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Thu 9th Feb 2017 - Update: Number of millennial men working in bars and restaurants trebles, Bill’s management restructuring costs
Number of millennial men working in bars and restaurants trebles since 1993 as they fall behind predecessors on pay: A generation of millennial men are falling behind their predecessors on pay amid a shift towards them taking lower-paid jobs traditionally carried out by women, a study has found. The research, carried out by think-tank the Resolution Foundation, revealed the number of men aged 22 to 35 working in bars and restaurants has trebled from 45,000 to 130,000 since 1993. The number of young men in retail jobs has almost doubled from 85,000 to 165,000 during the same period, while the number working part-time in the lowest-paid occupations – such as basic admin, service and sales – has increased fourfold. By the time they are 30, men born from 1981 to 2000 will have earned £12,500 less compared with those born between 1966 and 1980 at the same age – making millennials the first generation to earn less than their predecessors. Researchers said that in contrast, millennial women had experienced neither progress nor decline on pay – narrowing the gender pay gap but only because men were doing worse. Resolution Foundation executive director Torsten Bell said: “The long-held belief that each generation should do better than the last is under threat. Millennials are the first to earn less than their predecessors. While that in part reflects their misfortune to come of age in the midst of a huge financial crisis, there are wider economic forces that have seen young men in particular slide back.” However, Bell welcomed the fact more women were moving into higher-skilled roles suggesting the “disruptive force of automation had met its match in the forward march of education and feminism”.
Bill’s spends nearly £400,000 on management restructure, company’s annual accounts reveal: Bill’s Restaurants, owned by Richard Caring, spent nearly £400,000 on restructuring the company’s management, the company’s annual accounts have revealed. The company had exceptional items totalling £1,377,018 in the year to 31 July 2016 comprising £990,630 of impairment of tangible fixed assets and property leased premiums and £386,388 on the management restructure. Chief operating officer Roberto Moretti and group chef director Scott MacDonald both resigned on 8 July with Mark Fox appointed as chief executive. The company saw pre-tax profit increased to £7,002,637 compared with £6,585,604 the previous year. As previously reported turnover increased by 20.5% to £110.5m while adjusted Ebitda rose 8.9% to £13.5m. The company stated: “The last year has seen Bill’s continue to grow at a substantial rate, and following the year end we passed the milestone of employing 1,000 staff across the business. We are immensely proud of all of our teams working at each of our restaurants, who have together served more than 7.5 million customers in the financial year – their efforts saw us sell 5,797,000 eggs and 468,000 avocados to the hungry public of the British Isles. This year also saw an expansion in our cocktail offer, with a dedicated menu in all of our restaurants, including our Bee’s Knees cocktail over the summer that raised more than £3,900 for Kew Gardens. We opened nine new restaurants during the year in Muswell Hill, Witney, Leeds, High Wycombe, Manchester Trafford Centre, Bishop’s Stortford, Birmingham Bullring, Greenwich and Sevenoaks. At the date of this report we have opened a new restaurant in Chelmsford, with a site in Southampton open in December 2016. The restaurants opened in the year have traded in line with our expectations, and we were particularly pleased to have finally opened a restaurant in Birmingham, taking a landmark site in the Bullring shopping centre. Gross profit margins have improved during the period, from 74.3% in the prior year to 74.9%. The adjusted Ebitda margin has seen a marginal decline in the period, from 13.6% to 12.2%.”
Thorley Taverns reports turnover boost: Kent-based pub operator Thorley Taverns has reported turnover increased to £12,303,258 for the year ending 30 June 2016 compared with £11,621,264 the previous year. Pre-tax profit fell to £796,424 compared with £1,218,809 the year before according to accounts filed with Companies House. The report stated: “The past year has seen a solid trading period for the company, and it has continued to invest in both its sites and its people. The integration of a new and upgraded till system has improved the speed of production of management information. The directors have a level of concern following the effects of the Brexit vote, and the second increase in the National Living Wage coming into effect in April 2017. Despite this the directors remain confident about the year ahead and fully expect to complete their latest project, a further investment into one of the company’s hotels very early in 2017. At the year end the company operated 22 sites represented by 14 freehold properties and six leasehold properties. During the year under review turnover and gross profit have improved in comparison to the previous year but an increase in overheads has resulted in a decrease in operating profits from £1,291,284 to £895,765. Net asset value has increased from £13,173,211 to £13,925,380 and cash equivalents have increased by £285,329 to £1,337,929. The company will continue to develop its brand and meet any changes to the market conditions as they arise.”
Dirty Bones to launch NYC apartment-inspired venue in Soho, fourth London site: US comfort food restaurant Dirty Bones will launch its fourth site in London this spring. The interior of the venue in Denman Street, Soho, will take inspiration from the post-industrial look of loft apartments in Brooklyn, New York City. Keeping true to Dirty Bones’ ethos of “old-school cool”, the menu will feature New York-style comfort food and creative cocktails. As with Dirty Bones’ other sites in Kensington, Carnaby and Shoreditch, the music policy will be classic hip-hop, funk and soul, with resident DJs providing the soundtrack. Cokey Sulkin, of Dirty Bones, said: “We couldn’t be more excited to continue growing our brand in London and about the potential of this space in particular. We’ve been working closely with our designers to ensure this house showcases the most authentic elements of a Brooklyn loft-style apartment, with a strong influence from the art and music scenes of areas like Bushwick and Williamsburg.”

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