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Wed 31st Jan 2018 - Update: Hickory's results, Cordatus acquires Gosforth Travelodge for £4.7m
Hickory’s Smokehouse reports Ebitda boost as turnover increases 15% to £16.6m, plans two more sites this year: Hickory’s Smokehouse has reported turnover increased 15% to £16.6m for the year ending 30 April 2017 compared with £14.4m the previous year. Group Ebitda before exceptional costs was up to £1.5m compared with £1.3m the year before. The company, which operates seven sites, plans to add two more to the estate this year. Hickory’s was founded in Chester by Neil McDonnell in 2010 following extensive research into the American barbecue and smokehouse sector. Hickory’s said its restaurants were known for their “focus on food quality, authenticity and exceptional Southern hospitality”. The seven Hickory’s restaurants are in Chester, West Kirby, Burton Green, Wall Heath, Rhos-on-Sea, Castle Bromwich with its latest, in Southport, opened this month. Backed by consumer brands specialist investor Piper, the group continues to open new restaurants across the north and the Midlands. In August 2016, its Wall Heath site was devastated by a fire but reopened in July 2017. Managing director John Welsh said: “We are very pleased with the latest figures, particularly as this period covers the Wall Heath fire and its aftermath. In challenging market conditions, we continue to expand across the country, with the successful recent opening of Southport and two further sites planned for the coming year. We look forward to introducing more guests and communities to the authentic Hickory’s experience.”

Cordatus acquires Gosforth Travelodge site in £4.7m deal: Cordatus Property Trust has acquired a 53-bedroom Travelodge Hotel in Gosforth, Newcastle upon Tyne, as its latest addition to the fund in an off-market purchase. The Cordatus Property Trust is a programmatic venture between CBRE Global Investment Partners and Cordatus Real Estate. Cordatus purchased the hotel in Rotary Way from Compass Estate Co, which is a private syndicate, for £4,650,000. The price reflects a net initial yield of about 5.25%. In line with its development of a balanced portfolio spanning freehold/leasehold assets and locations right across the UK, Cordatus has acquired the long leasehold on the Gosforth site, which is let to Travelodge on a 25-year lease with five-yearly, uncapped, Retail Price Index-linked rent reviews, and trades as a successful hotel under the brand’s management. The two-storey hotel is arranged over ground and one upper floor on a 0.19 acre site. The site has shared use of a 90-space car park, which is accessed via Rotary Way. Cordatus asset manager Andrew Murray said: “This latest acquisition adds another well-let asset with an attractive income stream into our expanding portfolio as we look to continue deploying capital into assets with strong property fundamentals. Our expertise is in acquiring and asset managing investments where we can apply proven investment knowledge to deliver secure and above-market returns over the longer term.” Cordatus Property Trust has invested in 24 assets since launching in 2015, committing in excess of £100m into a “balanced portfolio of high-returning assets”. Also in the North East, Cordatus acquired the Park View Shopping Centre in Whitley Bay in mid-2016, which it is similarly targeting for long-term returns. Ereira Mendoza and NJB Hotels & Leisure Property acted for Cordatus while Heywood & Partners acted for the vendor.

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