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Thu 14th Dec 2017 - Burning Night secures private investment to launch Sportskeller, M&B executives' salary frozen for second year
Burning Night Group curtails crowdfunding campaign after securing private investment to launch Sportskeller concept: Bar company Burning Night Group has curtailed its crowdfunding campaign to launch its new sports-themed bar concept Sportskeller after securing “significant” funds from a private investor. The company, which owns and operates Bierkeller Entertainment Complexes in city centres across the country, launched a £750,000 campaign on crowdfunding platform Crowdcube last month. The campaign had already passed the 75% mark, with an initial four sites identified. However, the company told Propel a private London-based investor had prompted Burning Night Group to agree a private deal for a “significantly larger” sum than the campaign target. The investment will be used to create the first Sportskeller, which unites many of the most popular elements of the company’s Bierkeller and Shooters brands. Burning Night Group chief executive Allan Harper said: “We have ambitious plans for Sportskeller and they were particularly appealing to one individual investor who contacted us to make an offer. He was very impressed with what we intend to do and the financial growth of our company and, after discussing terms, he wanted to play a major part in a future Sportskeller roll-out.” The crowdfunding campaign attracted hundreds of investors, including many customers and staff from Bierkeller Entertainment Complexes. Harper added: “We were really pleased with the support for Sportskeller from our regulars and our teams around the country. We appreciate their backing so we will be looking at opportunities to thank them further via our venues in the new year.”

M&B executives see salary frozen for second successive year: Mitchells & Butlers executive directors have had their salary frozen for a second successive year, the company’s annual report has revealed. Chief executive Phil Urban’s salary has remained at £510,000 with finance director Tim Jones’ remaining at £426,500. Urban’s salary has not increased since his appointment in September 2015, while Jones’ salary last rose in January 2015. The report showed Urban’s total remuneration increased to £770,000 for the year ending 30 September 2017, compared with £613,000 after the two executives were awarded bonus payments equivalent to 28% of annual salary. The annual bonus was based on two elements – 75% on operating profit and 25% on guest service as measured by the company’s net promoter score. The operating profit target was £326m with the company achieving £314m, 96.2% of the target resulting in a bonus of 3%. The net promoter score of 59%, which was above the 53% target, resulted in the full 25% bonus being paid. As it was a 53-week financial year, Urban’s remuneration consisted of £518,000 salary, £15,000 taxable benefits, £146,000 of short-term incentives, and £91,000 of pension-related benefits. Meanwhile, Jones’ remuneration increased to £648,000 compared with £515,000 the previous year. This consisted of £434,000 salary, £16,000 in taxable benefits, £122,000 in short-term incentives, and £76,000 in pension-related benefits. Remuneration committee chairman Imelda Walsh said: “For 2018, 70% of bonus will be based on operating profit. The remaining 30% will be based on non-profit elements linked to the business scorecard (15% guest health, 10% employee engagement and 5% safety), which applies to all managers across Mitchells & Butlers.”

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