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Morning Briefing for pub, restaurant and food wervice operators

Tue 31st Oct 2017 - Update: Just Eat Quarter Three results, Whitbread, The Sloane Club
Just Eat reports revenue growth of 47% in Third Quarter: Just Eat, the online food delivery business, has reported revenue grew by 47% to £138.6m in its Third Quarter and is up in the first nine months of its financial year to £385.2m. Revenues in the Third Quarter were driven by strong order growth and the inclusion of SkipTheDishes. On a currency neutral basis, revenues grew by 44%. Total orders were up 29% to 43.1 million in the Third Quarter (Q3 2016: 33.3 million). UK orders were 26.2 million (Q3 2016: 21.4 million), up 22% against a comparative period that was impacted by unseasonal weather conditions. International orders were up 43% to 16.9 million (Q3 2016: 11.8 million), driven by triple digit pro-forma order growth from SkipTheDishes. Just Eat further announced that, following three years as a listed company, it is ceasing publication of its January trading update. Just Eat will continue to report full financials at the full and half year, alongside first and third quarter trading updates. As such, Just Eat’s next market update will be its full year 2017 results on 6 March 2018. The company stated: “Given the continued strength of SkipTheDishes, driven by commensurate investment, we are pleased to raise our previous revenue guidance for full year 2017 of £500-515 million to between £515-530 million and retain that of underlying Ebitda of between £157-163 million.” Peter Plumb, chief executive, stated: “The Just Eat team has once again delivered another period of strong growth. As I get to know the company, it is great to see the UK business in good health and positive momentum across our international markets, particularly in Canada where SkipTheDishes’ delivery expertise and relentless focus on customer service are driving excellent results. We will continue to invest for growth in technology, marketing and great people.”

Whitbread signals early success for new Cookhouse and Pub brand: Whitbread has lodged plans to open a Cookhouse and Pub site at its Premier Hotel development in Rhyl, replacing a proposed Brewer’s Fayre – the move is seen as an indication of early success for the new Whitbread brand. The hotel and restaurant – at the site of the former Honey Club in West Rhyl – was set to feature a 70-bedroom Premier Inn hotel and Brewers Fayre. Cookhouse and Pub, which is operating from sites in Oldbury, Holystone, Ripley and Kilmarnock, will take up the space initally earmarked for Brewers Fayre. An application – for the display of signage in relation to the restaurant – has now been submitted to Denbighshire County Council by Whitbread. A spokesperson for Whitbread said: “Due to the success of the initial launch of Cookhouse and Pub, they have decided to bring the new concept to the area and are hugely excited to do so.”

Chelsea’s members club The Sloane acquired by Queensway and Clearbell Capital: Queensway and Clearbell Capital have bought The Sloane Club from Caledonia Investments for an undisclosed sum. Queensway will oversee the management and development of The Sloane Club on behalf of a joint venture between JK Chelsea Holdings Limited, an affiliate of Queensway and a fund managed by Clearbell. The Sloane Club is an exclusive private members club located in the heart of Chelsea close to Sloane Square. The Club has circa 3700 members and provides a range of high quality facilities for its members including lounges, casual and formal dining, a bar, meeting rooms, a spa and over 130 bedrooms. The club boasts 75,000 square foot of space in prime central London. Under Caledonia’s ownership, there has been significant investment to extend and improve the facilities provided to members. The Joint Venture intends to retain the existing management of The Sloane Club in order to ensure continuity of service and the strong personal relationships which have been built with members over many years. The plan is to undertake significant capital expenditure into the Sloane Club, including supporting management’s plans to enhance the food and beverage offering and enhance the ground floor areas. Naushad Jivraj, chief executive of Queensway Group, said: “The Sloane Club is an iconic club based in an elegant building in an attractive location with a wonderful loyal membership. We intend to respect the history and heritage of the club and to maintain the existing service for members as we invest to further enhance and upgrade the facilities over time. We see tremendous potential to develop a unique offering for people who wish to enjoy an exclusive members’ club environment in this location.” Rob Mills, partner of Clearbell Capital said: “We have a strong track record of investing in and improving UK assets. The history of The Sloane Club and its considerable potential set it out as an exceptional investment opportunity. We are conscious of our responsibilities as custodians of this historic London club and we will be supporting the plans to enhance the offer for members. We are delighted to be working with Queensway as they have a long track record in the hospitality business.”

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