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Thu 2nd Jan 2020 - Tasty sells London site to Five Guys for £2m
Tasty sells London site to Five Guys for £2m: Wildwood operator Tasty has reported the exchange of contracts for the sale of its dim t More London site, close to London Bridge, for a gross cash consideration of £2 million. Propel sources report the site has been acquired by Five Guys. The company stated: “This disposal is in line with the company’s strategy of reducing exposure where it is experiencing increasing property and labour costs and strengthening the company’s balance sheet. The More London restaurant produced an Ebitda of £106,000 for the year ended 31 December 2018 and had a net book value of £878,000 as at 30 June 2019. The sale proceeds, net of associated costs, are expected to amount to approximately £1.95 million and will be applied towards paying off the company’s remaining bank debt, and to fund the group’s working capital and selected restaurant refurbishment plans. A further announcement will be made on completion of the sale. The company is also pleased to announce that fourth quarter sales to date remain in line with management’s expectations and, with the continued assistance of landlords, the board remains confident that current market forecasts for the year ended 31 December 2019 will be achieved.”

Dominion Hospitality reports positive trading in current financial year: Dominion Hospitality, which owns and operates hotels and pubs in the south of England under its Relax and Historic Innz brands, has seen positive trading in its current financial year, driven by “good” like-for-like drink and food sales. Chairman Ted Kennedy told Propel the company has disposed of a further four properties with one to complete that has heads-of terms issued. It leaves the business with 17 core properties with 300-plus bedrooms and planning permission for circa 50 more. Kennedy spoke as Dominion Hospitality reported turnover fell 9% to £11.7m for the year ending 31 March 2019, compared with £12.8m the previous year. This was primarily as a result of six disposals in the financial year and a fire at The New Inn in Gloucester, which resulted in its closure for several months over the peak trading period. Pre-tax losses increased to £3.8m compared with £1.6m the year before. Kennedy said while overall costs were relatively flat there was an impairment adjustment of £1.5m relating to four of the disposals and six of the remaining properties. There was also an increase in repairs “as we work our way through the estate” and the “inevitable” business rates increase. The group balance sheet at 31 March 2019 showed net liabilities of £5.8m, compared with net assets of £2.3m the year before. Dominion Hospitality is owned by Stellex Capital Management, a private equity firm that invests in middle-market companies in North America and Europe through its offices in New York and London. Dominion Hospitality was formed through the acquisitions of Chapman Group and Saviour Inns in November 2016. Kennedy also owns Pebble Hotels and was previously managing director of Whitbread’s managed pub division.

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