JKS cements leadership team as it enters next phase of growth: JKS Restaurants has promoted Joanne Searley, formerly chief operating officer, to managing director of Sabor, Berenjak, Plaza Khao Gaeng and Speedboat Bar, and Laura Irving, formerly chief marketing officer, to managing director of Trishna, Gymkhana, Brigadiers, Ambassadors Clubhouse and 42. Both will work alongside co-founders Jyotin, Karam and Sunaina Sethi to drive expansion, including an international growth strategy. After recently celebrating ten years tenure with JKS, the company said Searley has played a pivotal role in the group’s growth from three to 30 restaurants. The company said: “Her leadership has been essential, from building successful partnerships with JKS’s collaborators to navigating challenges and adapting operations during the pandemic. Joanne’s people-first approach has left a lasting impact on the company, championing mental health initiatives, fostering connections with industry charities, and mentoring and supporting women in hospitality. With additional London sites planned for Berenjak, Sabor, Plaza Khao Gaeng, and Speedboat Bar, she will continue working closely with chef partners to enhance JKS’s operations while remaining a trailblazer in the broader hospitality sector.” With a strong background in premium restaurant brands, the company said that Irving has made “an extraordinary impact on JKS, showcasing her expertise not only in marketing and communications but also in driving strategic growth across all business areas”. The company said: “Her implementation of cover and revenue-driving systems has driven record-breaking sales, demonstrating her ability to balance creative vision with commercial outcomes. Now at the helm of the five premium Indian brands (Trishna, Gymkhana, Brigadiers, Ambassadors Clubhouse and 42), with a total of three Michelin stars between them, she will work with the leadership teams across these restaurants to build on their success as they prepare to grow globally.” Jyotin Sethi said: “JKS has expanded significantly since my siblings and I founded Trishna 16 years ago. As we continue to grow, it's essential to strengthen our leadership from within. We are immensely proud to be promoting Laura and Joanne who have contributed so much to our success. We look forward to working with them to drive forward our growth and support our restaurants as they become global brands.” In February, Propel reported that JKS had signed a lease on a site in New York, for an opening later this year. The business has signed a 15-year lease with New York City-based GDS Development Management, and the Sweden-based property owner Corem, for a new 7,900-square-foot restaurant at the ground and lower levels at 1245 Broadway. In March, Michelin-starred chef Nieves Barragán Mohacho announced she was to open her second site in partnership with JKS. Mohacho will open Legado in London’s Shoreditch this summer – building on the launch of the Michelin-starred Sabor in 2018. JKS features in the Who’s Who of UK Hospitality, which is one of six databases exclusive to Premium Club subscribers. The latest edition features 907 companies. The companies, listed in alphabetical order, 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. Email kai.kirkman@propelinfo.com today to sign up.

Pizza Hut Restaurants UK business owed £53.1m before it was rescued: The company behind Pizza Hut’s restaurants in Britain owed more than £50m as it collapsed before being rescued, it has been revealed. Heart With Smart was saved in January by an entity controlled by investment firm Directional Capital in a deal that saw 139 Pizza Hut Restaurants acquired, and led to the closure of one Pizza Hut site, and three Itsu franchise sites. The new owner was the brand’s main partner in Denmark and Sweden while Heart With Smart was Pizza Hut’s dine-in franchise partner in the UK. Propel revealed that Directional Capital paid £10m to acquire Heart With Smart. The pre-pack administration, which was overseen by Interpath Advisory, came at the end of a two-month process to find new investors for the company. The deal saved more than 3,000 jobs across the country. Before the deal, the largest shareholders in the business were PGIM Private Capital (PGIM) through its mezzanine lending fund, Pricoa Capital Partners, the junior secured lender, with total shareholding of 32.5% and Jens Hofma, group chief executive, with a shareholding of 34.8%. PGIM held a financial interest in the group since April 2018 when it provided a multi tranche debt and equity package to support the acquisition of the business’ share capital from the previous majority shareholder, Rutland Partners. While Heart With Smart licensed the Pizza Hut name from owner Yum! Brands, the US food company was not involved in its delivery outlets. Now a new document filed with Companies House by Interpath has revealed Heart With Smart had a total deficiency of £53.1m. Of that total, it had a shortfall of £31.5m to Pricoa Private Capital and £8.3m to Pricoa Capital Partners. Heart With Smart also owed £8.3m to unsecured creditors.

Rare Restaurants to close remaining M Restaurant sites to focus on Gaucho brand: Rare Restaurants is to close the two remaining sites operated under the M Restaurant banner to focus on growth for its core Gaucho business. It is understood that the M Restaurant in Threadneedle Street, in the City, which opened more than a decade ago, will close next week. The Crane Tap pub in Twickenham, which was also part of M Restaurants, will close at the same time. Staff at the two sites are set to be offered work at nearby Gaucho sites. Martin Williams, who stepped down as Rare Restaurant’s chief executive last October, founded M Restaurants in 2014, and at one time the business also operated M sites in London’s Victoria and Canary Wharf. In April 2019, M Restaurants was acquired by and integrated into Rare Restaurants, along with the Gaucho brand. Propel understands that the proposed closure will allow Baton Berisha, formerly of D&D London, The Ivy Collection and The Wolseley Hospitality Group, who became the new chief executive of Rare Restaurants in March, to focus on the growth and evolution of the Gaucho brand, which currently operates 20 sites across the UK. Earlier this year, Williams was named the new chief executive of D&D London, which has since become The Evolv Collection. Last month, Mark Sansom, group marketing director at Rare Restaurants, told Propel the company’s vision for new trial concept Gaucho Go, “is for us to create a quick service restaurant brand”. Gaucho opened the first Gaucho Go site, featuring the brand’s signature steak and chips, burgers and new dishes such as a “spin on the classic hot dog”, at the new Boxhall site from Boxpark, last month. Rare Restaurants declined to comment.