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Tue 2nd Nov 2021 - Update: Hostmore begins trading on London Stock Exchange, Various Eateries to launch new concept
Hostmore hails ‘significant milestone’ for Fridays and 63rd+1st brands as it begins trading on London Stock Exchange following demerger: Hostmore, the parent company of Fridays, has begun trading on the London Stock Exchange following the completion of its demerger from Electra Private Equity. Hostmore stated: “The directors of Hostmore are pleased to confirm that, following the approval by the shareholders of Electra Private Equity on 1 November 2021, the demerger of Hostmore from Electra was completed and Hostmore’s entire issued ordinary share capital, consisting of 126,127,279 ordinary shares of £0.20 each, has today been admitted to the premium listing segment of the Official List of the Financial Conduct Authority and to trading on the London Stock Exchange’s main market for listed securities under the ticker ‘MORE’. Hostmore is well positioned to continue to grow profitably as an independent listed group through a combination of consumer sector recovery following covid-19 disruption with the opportunity for significant market share gains following supply dislocation; continued development of the Fridays and 63rd+1st brands in the UK with potentially four new Fridays and three 63rd+1st locations expected to be opening over the coming year, building on the existing estate of 85 Fridays and two 63rd+1st restaurants; and strategic growth through additional brands or geographies.” Chief executive officer Robert B Cook said: “We are delighted to report this morning that Hostmore was admitted to the premium listing segment of the Official List of the Financial Conduct Authority and to trading on the London Stock Exchange’s main market for listed securities. For Hostmore, this is a significant milestone for our two brands and provides us with a solid platform to develop our business through a combination of both the organic addition of individual sites and the acquisition of appropriate smaller brands. Our core brand, Fridays, continues with its transformation, and its revenue growth and Ebitda performance over the past six months (May to October 2021) has been ahead of the comparable 2019 trading period. Our new brand, 63rd+1st, launched its second site in Glasgow in late September and has performed in line with our revenue expectations on both average spend and product mix. Our latest addition to the brand, situated in Harrogate, will open its doors in late November as our third 63rd+1st site. While the industry continues to face the well-publicised headwinds of inflationary pressures and supply chain issues as a result and impact of the covid-19 ‘whiplash’, our staffing levels and costs and other operating costs are in line with expectations, with utility and other supply costs largely fixed in the medium term. I remain confident in our ability to introduce appropriate mitigating actions to minimise any negative impact, as we have done to date.” Electra stated: “The demerger marks a significant step towards the completion of the Electra realisation strategy. The directors remain confident in the future success of Hostmore and wish it well as an independent listed group.”

Three days to go before fourth edition of The New Openings Database released, to show details of 306 new sites, 15,000-word report included: The fourth edition of The New Openings Database, which is produced in association with StarStock, will show the details of 306 newly announced site openings and upcoming launches for Premium subscribers when it is published on Friday (5 November), at midday. The database shows the details of which company has opened a site or its plans to open one in the future. It will have details on what type of site it is and its location. There will also be a website link to the businesses so you can find out more about them. The database is published on a monthly basis. This fourth edition features several international growth brands making their UK debut, new and expanding luxury leisure concepts and regional brands in growth. For the first time this month Premium subscribers will also receive a 15,000-word report on the new additions to the database. Premium subscribers also receive access to two other databases. The latest Propel Multi-Site Database, which is produced in association with Virgate, was sent to Premium subscribers last Friday (29 October). The database contained 66 new companies, bringing the total number of businesses listed up to 2,152. The 446 sites run by those 66 new additions means the entire database of sites has reached 61,740 sites. Premium subscribers also received a 5,000-word report on the new businesses added. The go-to database provides company names, the people in charge, how many sites each firm operates, its trading name and its registered name at Companies House if different. In a new feature this year, there is a synopsis of what the business does and significant news associated with it. Premium subscribers also receive the Turnover & Profits Blue Book, which is produced in association with Mapal Group. The Blue Book, which is also updated every month, provides an insight into UK operator turnover and profitability over five years, profit conversion and directors’ earnings. Subscribers also receive access to Propel’s library of lockdown videos and Friday Wrap interviews and now also have access to a curated video library of the sector’s finest leaders and entrepreneurs, offering their insights on running outstanding businesses in the sector. Premium subscribers also receive their morning newsletter 11 hours early, at 7pm the evening before our 6am send-out; regular video content and regular exclusive columns from Propel insights editor Mark Wingett. Companies can now have an unlimited number of people receive access to Propel Premium for a year for £895 plus VAT – whether they are an operator or a supplier. The regular single subscription rate of £395 plus VAT for operators and £495 plus VAT for suppliers remains the same. To subscribe, email jo.charity@propelinfo.com.

Various Eateries to launch new concept Noci: Various Eateries, the Hugh Osmond-backed business, is to launch a new pasta concept called Noci in London’s Islington. The company, behind the Coppa Club and Tavolino concepts, is set to take on the ex-Cote site in Islington Green for the new opening. As with Tavolino, Noci will again be overseen by former Bancone head chef Louis Korovilas, who has also worked at Locanda Locatelli and Pied à Terre. Noci will be a smaller version of Tavolino, which launched last summer at More London. Propel revealed last October that Various Eateries believed there is potential to roll out up to 50 sites under the full-service version of Tavolino, and also to launch smaller pasta-only and pizza-only sites under the concept. The company will open its next Coppa Club later today (Tuesday, 2 November) at Putney Wharf. It has also signed terms for Coppa Club Haslemere, which is expected to open early in 2022, and is thought to be in talks on a site in Bath. Davis Coffer Lyons has been marketing the ex-Cote site in Islington Green.

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