Propel Newsletter Archive Page

Barkby Group looks to dispose of nine-strong pub business, progressing sale of Workshop Coffee: Barkby Group has said it is now looking to dispose of its nine-strong pub business as it updated on its future strategy. It comes after the group previously announced in July that it was looking to dispose of all non-core assets, apart from its premium gastropub business. In a trading and strategy update, the group stated: “In our July 2022 update, the board announced it had determined to focus on roadside property development and investment and to dispose of all the group’s other businesses and investments. As we move towards implementing this strategic change, we expect all non-core businesses, including Barkby Pub Co, will not form part of the group moving forward. In recent months, we have met a number of prospective institutional investors and have received positive feedback around scaling our roadside property investment and development business and continue to explore doing so.” The group also reported revenue in its pub business was down 3% down year-on-year, “broadly in line with the overall sector as household spending decreases”. It said Christmas bookings look “strong” and it remains optimistic for a strong festive trading period. The group said the majority of the energy contracts at its pubs were fixed in December 2020 until December 2023, “so the business is well protected from the wider energy cost pressures facing the industry”. It added inflationary pressures on labour, food and drink margins “are in line with the wider hospitality sector”. Barkby Group also revealed a sales process was launched for Workshop Coffee in September, which has coincided with “a strong recovery in the business as it returns to pre-pandemic levels”. It said the sales process is progressing, with discussions ongoing with a number of interested parties under non-disclosure agreements. Executive chairman Charles Dickson said: “Following on from our July announcement we have made good progress in streamlining the group. We have completed the sale of our stake in Verso Biosense and made further progress exiting the remaining non-core businesses. We remain focused on scaling the real estate business, with a particular focus on high quality modern sustainable roadside developments in the form of drive-thru’s, trade counter, last mile logistics, convenience food, EV charging hubs and light industrial commercial buildings. Our view is this strategy, once scaled, has the ability to deliver double digit annualised total accounting returns.”

Number of experiential concepts to feature in next edition of The New Openings Database, 9,000-word report included: A number of experiential concepts will feature in the next edition of The New Openings Database. The database will show the details of 164 newly announced site openings and upcoming launches for Premium subscribers when it is published on Friday (2 December), at midday, including 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, and there will also be a website link to the businesses. The database is published on a monthly basis. The next edition features indoor skydiving experience iFly, led by chief executive Simon Ward, which has sites in Milton Keynes, Basingstoke and Manchester, and also has more than 90 sites worldwide, and is set to make its London debut next month, at The O2. Also added is prison-themed immersive experience Alcotraz, operated by Inventive Productions, which has opened its latest, and biggest site yet, at the Rosewood Building in Hackney Road, east London. Meanwhile, tenpin bowling brand Tenpin, which has opened its 48th, and “most innovative” venue yet, in Walsall, will be featured. In addition Clays, the indoor virtual clay pigeon shooting experience, which was founded by Tom Snellock, will open a second site next month, in London’s Canary Wharf. Premium subscribers will also receive a 9,000-word report on the new additions to the database. Premium subscribers also receive access to three other databases: the Propel Multi-Site Database,produced in association with Virgate; the Propel Turnover & Profits Blue Book, produced in association with Mapal Group; and the UK Food and Beverage Franchisor Database. Premium subscribers are also to be given exclusive access to the recording and slides from this month's Propel Multi-Club Conference. The videos will be sent on Wednesday (30 November), at 9am. 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 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.

XP Factory updates on openings pipeline as it opens flagship site housing both Escape Hunt and Boom Battle Bar: XP Factory has updated on its openings pipeline as it opened a site in London’s Oxford Street housing both its Escape Hunt and Boom Battle Bar concepts. The company stated: “The group’s flagship site in Oxford Street hosts both the Boom and Escape Hunt formats over approximately 15,000 square feet and represents the group’s flagship site given its format, size and location. The site hosts an action-filled array of competitive activities in Boom, including augmented reality axe-throwing, augmented reality darts, shuffleboard, beer/prosecco pong, karaoke, crazier golf, American pool and large screens showing selected live sports events. These complement six highly immersive and exciting escape games that come from the group’s unique catalogue of successful, premium escape challenges. The Oxford Street site is the 26th Boom site in the estate and the 23rd Escape Hunt owner-operated site. As at 28 September 2022, the XP Factory estate comprised 21 Boom sites of which eight were owner operated and 13 franchised, and 44 Escape Hunt sites of which 21 were owner-operated sites and 23 franchise sites. Since then, in addition to the site on Oxford Street, a further four Boom sites have opened – owner-operated sites in Birmingham and Leeds and franchised sites in Bournemouth and Southampton. A further Escape Hunt owner-operated site has also opened in Bournemouth located next door to the Boom franchise site. There is currently one further Boom franchised site in build, which is scheduled to be open by the end of the calendar year. This will bring the estate to 27 open Boom sites, comprising 11 owner-operated sites and 16 franchise sites; and 46 open Escape Hunt sites, comprising 23 owner operated sites and 23 franchise sites.” Richard Harpham, chief executive of XP Factory, said: “We are delighted to have opened our flagship site in Oxford Street. Being able to secure such a premium location is testament to the group’s success in difficult markets in the last few years and the growing attraction of experiential leisure to landlords. We have made tremendous progress this year, achieving our target of 27 open Boom sites by the end of the calendar year, positioned alongside our Escape Hunt estate of 46 sites, and setting the group with a solid foundation for the future.”