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Morning Briefing for pub, restaurant and food wervice operators

Thu 4th Dec 2014 - Good Egg pop-up seeks funding for permanent site
Good Egg pop-up seeks funding for permanent site: After ‘sell-out markets, pop-ups and residencies’, The Good Egg is seeking investment to fund a 40-seater neighbourhood restaurant on Stoke Newington’s Church Street. A fund-raising has launched on Crowdcube, aiming to raise £180,000 in return for 24% of its equity. It is forecasting 1,000 covers a week at an average spend per head of £12 at the Stoke Newington site with plans to open two other sites through cashflow. By January 2017, it forecasts sales of £1,828,498 and Ebitda of £250,000 per annum. The pitch states: “We have cooked for the Prime Minister at No. 10, for Twitter’s corporate breakfasts and run a pop-up in London for eight months serving 100 customers a day in a small 20-seater cafe. We are opening up in a very busy residential street in London. Our team includes founder Joel Braham (“top restaurateur to look out for in 2014” Evening Standard, January 2014), Oded Mizrachi (ex-Ottolenghi), and executive chef Theo Lewis (ex-head chef at Pizza East). Kevin Bacon, former managing director of Jamie Oliver International, is advising. Inspired by our favourite Californian deli, Wise Sons in San Francisco, our new café aims to serve delicious Jewish deli fare, Middle Eastern salads and great brunches all-day alongside craft beers and classic American cocktails. Since January 2013, we’ve served breakfast at well-regarded and competitive markets in the UK including; KERB, FEAST and Street Feast. Our social media presence has grown to: 1,600+ Twitter followers, 600+ Facebook “likes” and our mailing list reaches 1147 people. We believe brunch is big business and we have strived to be at the forefront of what we call London’s egg movement over the last few years. We feel London is plagued by sub-standard cafes serving up below-par benedicts and rubbish rancheros, and stoke Newington is no exception. We aim to craft a beautiful neighbourhood restaurant in the heart of Stoke Newington Church Street, setting ourselves the challenge to make it the best we could imagine, from the food and drink to the service, atmosphere and overall customer experience. Our research suggests our customers are young creative professionals and food-lovers of all ages. Over the past two years we have strived to build a following, which will stand us in good stead for our first permanent site. We hope to augment this following with people in the local area, and those we bring to the site through word of mouth, social media and a dedicated PR campaign. Our business model is to be open for breakfast, lunch and dinner, seven days a week. Target customers are young professionals, local people working the media/creatives and local residents who include young professional families. We aim to provide our customers with the best experience we can imagine, from their first look at the site as they walk up the road, to the first mouthful of food and the goodbye they receive when they leave. We hope to build a loyal following at our flagship site in Stoke Newington, sticking to our core principles and turning a healthy profit based on our sales projections and trading history. Your investment will fund capital expenditure on the kitchen, bar, furniture, construction works, garden and our pre-opening costs which include professional fees such as lawyers, rent and costs during fit-out and architects.” Anyone investing £25,000 will receive free food for life.

Brasserie Bar Co reveals outstanding performers in annual accounts: Brasserie Bar Co, the operator of 20 Brasserie Blanc sites and four pubs, has named is outstanding site performers in newly filed accounts. The accounts, which reported turnover growth of nearly 7% to £33m and restaurant Ebitda of £5.2m in the year to 29 June 2014, state that its Covent Garden, Cheltenham, Threadneedle Street, Winchester and Teddington and Weybridge pubs produced “exceptional results”. The evolved Brasserie Blanc opening in Beaconsfield has opened to “universal acclaim” and its performance has “comfortably exceeded our most optimistic expectations”. Since the year-end, Cheltenham, Winchester and Charlotte Street sites have been refurbished with “very encouraging” early signs. The company sold it underperforming Bishopsgate site in October 2013. The loss before tax for the period was £34,514 (2013: £110,204).

New M62 motorway service area planned: Extra MSA Group, the fourth largest operator of motorway service areas in the UK, is seeking permission for a £65m motorway service station on the M42 near Solihull in the West Midlands. Andrew Long, chief executive of Extra MSA, whose current motorway service stations include outlets for McDonald’s, Costa Coffee, Starbucks, Nando’s, Patisserie Valerie, M&S Simply Food, KFC and Domino’s Pizza, among others, said that the need for the service station was highlighted in 2001 and 2009 by the governments of the time. He said: “The proposed development will meet a significant need for a new motorway service area and is long overdue. Government policy aims to ensure that there is opportunity to stop and take a break at intervals of no more than 30 minutes, typically 28 miles. Existing distances between MSAs on this part of the Midlands’ motorway network considerably exceed this maximum gap, with the distance from Warwick Services on the M40 to Telford Services on the M54 being 63 miles, Hilton Park on the M6 49 miles, Norton Canes on the M6 Toll 47 miles, Tamworth Services on the M42 37 miles and Corley Services on the M6 36 miles respectively.” The proposed Solihull Services will be located to the west of the M42 and south of Solihull Road, near Birmingham Airport. If planning permission is granted, work will begin in early 2016 and will take about a year to complete. Extra runs nine other motorway service areas from Winchester to Blackburn.

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