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Wed 8th May 2019 - Propel Wednesday News Briefing

Story of the Day:

Hakkasan to focus on international growth as it ends MGM Resorts management partnership at Las Vegas venues: UK-based restaurant and nightclub company Hakkasan Group is to focus on international growth as the business ends its partnership with MGM Resorts at six venues in Las Vegas. Hakkasan Group and MGM Resorts International have announced their management agreements for Stack at The Mirage; Fix, Yellowtail, and Lily Lounge at Bellagio; and Alibi Ultra Lounge and Herringbone at ARIA will cease at the end of the month. These Las Vegas venues will continue to operate under MGM Resorts’ control. Hakkasan Group will continue to manage Jewel nightclub and Liquid Pool Lounge at ARIA; 1OAK Nightclub at The Mirage; Wet Republic Ultra Pool and Level Up at MGM Grand; and Hakkasan Group-owned venue Hakkasan nightclub and restaurant. The strategic transaction will allow Hakkasan Group to “develop further dining and lounge concepts unrestricted by exclusivity within Las Vegas”. Chief financial officer Michael Ryan-Southern said: “Hakkasan Group’s continued focus is on strategic global expansion in key destinations around the world and we look forward to bringing new hospitality concepts to market. We’d like to thank MGM Resorts International for the successful partnership and look forward to our continued path together.” Ari Kastrati, MGM Resorts senior vice-president of food and beverage strategy, added: “Hakkasan Group is an outstanding partner and we look forward to our continued collaboration. As we bring the management of Stack, Fix, Yellowtail, Lily, Alibi and Herringbone, including all employees, under the MGM Resorts umbrella, we will focus on a seamless transition and continuing to deliver unparalleled experiences for our guests.”

Industry News:

Propel summer conference and party open for bookings, Daniel Spinath to present, two free places for operators: The Propel Multi Club summer conference and party is open for bookings. It takes place on Thursday, 27 June at the Oxford Belfry, which is just off the M40. The conference will be followed by the summer party, with an evening barbecue, the Big Fat Quiz and the legendary sounds of DJ Big Lee. Daniel Spinath, founder of Crepeaffaire, will talk about the genesis, development and potential of his brand, backing from the BGF, airport locations, and franchising the brand. Operators can claim up to two free places by emailing Anne Steele at anne.steele@propelinfo.com. Rooms (bed and breakfast) are also available at £125 plus VAT and can be booked by emailing Anne.

Foodservice inflation eases but prices still rising: Inflation in the foodservice sector dropped in March from the record high of 9.8% in February but, while increases are less steep than in 2018, prices are continuing to rise, according to the latest Foodservice Price Index from CGA and Prestige Purchasing. Market instability and Brexit uncertainty will combine to keep prices rising in the months ahead, the index predicts. Fish continued to be the most volatile category in terms of price movements. Prices in the category rose 10% month-on-month and are well above levels seen this time last year. Salmon prices peaked in the run up to Easter but with good weather this spring, reduced demand, and predicted increases in cod and haddock landings, the report said it expects the category to ease. The bread and cereals category has also risen and, while there’s a seasonal trend for price increases at this time of year, poor weather in the US is further firming global prices. The largest deflationary movement in March was seen in the fruit category, where prices fell substantially. Spanish citrus recently suffered from flooding, resulting in a climb in the index since December. With buyers now favouring cheaper imported produce from Egypt, Turkey and South Africa, prices are beginning to ease. Prestige Purchasing chief executive Shaun Allen said: “While inflation after a period of unprecedented increase is now falling, we still remain in a period where each month sees further price increases in most categories. Operators in fixed-term pricing agreements can expect challenging negotiations when they emerge from their protection.” CGA client director for food Fiona Speakman added: “The sharp contrast between inflationary categories such as fish and deflationary sectors such as fruit shows prices are very sensitive to market challenges and dynamics. Businesses will hope general inflation continues to ease but macro and micro challenges mean there’s likely to be more instability ahead.” The Foodservice Price Index is jointly produced by CGA and Prestige Purchasing using foodservice data drawn from 7.8 million transactions per month. More information on specific categories is available on a subscription basis.

Generation Z wants pubs to make themselves more inviting for those who don’t drink alcohol: More than three-quarters (78%) of Generation Z thinks the on-trade needs to make itself more inviting to customers who don’t drink alcohol, according to a new study by Nescafé Azera. The report includes an in-depth look at what the generation looks for from a local and found a third want seasonal and interesting non-alcoholic drinks, while one in five are looking for iced or speciality coffee. While more than three-quarters (77%) of Generation Z visit their favourite pub more than once a month, compared with less than two-thirds (66%) of Generation X, one-third (33%) believe pubs are becoming “outdated”. More than four-fifths (85%) of Generation Z are “looking for more” from their local, with more than half (56%) more likely to visit if it offers live music or quizzes (52%). Karaoke (31%) and video games (22%) are also popular. Nestlé Professional channel lead Lynn Little said: “For pubs to stay in business it’s important to evolve by meeting changing demands.”

Contract regulations ‘must ensure balance for businesses and consumers’: Current exemptions for hospitality businesses from Consumer Contract Regulations should remain in place otherwise businesses could be hit by widespread last-minute cancellations, according to UKHospitality. The trade body has responded to the government’s consultation on the regulations, which apply to businesses that provide services on-premises and at distance by internet and telephone. The current exemption allows hospitality businesses to recoup a booking fee in the event of a last-minute cancellation. UKHospitality chief executive Kate Nicholls said: “We are fully supportive of the intention of the Consumer Contract Regulations and the aim to provide fair balance of responsibilities between business and consumers. We do, however, believe the current exemption for hospitality businesses should remain as these businesses face a significant risk. Last-minute cancellations cause significant disruption for accommodation providers. If hotels and other businesses are unable to recoup some of the cost, there’s potential for no shows to become a regular occurrence on a large scale. Measures introduced to help protect consumer rights shouldn’t allow for practices such as booking multiple rooms speculatively, which could be an unintended consequence. Additionally, some online booking platforms retain a fee in the event of cancellation. Costs will be incurred if the exemption is removed and smaller businesses may be unable to swallow it. Restaurants and pubs are equally at risk from last-minute cancellations. In some cases, the venue may have turned away other potential customers expecting income from a booking. Consumers’ rights should be protected but not at the expense of potential chaos for businesses. The current legislation provides a balance and this shouldn’t change.”

UK music festivals provide £100m boost for drinks suppliers: UK summer music festivals are providing a £100m boost for drinks suppliers and a great opportunity to gain customers, according to new analysis by business insight consultancy CGA. Summer music events are a valuable part of a new “third space” for drinks companies in the UK, with 7.4 million people visiting one of the top festivals in the past three years, while one-third (33%) are considering visiting a festival in the future. Total consumer spending at festivals is almost £200m per year, with each attendee spending £32.27 a day on alcohol and £23.71 on food. Your Future In Festivals report recognises growth in the experience economy has prompted 90% of drinks suppliers to invest in at least one experience-led event this year as growth in consumer spending in the entertainment sector continues. Festival-goers represent a key target audience for drinks companies, the research revealed, as a typical attendee has a higher than average annual income, higher than average spend on eating and drinking, and is more likely than the average consumer to go out drinking on a weekly basis. Festival-goers are also an experimental audience, with more than half (51%) trying new drinks when they attend festivals and almost two-fifths (37%) “very likely” to purchase those drinks in shops or pubs and bars afterwards. Almost two-thirds (65%) of festival-goers are likely to upgrade their drink purchases to more premium products, although many attendees said food and drink at festivals “could be improved”. Jonny Jones, CGA’s director of client services, said: “People attend relatively few festivals each year so when they go they are looking to enjoy themselves, regardless of cost. Failure to understand consumer demand in the third space could lead drinks suppliers to miss out on key opportunities. The quality of the experience and ambience offered to festival-goers provides the perfect environment for suppliers to grow advocacy and improve equity in their brands.”

New York-based Frenchette named best new restaurant at James Beard Awards: New York-based Frenchette has been named best new restaurant at this year’s James Beard Awards, known as the “Oscars of the food world”. The French-inspired venue, run by Riad Nasr and Lee Hanson, took the accolade at a ceremony in Chicago that honours the restaurant industry’s finest chefs, designers, architects and authors. Meanwhile, Kevin Boehm and Rob Katz, of Boka Restaurant Group, whose restaurants include Boka, Girl & The Goat and Momotaro, were crowned outstanding restaurateur. Philadelphia-based modern Israeli restaurant Zahav was named outstanding restaurant. The James Beard Foundation selected an individual committee to judge each category for the awards, now in their 29th year and which were live-streamed on Twitter for the first time.

Operators entangled in admin tasks: More than one-quarter of hospitality operators spend almost one day a week on administration, according to a new study. The survey, commissioned by software provider Access Hospitality, includes 217 opinions from across the sector on measures being implemented to deliver improved customer and staff experience. The average time respondents said they or their team spent on admin was 5.49 hours a week, but 14.42% said it was between seven and eight hours a week and 14.88% said it was more than one day. If this could be reduced by two hours a week, respondents would choose to devote more resources to focusing on guest experience (56%), training staff (44%), engaging front-of-house staff (28%) and driving customer loyalty (23%). Access Hospitality managing director Henry Seddon said: “It’s worrying to see so many hospitality operators are still caught up in admin tasks that take them away from interacting with customers when there is a wealth of technology, tools and apps available to help them manage their business and reduce admin time.  

Visit Cornwall appoints Jill Stein as chairman: Jill Stein who, alongside her husband, is behind the success of Rick Stein group, has been appointed chairman of Visit Cornwall. She takes over from Lord St Levan, who has been in the role for the past four years. Since the Steins launched The Seafood Restaurant in Padstow in 1975, the company has expanded to include restaurants and accommodation in Porthleven, Falmouth and Fistral. Jill Stein said: “I intend to use the next three years to do everything I can to work on behalf of the people and businesses of Cornwall so we can make this beautiful part of the world even more dynamic and attractive to visitors and investment.” Stein will be supported by new deputy chairman Tim Light.

Company News:

Last-minute restaurant deals app Wriggle returns to Seedrs in bid to raise £600,000: Last-minute restaurant deals app Wriggle has returned to crowdfunding platform Seedrs in a bid to raise £600,000 for its next stage of growth. The company, which was launched in Bristol in 2014 by Rob Hall, acts as a restaurant discovery tool and offers users same-day discounts to fill excess capacity. It is offering 10.45% equity in return for the investment, giving the company a pre-money valuation of £5,140,320. At time of going to press, the campaign was already 85% funded after 155 investors pledged £510,555. The pitch states: “Wriggle is a market-leading eat-out transactional platform in three cities – Bristol, Brighton and Cardiff – with a model currently generating more than 20,000 transactions per month (March 2019). After keeping things tight and proving our model, Wriggle is ready to scale up and attack our vision of creating a national consumer champion, supporting the best eat-out establishments across the country. This round of investment is to achieve three things. Firstly, geographic growth with launches in new cities across the UK. Secondly, to grow revenue within existing cities. We have only just begun in existing markets and will continue to go deeper. As an example we estimate our largest market, Bristol, is currently one-26th of its total opportunity, so there’s plenty of room for growth. Thirdly, we will substantially grow our tech team as we look to build a suite of tools to help the eat-out industry market itself – each providing additional subscription revenue opportunities.” In 2016, Wriggle raised almost £450,000 on Seedrs having raised £160,000 on the platform in 2014.

Junkyard Golf seeks venues as it aims to ‘remain at forefront of competitive socialising sector’: Crazy golf operator Junkyard Golf is actively seeking venues across the UK as it “aims to remain at the forefront of the competitive socialising sector”. The company is looking to establish itself in “all major cities”. It currently operates sites in Leeds, Liverpool, London, Manchester and Oxford. Co-founder Matthew Lake told Insider Media: “We spent the first year focusing on market testing with short-term leases and honing the brand into something that would appeal to a broad customer base before pushing on to find permanent venues. During that journey a new leisure sector emerged, coalescing around operators such as Swingers, Flight Club and us.” Lake said Junkyard was “mapping out” its next phase of expansion, with its sights set on two further London venues and all major UK cities. He added: “We are actively looking for property in Glasgow, Edinburgh, Newcastle, Birmingham, Sheffield and Bristol, giving more people across the country the chance to experience what we have to offer. Our aim is to make crazy golf epic but, more than that, we want Junkyard to be a sensible and sustainable business with a solid growth plan that has a meaningful and long-term impact on local economies. The competitive socialising sector is here to stay – our challenge will be to remain at the forefront.” In March, Propel reported Junkyard Golf had appointed advisor Clearwater International to review options for its next stage of growth.

McMullen to open new-build pub in Milton Keynes for 14th Destination Inns site: Hertfordshire brewer and retailer McMullen is to open a site in Milton Keynes. The company is developing a new-build waterside pub at Campbell Wharf, which will have views over the Grand Union Canal, as well as the new 111-berth marina. It will become the 14th Destination Inns site in the portfolio following the recently built Kings Mead in Ware and Old Beams in Shenley Lodge, Milton Keynes. Joint managing director Heydon Mizon said: “We are delighted to bring another fabulous pub to Milton Keynes, where we previously built one of our Chicken & Grill pubs, The Prince George. We have been looking for another venue for some time. Each pub is uniquely designed and this one will draw inspiration from its glorious surroundings. Construction is expected to start in 2020 after approval of the detailed plans, with the pub set to open eight months later.” McMullen operates 39 tenanted and 87 managed sites.

Rudy’s expanding to Birmingham with fourth site: Neapolitan pizza concept Rudy’s, which is owned by Mission Mars, the north west-based operator behind Albert’s Schloss, is to open its fourth site, in Birmingham. The company will launch the 85-cover venue in the former Amantia restaurant in Bennetts Hill this summer. Rudy’s opened its debut site in Ancoats, Manchester, in 2015 and has added a site in the city’s Peter Street and a venue in Liverpool. Rudy’s makes its dough on-site each day, taking 24 hours to double ferment and 60 seconds to cook. The business was acquired by Mission Mars in 2017.  

Delivery-only kitchen concept founded by former Deliveroo executive opens first three London sites: Delivery-only kitchen concept Taster, which was founded by one of Deliveroo’s early executives Anton Soulier, has opened its first three sites in London. The company has opened kitchens in Battersea, Bermondsey and Hackney. Taster offers three pan-Asian brands – Mission Saigon (Vietnamese), O Ke Kai (Hawaiian poke bowls) and Out-Fry (Korean fried chicken). Taster works with third-party online food distribution channels such as Deliveroo and UberEats. Founded in 2017 by Soulier, Taster also operates in Paris and Madrid. He believes there is “huge potential” for a new breed of delivery-only “restaurants” that will change the way Brits enjoy lunch and dinner. He said: “Restaurants often don’t have the infrastructure for delivery – customers order and they’re disappointed with how long it takes to prepare, with the packaging or with how fresh the meal is. We can challenge all these points head on and deliver incredible, authentic pan-Asian food to our customers within 20 minutes. By removing the logistics and costs involved in running a fully functioning restaurant, we ensure all our energy is focused on the quality of the product, the sustainability of the packing, and the delivery time.” Taster has secured more than $4m in funding from European investors including Local Globe, Heartcore Capital and Deliveroo, with Soulier focusing on expanding the concept throughout Europe, starting with London.

EatsMeatsWest to open second site for Chinese concept, two more planned: Independent Manchester operator EatsMeatsWest is to open a second site for its casual dining Chinese concept, WowYauChow, in Rochdale this month. The company is converting its meat-themed CockaDoodleMoo restaurant to WowYauChow, which was launched in Altrincham last year. There are plans to open a third site, in Stockport, by the end of the summer and a fourth in Swinton in early 2020. The concept offers a diverse menu of British Chinese favourites and Chinese street food, combined with craft beer and cocktails. Managing director Henry Yau said: “We have been well received in Altrincham and we’re excited to offer the same experience to the people of Rochdale, allowing us to continue our mission of introducing Chinese casual dining to my home city of Manchester and beyond – offering a fun and casual environment in which to enjoy Chinese food while aiming to raise the bar and keeping Chinese food relevant and on trend.”

Goodbody to further downgrade Domino’s Pizza forecasts following ‘disappointing’ first-quarter results: Goodbody is set to further downgrade its forecasts on Domino’s Pizza after its “disappointing” first-quarter results. Issuing a ‘Hold’ note on the shares with a target price of 245p, leisure analyst Rachel Fox said: “Group system sales were £324.4m, up 4.3% year-on-year with UK and Republic of Ireland system sales up 4.8% to £299.3m. The key UK division reported like-for-like sales growth of 3.1% year-on-year, broadly in line with our expectation for the first half of 2019. Like-for-like order volumes were down 2.7%, with items per order up 0.7% and price up 5.1%. Online sales growth remained strong in the UK, up 8.5% year-on-year. The Republic of Ireland had like-for-like sales growth of 6.8%. International system sales were disappointing, down 2.0% on a reported basis to £25.1m. As a result, it is again tightening its capital deployment to these markets. The poor performance in international was widespread, with Switzerland like-for-likes down 8.4%, Iceland like-for-likes falling 4.6%, and Norway system sales down 1.0%. The German performance is noted as being solid. The group has opened four stores in the UK in the first quarter and closed one and has opened three stores since the end of the period. The group notes store openings continue to be affected by ongoing franchisee discussions but notes there is a healthy pipeline of stores. Overall, this is a disappointing first-quarter statement. While at a headline level the like-for-like growth of 3.1% looks in line with expectations, we think the mix is concerning, driven by price being up 5.1%, order volumes declining 2.7% and item per order up just 0.7%. We currently forecast 30 UK store openings in FY19 (weighted towards the second half) and don’t expect to make changes to our assumption at this time. Additionally, the weaker-than-expected international performance is concerning given guidance to break-even this year following a difficult FY18. As we flagged in our most recent note, we thought a break-even out-turn for this year would be unlikely and we currently forecast a loss of £1.1m this year. We will likely downgrade our full-year expectations on the back of this update since we believe international losses could be similar to last year (circa £4m). This would drive a downgrade to our FY19 profit before tax of circa 3% to £94m. Trading on 13 times EV/Ebitda with limited earnings growth and another downgrade, we see little scope for a re-rating of the shares and retain our ‘Hold’ recommendation.”

San Carlo to open champagne bar in Manchester Selfridges: San Carlo Group is to open a champagne bar at the Trafford Centre, Manchester. Based inside Selfridges, the venue will specialise in champagne, prosecco, wine and cocktails, including more than ten types of sparkling wine available by the glass. The drinks list will be complemented by charcuterie and shellfish plates. San Carlo Group managing director Marcello Distefano told the Manchester Evening News: “We haven’t held back on the design. We aim to create a place that elevates the champagne bar experience and offers somewhere stylish and extraordinary to enjoy a moment of relaxation.” San Carlo Champagne Bar, which opens this summer, will take the Distefano family’s portfolio to 21 restaurants and bars in the UK, including Bottega and Gran Cafe at Selfridges Manchester. The Trafford Centre venue, located in the newly refurbished accessories hall on the lower level of the department store, will be San Carlo Group’s sixth partnership with Selfridges following the opening of rooftop restaurant Alto at the London store last year.

Swansea-based Burger King franchisee opens ninth drive-thru with tenth being built: Swansea-based Burger King franchisee Unionburger has opened its ninth drive-thru in Wales, with another site under construction. The new-build restaurant – Unionburger’s 11th in total – is next to Parc Trostre retail park in Llanelli, with the opening creating 40 jobs. The launch follows a Unionburger drive-thru opening at Newport Leisure Park in July last year. Unionburger director Chris Baker said: “We are delighted with the location of our purpose-built restaurant. We continue to review locations with the aim to secure further sites.” Huw Thomas, director of retail and leisure at Cooke & Arkwright, who agreed the deal with landlord M&G Real Estate on behalf of Unionburger, added: “The location for the drive-thru has been carefully selected so Burger King is well positioned to cater for visitors as they enter and leave the retail park. Unionburger continues to grow its business in the region through the Burger King franchise. Another drive-thru is being built in Barry and we are actively looking for other sites in South Wales and the Borders.” M&G Real Estate was represented by Stockford Andersen and McMullen Wilson.

Burslem-based operator takes on third Sunset Taverns site: Burslem-based operator Shane Ratcliffe has taken on his third site in the town with Staffordshire and Shropshire pub group Sunset Taverns. Ratcliffe has partnered with Dave Berrisford, who operates The Shoulder Of Mutton on the outskirts of Stoke, to run the former Chillz Bar in Burslem, which is being transformed into The White Hart 80s and 90s Bar. Renovation of the Westport Road venue includes a new dance floor, lighting and DJ booth. There are also plans to install retro arcade machines and table football to sit alongside the pool table and darts board ahead of the opening later this month. Ratcliffe also runs Ye Olde Crown and the Duke William in Burslem, which are owned by Sunset Taverns. He told Stoke Live: “An 80s and 90s bar is something Burslem is missing. There are 80s music bars in Hanley and Newcastle, so why not have one here?” Sunset Taverns, which is based in Shrewsbury, also own pubs in Tunstall, Hanley, Hartshill and Wetley Rocks. 

Red Dog Saloon to launch Nashville hot chicken concept in Hoxton Square this month: Red Dog Saloon is to launch Nashville red-hot chicken concept Louie’s in the basement below its restaurant in Hoxton Square, east London, this month. Louie’s will open on Thursday, 23 May offering a menu focusing on a Tennessee speciality. Unlike lightly seasoned chicken from Louisiana or New Orleans, Nashville fried chicken is served “red hot”. Coated in buttermilk, seasoned with paprika, garlic and brown sugar, and fried in cayenne-infused hot oil, the chicken has a “distinctive deep red colour and a fiery, crispy coating”. Customers will be able to create their own bespoke serve – from the cut of chicken to the level of spice – served with sides such as coleslaw and pickles. Red Dog Saloon founder Tom Brooke said: “This is an exciting time to be introducing Nashville fried chicken to London for the first time. Louie’s will serve red-hot chicken like nowhere else in the city.” Red Dog Saloon offers barbecue-style ribs, wings, pulled pork and burgers that are cooked using aromatic hickory wood in US-imported smokers. The brand operates two other London restaurants, in Soho and Clapham, and one each in Liverpool, Nottingham and Southampton.

Crussh brings CBD oil to the high street as part of summer menu: London-based healthy food and juice brand Crussh has become the first food-to-go retailer on the British high street to offer cannabidiol (CBD oil) to its customers. Crussh will add the naturally occurring compound found in hemp to any coffee as a booster as part of its summer menu. The company has also introduced two Indian-inspired summer fit bowls – chicken tikka salad and plant-based spiced chickpea salad. There is also a chicken and chorizo hotpot, mocha protein power, Barebells protein bars, cans of Remedy Kombucha in raspberry lemonade, apple crisp, and ginger and lemon flavours, and Biomel coconut gut shots. CBD is one of numerous compounds called cannabinoids that naturally occur in hemp. It doesn’t contain the psychoactive part of the plant, known as THC, which cannabis contains. There are numerous studies testing the effectiveness of CBD oil in treating ailments ranging from mild anxiety to epilepsy.

Black and White Hospitality takes on Birmingham city centre hotel: Black and White Hospitality has taken on a Birmingham city centre hotel. The company has been brought in by Downing to manage day-to-day operations at the 186-bedroom DoubleTree by Hilton hotel while providing strategic management advice to “optimise the venue’s profitability”. The first DoubleTree by Hilton in Birmingham, it will also include Marco Pierre White-branded restaurant Mr White’s English Chophouse. Comprising an investment of £25m, the former Thistle Hotel is in the Snow Hill area of the city. Part of the refurbishment includes the addition of two floors and a rooftop terrace. Black and White Hospitality founder Nick Taplin said: “Our track record speaks for itself and we’re naturally delighted to add the new DoubleTree by Hilton to the portfolio. We work alongside some of the world’s leading brands, including InterContinental Hotels Group, Hilton Worldwide, Wyndham Destinations and, of course, Marco Pierre White. We already manage other DoubleTree hotels and know the brand well – it’s a perfect fit for our expertise at Black and White.”

Luke Thomas’ Coffee Collaborative secures M&B deal: The Coffee Collaborative, co-founded by young chef and entrepreneur Luke Thomas, has signed a deal to supply all 127 Mitchells & Butlers (M&B) Premium Country Pubs. The move follows a trial at ten M&B pubs. The “fourth-wave” Coffee Collaborative will now supply M&B with its Imagination coffee blend. The Coffee Collaborative is led by Thomas and coffee experts Andy Grelak and Paul Kemp, who have more than 40 years’ combined experience in the industry, and brand design agency Mystery. Thomas said: “I was immediately drawn to the concept of collaboration and taking a truly refined craft coffee proposition, making it accessible to everyone and injecting it with creative energy and collaborations across food, music and the arts. While our launch at V Festival proved the strength of the concept, the trial with M&B has proved our brand’s hugely positive impact on consumers.”

Freehold of two Fife hotels let to Travelodge on market for £5.4m: The freehold of two hotels in Fife let to Travelodge have been put up for sale for a total of £5.4m, reflecting a 6% gross initial yield. Allsop is marketing the opportunity for the pair of properties, which are in Kingseat Road, Dunfermline, and Bankhead Park, Glenrothes, with a total of 100 bedrooms. The hotels have a total passing rent of 343,872 per annum with a weighted average unexpired lease term of 19 years. The lease is subject to five-yearly uncapped Retail Price Index rent reviews.

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