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Wed 26th Mar 2025 - Update: The Revel Collective CFO to step down |
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The Revel Collective CFO to step down: The Revel Collective has said its chief financial officer, Danielle Davies, has tendered her resignation “to take up another opportunity”. It said Davies will be leaving the business this summer, focusing until then on the delivery of the group’s full year results and the effective transition of her responsibilities. A further announcement regarding her replacement will be made in due course. A chartered accountant with extensive corporate finance and hands-on financial and commercial management experience gained in senior positions at large multi-site retail businesses, Davies was appointed in December 2020. Before that, she was chief financial officer at Footasylum, and prior to that, she was director of finance at Pets at Home and performed senior financial roles at Matalan, Royal and Sun Alliance and the Co-operative Group. The Revel Collective chief executive Rob Pitcher said: “On behalf of the board, I would like to thank Dan for her extensive contributions to the company during her tenure and her valuable support during this period. We wish her well in her future endeavours.” Davies held the position during a significant period for The Revel Collective, as it last year restructured and rebranded from Revolution Bars Group. The operator of 65 venues – trading predominantly under the Revolution, Revolución de Cuba and Peach Pubs brands – earlier this month said challenging conditions in bar brands has meant recovery has been slower than expected, but its Peach Pubs and Founders & Co brands are performing strongly. The company announced total sales of £64.2m for the 26 weeks ending 28 December 2024 (first half FY25), compared to £82.3m in the first half of its 2024 financial year. Pre-tax profit (IFRS16) was £30.1m compared to £3.1m in 2024, and pre-tax loss (IAS17) widened from £2.1m to £3m. Adjusted Ebitda (IFRS16) was down from £8.9m to £6.1m, and adjusted Ebitda (IAS17) was down from £3.2m to £3.1m. The company said its statutory profit before tax of £30.1m was significantly impacted by non-cash gains from the disposal of leases under the restructuring plan. Following the results, Pitcher told Propel that the group’s first acquisitions post-restructure will focus on Peach and Founders & Co, but that the rest of the current financial year will be more “rebasing our costs and refining everything we do” before a return to the acquisition trail in the 2026 financial year. He added that the Budgetary headwinds expected to kick in next month will present a timely opportunity, as the company rebrands its 24-strong Revolution Bars estate. He said: “We still believe in the young late-night market, and from April, our young guests will be getting a 16.3% pay increase. That’s a good injection of disposable income, and we hope to be a net beneficiary. The national insurance threshold is still a regressive move but it is also an opportunity, especially for brands aimed at younger guests.”
Premium Club subscribers to receive updated segmented Multi-Site Database with 3,360 operators and 27 new companies on Friday: Premium Club subscribers are to receive the updated Multi-Site Database on Friday (28 March), at noon. The next Propel Multi-Site Database provides details of 3,360 multi-site operators and is searchable in seven main segments. The database features 981 (29%) operators from the casual dining sector, 792 (24%) pub and bar operators, 571 (17%) cafe bakery operators, 472 (14%) quick service restaurant (QSR) operators, 276 (8%) hotel operators, 214 (6%) experiential leisure operators and 54 (2%) fine dining operators. The database is updated each month, and this edition includes 27 new companies. The database includes new additions in the QSR sector such as Manchester Detroit pizza business Dough Club, meat patty concept Jamaica Patty Company, and The Rub BBQ, a barbecue food truck business. Premium Club subscribers also receive access to five additional databases: the New Openings Database, the Turnover & Profits Blue Book, the UK Food and Beverage Franchisor Database, the UK Food and Beverage Franchisee Database and the Who's Who of UK Hospitality. All Premium Club subscribers 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 International Brands report. Operators that are Premium Club subscribers are also able to send up to four members of staff to each of our four Multi-Club Conferences for free. Premium Club subscribers 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 subscribers 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 subscribers 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.
Net zero drive could ‘kill off’ fish and chips: Ed Miliband’s net zero drive risks killing off the fish and chip shop, the industry’s trade association has warned. The National Federation of Fish Fryers (NFFF) said the energy secretary’s green ambitions could “further undermine” the industry and force restaurants and takeaways to shut up shop. The average cost for a portion of cod and chips is now almost £10, having risen by 50% over the past five years amid inflation and the soaring costs of potatoes and fish. Andrew Crook, the president of the NFFF, told The Telegraph that the full electrification of his industry would not be “feasible or affordable”. Crook, who runs the Skippers of Euxton chip shop in Chorley, met with a business minister on Tuesday to raise his concerns. He said: “Nearly every fish and chip shop runs on gas as the most effective way to fry. Full electrification is not feasible or affordable. After years of continued tax pressures and the rising price of fish, the government must take care to not further undermine businesses like ours, which are at the heart of communities.” Crook said he was reliant on gas, arguing that green infrastructure would simply not be able to supply commercial kitchens with the amount of power that they need. He added: “They don’t understand the fish and chip industry, a lot of it is nuances that are industry specific. I’m a member of the Labour Party, but I am disappointed with the start that they’ve made. I’m hoping they pull it round. All the conversations are about big business, tech startup funding. They’ve got to realise there’s a lot of small businesses out there that are often the first-place people start working. It’s about time the government recognises that and supports us, because if they don’t, we’re going to see a lot of small businesses – after five tough years – decide they’ve had enough.” The NFFF previously warned that as many as a third of the UK’s 10,500 fish and chip shops could close down due to a combination of cost pressures as part of a feared “extinction event”. A spokesman for Poppies Fish and Chips, which has branches in Camden, Notting Hill, Soho and Spitalfields, said: “We care about the planet and want to do our part in supporting a greener future. Poppies’ latest restaurant on Portobello Road is all electric. But retrofitting this sort of equipment into other restaurants running on gas is extremely cost prohibitive, especially when we are already facing rising costs across the board.”
Devon hotel group sees increase in spend per head and golf rounds played but profit almost halves: Devon hotel group Manor House saw spend per head increase 10% and a 24% rise in the number of rounds of golf played in the year to 31 March 2024 but its profit almost halved. The company, which operates the Manor House Hotel and The Ashbury Hotel golf resort in Okehampton, reported turnover increased very slightly to £16,236,273 compared with £16,211,067 the previous year. Ebitda was down to £1.63m from £2.01m the year before while pre-tax profit fell to £671,461 from £1,130,344 the previous year. The company strengthened its leisure offer at The Ashbury Hotel by adding a new multi-sport facility that will offer a further five dedicated pickleball courts. In December 2023, the group secured a £500,000 loan from Barclays to fund capital works. In his report accompanying the accounts, Manor House director Simon Essex stated: “The company was pleased to see overall occupancy had grown in comparison with the 2022-23 year and spend per head was up 10%. The company was able to increase its craft sessions by 4% to accommodate 57,000 guests into its multiple classes. However, the most notable increase was in the number of golf rounds played, recording a substantial rise of 24% to more than 81,000 rounds of golf, proving that golf has well and truly returned to our Ashbury courses.” The company, which employs around 270 staff, received £163,474 in respect of business rates rebates (2023: £289,748).
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