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Ivy restaurants business passes £200m turnover: The Ivy restaurants business owned by Richard Caring passed £200m of turnover in the year to 2 January 2022. Turnover of £200.4m (2021: £125.8m) was also slightly above the pre-pandemic full year ended 31 December 2019 turnover of £198.7m (pre-tax profit was £17.2m). Profit before tax in the latest year was £20,656,000 compared to £12,207,000 the year before. The company stated: “The covid pandemic caused further business interruption in 2021 with restaurants forced to close early in the year and further restrictions impacting trade until May 2021. The significant cash flow pressures and ongoing uncertainty led to decisive action by management to reduce costs, pause capital investment and preserve cash. This included continued negotiations with landlords to obtain rent concessions for the closure period. Cash pressures were further reduced as a result of the government’s coronavirus job retention scheme that enabled the majority of employees to be furloughed during the impacted months. The business was also able to make the most of reduced VAT rates for the hospitality industry whilst also benefiting from business rates relief across all sites. Upon re-opening outdoor dining at a number of restaurants in April 2021 followed by a full re-opening of the whole estate in May 2021, trading was very strong with consumer confidence returning rapidly.” Labour costs decreased from 44% to 39% year on year net of CJRS income as a result of the length of time the business was not trading in the year. Seven new Ivy sites are due to open in 2022 which includes expansions of four existing locations whereby an Ivy Asia concept will be added. Adjusted Ebitda was £38.8m compared to £26.8m the year before. After the year-end, three restaurant groups under the control of Richard Caring re-finance their lending facility with HSBC with an amortising loan of £120m and a two-year RCF of £70m. The company received £22,581,000 of government furlough and grant income in the year (2021: £27,628,000). The highest paid director earned remuneration of £2,916,000. The group has 4,529 staff (2021: 3,706).

Host of cafe operators set to join updated Premium Database of Multi-Site Companies: A host of cafe operators are among the 60 new multi-site companies being added to the next edition of the Propel Premium Database of Multi-Site Companies, which will be released on Friday (30 September), at midday. The updated Propel Multi-Site Database, which is produced in association with Virgate, features Tamper Coffee, founded by Jonathan and Natalie Perry, which operates three cafes in Sheffield, and has recently expanded to Manchester by opening a 120-seater New-Zealand-focused restaurant and bakery called Tahi. Also added this month is Savvy Baker,which is the brainchild of Leeds baker Savannah Roqaa and operates two sites. In addition, Shropshire caterer J Grant Catering, which is owned by Jason Grant, and runs cafes in Coalbrookdale and Shrewsbury, is included. Premium subscribers will also receive a 4,100-word report on the new additions to the database. The comprehensive database is updated monthly and 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. The database now features 2,677 companies. Premium subscribers will also receive the next edition of the New Openings Database on Friday, 7 October, at midday. It focuses on newly announced openings and upcoming launches in the sector and is updated every month. The next edition also includes a 12,500-word report on the new additions to the database. Premium subscribers also receive access to the Propel Turnover & Profits Blue Book, which is produced in association with Mapal Group, and the UK Food and Beverage Franchisor Database. 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 single subscription rate is £445 plus VAT for operators and £545 plus VAT for suppliers. Email jo.charity@propelinfo.com to upgrade your subscription. 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 group editor Mark Wingett.

Vinoteca opens first outlet outside of London: Vinoteca has taken a 3,390 sq ft unit in MEPC’s Paradise mixed-use development in Birmingham. The restaurant at Two Chamberlain Square is Vinoteca’s seventh outlet. Vinoteca co-founder Charlie Young said: “Birmingham has always been quick to embrace new food and drink concepts, and we felt this was the perfect setting for our first regional site. The huge success of the Commonwealth Games has just added to the city’s buzz and has brought a new awareness of Birmingham and all it has to offer.” The Paradise scheme is a major transformation of the heart of Birmingham, and comprises a mixed-use commercial development with up to ten new buildings including offices, a hotel, restaurants, bars and cafes as well as a 49-storey residential tower. The scheme is being progressed through a private-public joint venture with Birmingham City Council and funding managed by Federated Hermes. MEPC is the development manager. Bruce Gillingham Pollard (BGP) advised Federated Hermes and MEPC in the letting to Vinoteca. BGP director, Victoria Broadhead, added: “We have worked with a number of F&B concepts who have looked to expand regionally after establishing themselves in London. Vinoteca is an excellent brand which prides itself on working closely with producers to curate one of the UK’s most extensive wine lists. It has redefined the wine bar concept by offering a relaxed and laid-back experience that can be enjoyed by all. It is a letting which substantially enhances the eating and drinking options at the Paradise development.”