officer of the new venture. At the same time, Propel understands that Mathew Focht, of investment firm Emerging Fund, which backs F1 Arcade, Flight Club and Puttshack, has joined Poolhouse as a director. It is unclear whether Emerging has also invested in the fledgling business. Poolhouse has also hired Ed Katzler, founder and managing director of Squircle, a creative marketing and digital agency, as its new chief technology officer.
Dessert brand Chocoberry set to open at least eight new locations this year: Dessert brand Chocoberry has said it is set to open at least eight new locations this year. The business, founded in Leicester in 2018 by Kashif Razzaq, has 14 UK sites and is also set to open in Manchester soon. Chocoberry has previously identified locations in London’s Leyton and Wembley, plus Peterborough, Bristol, Coventry and a further Leicestershire site, as being among its pipeline of openings. Ameer Nurmahomed, the brand’s franchise development manager, said: “Chocoberry is excited to share that we are in the process of expanding our presence in the UK. With eight-plus new locations set to open in 2025, our team is gearing up for a productive and dynamic year.” Last month, Chocoberry opened its third international location, within the Al Zahia Mall within Al Zahia city centre in Sharjah, in the UAE.
Junk Group secures UK debut site for cookie concept Puffy: Junk Group, the French-based business that operates four concepts across France, has secured a UK debut site for its cookie concept Puffy, in Central London, Propel has learned. Junk Group is to open a site on the premises occupied by Orée Boulangerie in Old Compton Street, in London’s Soho, next to its debut Junk Burger site. The company, which told Propel last year that it could bring more of its formats here, was founded by Wissem Ben Ammar and Majed Mansour in 2013. Last September, it brought its smash burger concept Junk Burger to the UK, having launched it in 2022 and grown it to seven sites in France. Propel understands that Junk Group has also lined up a site in Marylebone, in St Christopher Place – believed to be the ex-Marugame Udon site – for its second UK site for the smash burger concept. Mansour told Propel last month: “Our ambition for Junk remains the same: around ten locations by mid-2026. As for Puffy, we’ll wait for the opening to see how things go. If it performs as well as it has in Paris, we’ll look to develop it in the same way.” Marc Rogers, of MKR Property, and Ben Symes, of Symes Retail Property, acted on the Old Compton Street deal.
Afrikana set to expand Midlands footprint with Birmingham and Walsall openings: African restaurant concept Afrikana is set to expand its Midlands footprint with openings in Birmingham and Walsall. The opening in Star City will be a second in Birmingham for Afrikana, which also has a restaurant at 359 Ladypool Road in the city. The location for the new Walsall restaurant has not yet been revealed, but it will also be a second site there for the business, which also has a restaurant at 9 High Street in Aldridge. Afrikana currently has 17 locations and is also preparing to open in the former Rosa’s Thai site at 17 King Street in Nottingham, as revealed by Propel last month. Afrikana is looking to open 11 new stores this year, with other locations including Holloway, Wembley, East Ham, Hounslow and Uxbridge in London as well as Watford, Ipswich, and Milton Keynes.
Phat Buns reveals site for Liverpool debut as it prepares to expand its London footprint: Better burger business Phat Buns has revealed the site for its Liverpool debut as it prepares to expand its London footprint. Propel revealed last year that the now 15-strong business was lining up outlets in Liverpool and Wolverhampton, among a pipeline that will take it to 20 UK sites. It has since opened in Wolverhampton’s Stafford Street, and the Liverpool outlet, in the city’s Slater Street, will be opening soon – its furthest north site yet. Phat Buns has also secured sites in Palmers Green, north London, and Forest Gate, east London, to add to its Bayswater and Hounslow locations in the capital. Last month, Propel revealed that Phat Buns was set to make its international debut early in 2025, in the UAE, and this project is now gathering pace too. “Our sites in Sharjah and Dubai are opening very soon, bringing our smash burgers to the Middle East in a way that’s never been done before,” the business said. “We’ve been moving in silence, but it’s time to make it clear: Phat Buns has no intention of slowing down. This is a movement, and we’re only getting started.” Founded in 2019, Phat Buns is owned by Hussein Sacranie and Ahtesham Moosa, who are also behind sister business Doorstep Desserts.
Atis to open new flagship site in London’s Covent Garden: Atis, the London salad concept co-founded by former Noble Rot sommelier Eleanor Warder and Philip Honer, will open a new flagship site in London’s Covent Garden next month. The company’s tenth site, and first opening of 2025, will be on Friday, 14 March, at The Acre, 90 Long Acre, and feature the company’s new spring menu – three days before it launches across all other locations. Warder said: “We are excited to open our second flagship store in the heart of Covent Garden. This new location marks an important step in our journey, bringing our fresh, sustainable and delicious food to an even wider community while creating a vibrant and welcoming space for all.” Last month, the business told Propel that 2025 was set to be a “transformational year” as it embarks on its next stage of growth, after securing £8m of new funding. Atis, which was founded in Shoreditch in October 2019, has a target of reaching 20 sites by September, including delivery kitchens and a possible launch outside the capital. Atis is backed by property developer Graham Hedger, who has funded the business from the start. Honer and Warder will be among the speakers at the first Propel Multi-Club Conference of 2025, which now has a waiting list in operation. Operators wishing to join the waiting list should email kai.kirkman@propelinfo.com. The all-day conference takes place on Thursday, 20 March, at the Millennium Gloucester Hotel in London's Kensington. For the full speaker schedule, click here.
Yorkshire dessert bar concept seeking partners to join its overseas growth plans: Yorkshire dessert bar operator Rassam’s Creamery has said it is seeking partners to join its “exciting” overseas growth plans. In December, Propel revealed that the business, which has grown to seven UK sites since being founded in 2012, has lined up a site in Nairobi, Kenya, for its international debut. Founder Rassam Ali, who last month revealed plans for a 50-site estate domestically, is now looking to ramp up his plans for overseas growth. “Exciting times ahead for Rassam’s Creamery as we take our journey to the continent of Africa,” he said. “This week, we had a fantastic strategy session with key partners and stakeholders, discussing our expansion plans, local collaborations and the vision to bring our unique dessert experience to east Africa. The energy in the room was electric, and we are confident that Rassam’s Creamery Nairobi will be a game-changer in the region! We’re not just opening a store – we’re building a brand that brings people together through quality, taste and innovation. We’re actively looking for franchise investors who want to be part of this exciting growth story. If you’re interested in bringing Rassam’s Creamery to your country, let’s talk. Nairobi, Kenya – the first of many!”
London churros and dessert business set to expand outside the capital for first time: London churros and dessert concept Knot Churros is set to expand outside of the capital for the first time. 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, a kiosk in Westfield White City and its latest location, in Camden Market. Next Friday (28 February), the company will expand to the north east when it launches at Newcastle’s Metrocentre. The company, which describes itself as offering “the world’s first churros afternoon tea and churros cotton candy combo”, launched a franchise programme last year.
Swingers debut site to close due to redevelopment plans: Crazy golf brand Swingers has announced its debut site in the City of London will close next month after nine years of trading, due a planned redevelopment of the property. The landlord of the site in the Brown's Buildings is set to demolish the entire city block. Swingers said it would mark the end of an era for a venue that started the company’s journey to becoming a “globally recognised entertainment brand, and a venue that has made many incredible memories for guests along the way”. Originally opening in 2016, Swingers City was the company's first permanent site following the success of a pop-up in Shoreditch. The company said Swingers City – which will shut on Saturday, 22 March – was the blueprint for the brand, which is followed to this day across its other locations, in London (West End), New York City, Washington DC, Las Vegas, Dubai and Boston (set to open later this year). Co-founder and co-chief executive Matt Grech-Smith said: “When we first signed the lease, we had no idea how much this venue would shape not only our business, but the wider competitive socialising scene. At the time, the concept of combining crazy golf with high-quality food and drink in an immersive setting was virtually unheard of. Swingers City helped pave the way for an entire industry, inspiring a new era of social entertainment. It has been an incredible ride, and we are so grateful to everyone who has been part of the Swingers City story. While we are sad to see it go, we are excited to continue building on its legacy as we continue to expand.” Earlier this month, Swingers made its debut in the Middle East with the opening of its first franchise site, in Dubai’s Bluewaters Island. The venue, spread over 22,000 square feet and two floors, is also home to Swingers’ first speakeasy bar.
South west hotel operator reports drop in revenue and profit, extends £2m bank loan: South west hotel operator Latona Leisure has reported a drop in revenue and profit in the year to 31 January 2024 and has extended its £2m bank loan. The company, which runs four hotels in Somerset and Wiltshire, saw a slight dip in turnover, from £7,875,301 in 2023 to £7,721,607. Pre-tax profit fell from £970,071 to £521,018. No government grants were received (2023: £26,000) and no dividends were paid (2023: nil). The company said the final instalment of its bank loan had been due on 31 January 2025, with a carrying amount at the year-end of £2,050,000 (2023: £2,526,733), but this has been extended by three years. Director Nicholas Gray added: “Despite the challenging economic conditions, the directors believe the hotels are well positioned to continue trading positively, and the directors are satisfied with the trading performance of the company.”
Cake Box appoints new non-executive director: Cake Box, the specialist retailer of fresh cream cakes, has appointed Andrew Boteler as a non-executive director. Boteler, who has more than 30 years' experience in both executive and non-executive roles in the financial sector, will also chair Cake Box’s audit committee. Boteler is non-executive director and audit committee chair of energy company Octopus and senior independent director and chair of the audit and remuneration committees for biotechnology company LungLifeAI. Boteler was previously chief financial officer for technology manufacturer Gooch & Housego and finance director for Riverford Organic Farmers, the largest organic fresh food company in the UK. Martin Blair, non-executive chair of Cake Box, said: “Andrew’s extensive experience and deep expertise in financial oversight will be invaluable as we continue to drive our sustainable growth.” Cake Box has more than 230 UK stores and will make its international debut this year with its first store in Paris.
Watergate Bay Group reports drop in profit following almost £1m in closure, redevelopment and reorganisation costs: 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 – reported a drop in profit in the year to 29 February 2024 following almost £1m in closure, redevelopment and reorganisation costs. The group, which is also behind self-catering holiday letting agency Beach Retreats, reported a pre-tax profit of £408,529, down from £2,302,773 in 2023. The group reported exceptional costs of £952,922 (2023: nil), including £626,874 as part of the redevelopment of its Sands Resort Hotel, on the edge of Newquay, plus £197,233 in staff redundancy costs and £42,187 in stock write-off ahead of its closure. Also included was £83,058 in lease termination, business closure and restaurant relaunch costs at the Watergate Bay Hotel. The company’s turnover was up to £19,209,981 from £17,806,288 while adjusted Ebitda was down from £4.01m to £3.50m. Government grants of £34,623 were received (2023: £32,154) and dividends of £280,610 were paid (2023: £353,060). Post year-end, in October 2024, the group launched the SeaSpace aparthotel in the former Sands Resort Hotel, offering 72 studios and apartments as well as a swimming pool, hot tub and outdoor pool. There is also a café, a five-court padel club, a gym, indoor and outdoor play areas, a playground and a games room. As previously reported, the group paid £6.1m for the venue in December 2022, which it financed through a combination of its own resources and increasing its bank facilities.
Nottingham bagel concept opens third site: Nottingham bagel concept The Bagel Project has opened its third site. The concept, which launched in the city in 2023, has opened the outlet in Carrington Street with space for 24 customers. Having launched its first shop in Hockley, The Bagel Project also has a venue in Mansfield Road, Sherwood. The company said each venue is proving to attract a different kind of customer. Area manager Molly Tyrrell told Nottinghamshire Live: “Hockley is really studenty, week in week out. Sherwood has a lot more family trade and in Carrington Street I think we’re going to get a lot of office trade and commuters as we’re near the station. We weren't sure when first opening what the target demographic would be but it seems to be a lot of students and working professionals, which is nice, and there is something for everyone on the menu. We get all walks of life.” The Bagel Project’s offer includes bagels with fillings such as salmon and cream cheese, all-day breakfast and mozzarella pesto.
West Yorkshire wine merchant to open debut bar: West Yorkshire wine merchant Barrique Fine Wines is to open its first bar. The company is launching NoNo Wine Bar in Leeds next month. Located in Arch U, Dark Arches, Granary Wharf, NoNo will promise a “laid-back, judgment-free space”. Taking over the former La Casita site, the bar will offer a 60-seat venue with a small retail space. With an evolving selection, the bar will offer more than 50 varieties of wine by the glass, focusing on new and emerging producers, diverse grape varieties and “unexpected finds”, alongside “iconic and cult classics”. NoNo will offer a selection of premium spirits, beer and soft drinks, “with a focus on sustainability and unique flavours”. Edd Simpson, founder of Barrique Fine Wines, said: “We believe wine should be about discovery, enjoyment, and sharing stories. Our aim is to create a space where everyone feels comfortable exploring wine in a way that’s fun, engaging and completely free of intimidation.”
West Midlands sports facility management and coaching business set to open new padel court in Staffordshire: West Midlands sports facility management and coaching business MicroSports is set to open a new padel court in Staffordshire. MicroSports, which is based in Sutton Coldfield, has had plans approved by Lichfield District Council to construct the courts on land forming part on the ninth hole at Beacon Park Golf Course in Lichfield. Following a reconfiguration of the ninth hole, MicroSports will build three padel courts and a clubhouse building, reports Insider Media. As well as managing several sports facilities, MicroSports operates multi-sport camps and clubs in the region and works with local schools.
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