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Morning Briefing for pub, restaurant and food wervice operators

Wed 21st Mar 2018 - Update: Ten Entertainment Group and James Hacon
Ten Entertainment Group reports sales and profit growth: Ten Entertainment Group, the UK operator of bowling and family entertainment centres, has reported total sales up 5.5% to £71.0m (52 weeks versus 53 weeks) with total sales up 8.9% (52 weeks versus 52 weeks) in the 52 weeks to 31 December 2017. Like-for-like sales growth of 3.6% was driven by both increased spend per head and footfall. Adjusted profit before tax was up 18% to £13.0m. Three site acquisitions were successfully completed, continued opportunity to scale. Refurbishments were completed at six sites. Sales in the first 11 weeks of FY18 have started positively, with like-for-like sales year to date at 1.7%. Inevitably there was a trading impact from the unusual disruption caused by the widespread snow in week nine, resulting in a c.1.1% impact on the like-for-like performance, without which the business would have achieved like-for-like sales year to date of 2.8%. Nick Basing, chairman, said: “Ten Entertainment Group has met its initial aims set out at the time of IPO. These results are a positive step towards fulfilling its long term potential. I am confident that our simple, three-pronged growth strategy will continue to deliver superior value for shareholders through continued capital growth and our very attractive dividend policy.” Alan Hand, chief executive, added: “With an excellent proposition that is designed to take advantage of the growth of customer demand for experiential activities, Ten Entertainment Group has much potential. There remains opportunity for us to leverage our financial resources to further improve our model through the roll-out of the transformative Pins & Strings technology, to continue to grow the number of sites through acquisition and to selectively refurbish our sites to deliver attractive returns. We have a highly motivated, driven team that has delivered in a busy year and will continue to deliver our exciting plans for 2018.”

James Hacon launches THINK Hospitality: Sector brand and development strategist James Hacon has launched his new enterprise, THINK Hospitality at the Global Restaurant Investment Forum in Dubai last week. The business develops strategies that grow hospitality businesses and has already signed a number of clients in the UK as well as internationally in Copenhagen, India and the UAE. The company will be work in three different ways, firstly as a partner with established brands and investors offering brand definition and direction, actionable assessments, trend spotting, board services and strategy facilitation. The second, will see the company invest and partner early stage concepts with a bright future through cash investments and support agreements. Lastly it will partner across various events, including Restaurant Marketer & Innovator with Propel. Hacon is joined as a partner by Michael Ingemann, who is ex-McKinsey & Co and an internationally recognised non-executive director and advisor, who is best known for his role as executive chairman at Claus Meyer Restaurants, which owns and operates multiple concepts including Michelin-starred venues in Copenhagen, New York and a social enterprise in Bolivia. 

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