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Morning Briefing for pub, restaurant and food wervice operators

Tue 29th Nov 2022 - Propel Tuesday News Briefing

Story of the Day:

Flight Club operator projects £50m-plus revenue in 2022, all venues up year-on-year, set to make Scottish debut a double opening: Red Engine, the team behind Flight Club and Electric Shuffle, has forecast its revenue will more than double to £50m-plus in 2022. It comes following the publication of Red Engine’s results for the year ending 26 December 2021, which saw turnover grow from £9,407,113 in 2020 to £24,639,200. This was also up on the last full year before the pandemic, £22,389,659 in 2019. Pre-tax losses rose slightly from £4,163,055 in 2020 to £4,216,445. The growth in revenue was partly down to several new openings – including Flight Clubs in Leeds and Bristol and Electric Shuffles in London Bridge and Dallas – taking its global estate to 14, including franchise partner sites in the US and Australia. “All the venues are crazy busy at the moment and bookings are doing extremely well,” chief executive Steve Moore told Propel. “We couldn’t even get a booking for any of our own London venues for after our board meeting! If you look back at what happened last year, all the obstacles and losing trade in December, it’s been remarkable, so overall we’re very happy. We opened new venues in 2021, so overall revenues were up, and the venues that existed pre-pandemic are up year-on-year too. The new venues have come out flying in 2022 and we’re still investing too – that’s the big thing – both in our current estate and the new ones.” Moore also said Red Engine will make its planned Scottish debut next year into a double opening, adding an Edinburgh site to the Glasgow one it secured last year. Propel revealed in September 2021 that Red Engine had secured a site at 280 George Street in Glasgow for its Flight Club concept. It has now also secured 300-306 St James Crescent in the St James district of Edinburgh, also for Flight Club, with hopes for opening both venues by next summer. “2023 is looking good,” Moore added. “We’ll move to Scotland, our fifth country, and we’re going to double play up there, with Glasgow and Edinburgh. We’re hoping for June, July or August openings. We’ve also got a few more in the US, plus Sydney and Melbourne in Australia. Hopefully we’ll have another Electric Shuffle location to announce next year as well – we’re looking at Birmingham and Manchester, so probably one of those.” The company received £1,806,072 in government grants in 2021, compared with £3,508,349 in 2020. In May 2022, the group refinanced its bank debt, taking out a new £35m loan with Santander, HSBC and Barclays and retaining the £5m through the Coronavirus Business Interruption Loan Scheme with Santander. The new debt, providing it with the liquidity for new openings, has a four-year term and repayments start in year three.
 

Industry News:

BrewDog’s James Brown to speak at Restaurant Marketer & Innovator European Summit 2023, open for bookings: James Brown, retail managing director of Scottish brewer and retailer BrewDog, will speak at the Restaurant Marketer & Innovator European Summit 2023. The event is a partnership between Propel and Think Hospitality, aiming to build a community, promote the sharing of ideas, recognise talent and define the future of eating out. Bookings are now open for the two-day conference as the centrepiece of the January event series, taking place on 24 and 25 January at One Moorgate Place in London. Brown will talk about how BrewDog is disrupting the market as the business grows. More than 50 industry and agency leaders will take to the stage over two days, representing brands including Cornish Bakery, Hawksmoor, Burger King UK, Loungers, The Alchemist, Hall & Woodhouse, Gail’s Bakery, East Coast Concepts, Press Up Hospitality Group, Krispy Kreme, Mission Mars, Inception Group, New World Trading Company, MJMK, Caprice Holdings, Hakkasan, KellyDeli, Tattu Restaurants, Red Engine, Vapiano, The Cocktail Club, Hilton, Elior, Flat Earth Pizzas, Lollipop, Lego Restaurants, Chotto Matte, Ping Pong, Nobu, Gusto Italian, Searcy’s and Six by Nico. Day one themes will be consumer and sector trends, start-ups, concepts and creativity and digital evolution, while day two focuses on purpose and responsible business, strategies for growth and communication and culture. Tickets for operators for the two days are £600 plus VAT and £350 plus VAT for one day. Tickets for suppliers are £950 plus VAT for the two days and £525 plus VAT for one day. Tickets can be purchased by contacting Jo Charity at Propel on jo.charity@propelinfo.com.
 
Cluster of London bakery openings to feature in next edition of The New Openings Database, 9,000-word report included: A cluster of London bakery openings 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, and the next edition features US-style cupcake concept The Hummingbird Bakery, which has launched its fifth London bakery, in St John’s Wood. Also added this month is London bakery and cafe concept Libby’s, founded by Simon Wolanski, which opened its debut site in Notting Hill in October 2021, and will open a second site, at 41 England’s Lane, in Belsize Park. Meanwhile, Danish baker Ole & Steen, which is set to further add to its openings pipeline in London with a site at 60 London Wall, will be featured. In addition, Greggs, which earlier this summer opened a flagship site in Leicester Square, and opened a new travel hub location, in Tottenham Hale, is soon set to open a second Canary Wharf site. 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 tomorrow (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.
 
Building back in 2023 – Pizza Pilgrims’ Thom Elliot: In a new series of videos in partnership with Fourth, leading industry provider of inventory and workforce management solutions, Propel group editor Mark Wingett talks with leading sector operators about how they see the next 12 months playing out, the challenges they will face and the trends that will shape the market. In the latest video, he talks to Thom Elliott, co-founder of Pizza Pilgrims, about the company’s growth plans for next year, the importance sustainability is playing for the business and how the group’s training academy is coming into its own in terms of recruitment and people development. The video will be sent today (Tuesday, 29 November) at 9am.

Consumer spending in pubs, restaurants and takeaways falls notably since start of pandemic, new study shows: The average amount consumers spend each month in restaurants, takeaways and pubs has fallen notably since the start of the pandemic, new research has found.  An independent survey of 2,000 UK adults conducted by virtual foods operator Peckwater Brands shows restaurants have seen the highest drop-off in consumer spending since the start of 2020, down 16% from £58.90 per person per month to £49.30. It found spending in pubs fell 14.6% from £47.90 to £40.90, while spending on takeaways saw the lowest reduction, falling just 10% from £47.70 to £42.30. However, 63% of those surveyed said they still consider takeaways a treat they look forward to, with 34% intending to continually get them at least once per month, and 33% budgeting for this expense. Among Millennials, these figures rise to 53% and 51% respectively. Sam Martin, chief executive of Peckwater Brands said: “It is not surprising to see consumer spending falling, but the devil is in the detail. Namely, when finances are squeezed, which type of food and drink will people still budget for. Clearly, the comfort and ease of a takeaway have protected this area of the sector to a large extent, while restaurants and pubs are taking a harder hit. I encourage these businesses to do all they can to boost their revenues, consumers to budget for hospitality spending, and the government to take decisive action to support pubs, restaurants and takeaways.”
 
England World Cup match sees 32.7% increase in pub sales: England’s FIFA World Cup group match against the United States on Friday night (25 November) saw a strong uplift in UK pub sales, according to data from market intelligence business The Oxford Partnership. The match, which kicked off at 7pm local time, showed a robust 32.7% increase in sales versus the last four Fridays, with a total of 13.1 million pints sold across the UK at that time. The data showed the average UK pub served 430 pints of draught beer or cider on the day, and compared with an average Friday, an extra 106 pints were sold in every pub. Consumer dwell time increased by 14 minutes, thereby increasing spend per head, while occupancy rates also increased by 26% compared with an average Friday. A further boost for pubs is expected tonight (Tuesday, 29 November) when England face Wales in both countries’ final group match.
 
Job of the day: COREcruitment is working with a health and wellness facility in London that is looking for a head of learning, development and engagement. A COREcruitment spokesman said: “You will lead the planning, implementation and communication of the learning, development and engagement strategy. Reporting to the chief HR officer, the role partners closely with London leaders and key stakeholders in the global business to support the organisation’s people development challenges and establish learning interventions that meets these needs. In addition, the role oversees a comprehensive employee engagement strategy, reflecting the changing needs of our caregivers as the organisation grows.” The salary is up to £80,000 and the position is based in London. For more information, email hayley@corecruitment.com
 

Company News:

Creams looking to move north and explore kiosk and grab-and-go concepts: Dessert parlour operator Creams is looking to move outside the M25 and expand in the north, and is also exploring kiosk and grab-and-go concepts. The company, which has more than 100 UK restaurants, has been working on overseas expansion in 2022 as it targets 500 stores worldwide over the next five years, but has big plans back home too. “We’re 80% within the M25 with outliers elsewhere in the country, so when we move north its virgin territory for us,” property and franchise development director Julian Reilly told this month’s Propel Multi-Club Conference. “Creams is less well known in the northern part of the country – Heavenly Desserts and Kaspas are half the size we are but have a better geographical spread. We need to keep expanding to keep the moniker of biggest and the best. The founder is Asian, so we originally sat on Asian high streets in London, and that’s how we continued to expand, but it’s not where we see the business going. The markets and locations we go to will change as we expand more. We’ll struggle a bit in seaside towns where there’s really strong local competitors selling gelato for 20 years, so we’re looking at different locations and styles of restaurants. Our older restaurants were huge, some of them about 4,000 square feet, and we don’t need that much space, so we’re looking to go smaller, to 1,500 square feet, and then into kiosks, grab-and-go concepts and other opportunities.” Reilly said Creams is a predominantly franchise business, with about 10% company stores, and will stay that way going forwards. “What we have started to do is look at putting leases within Creams’ property company, which will give us more of a negotiating stance for some of our weaker franchisees,” said Reilly. “We can negotiate a better term and then sub-let it straight to them, so we’re looking at innovative ways around that which will give us more flexibility with landlords.” Creams currently has its own gelato factory and in the process of signing for a factory that will produce its own waffle mix and cookie dough. It has also changed the equipment supplier across its estate, which has knocked £25,000 off the fit-out costs of each unit. “The key for us at the moment is reassuring franchisees in terms of the way the government is acting,” Reilly added. “If the utility crisis gets solved, or even some more certainty around it, they will certainly put their foot back on the pedal. At the moment there’s a little bit of hesitancy from them, so next year’s numbers will depend on that to some extent.”
 
Time Out Market appoints new co-CEO (development): Global food hall brand Time Out Market has appointed Jay Coldren as co-chief executive (development). In this role, Coldren will be leading the continued global expansion of Time Out Market with responsibility for new locations, initial curation and site development. Time Out Market’s growing portfolio includes seven open locations with a further six signed with expected openings between 2023 and 2025. In addition, there are several locations in advanced negotiations. Having joined Time Out Market in September 2021 as chief operating officer of the Americas, Coldren has overseen the five market locations in the US and Canada. In his new role, he will be working alongside Time Out Market co-chief executive (operations), Sandy Hayek, who since earlier this year has held responsibility for the day-to-day management across the seven existing markets. Like Hayek, Coldren will report to Time Out Group chief executive Chris Ohlund. In line with the company’s succession plan, Coldren is taking over from Didier Souillat, who has decided to leave the business after more than six years. Coldren brings a strong background in development and expansion in the hospitality sector with more than 30 years of experience across restaurants, boutique hotels and gourmet retail. Ohlund said: “We are delighted to promote Jay into this role as we continue our global expansion with several new sites in the pipeline and ongoing interest from leading landlords and real estate developers who want to open a Time Out Market with us. The board, the whole team and I would like to thank Didier Souillat for his significant contribution to Time Out Market during his six-plus years with us. He was a driving force behind the expansion of our markets globally and instrumental in developing a strong pipeline of new sites.”
 
Leon owner EG Group reports foodservice gross profit up 21.3% in third quarter and 32% in year to date: EG Group, the owner of Leon, has reported gross profit in its foodservice operations increased 21.3% year-on-year in the third quarter of 2022, to $207m. The company said the performance of its businesses in the US and Australia offset weaker trading here, but that its UK position was strengthened by the continued roll out of Asda On the Move sites across its forecourts, taking their number to 65. A further 14 foodservice outlets opening during the quarter, taking the total to 1,895. For the year to date, foodservice gross profit is up 32% to $586m. Group Ebitda in the quarter was up 9.8% to $470m, driven by growth in the US, Australia and continental Europe, including the acquisition from OMV of 285 forecourts in southern Germany. Group Ebitda in the year to date rose by 5.5% to $1,123m. Total revenue was up 28.3% to $8,882m, and has increased 29% to $25,005m in the year to date. The group also promoted Imraan Patel to chief strategy and business officer in October, having previously been group general counsel and company secretary. Zuber Issa, co-founder and co-chief executive of EG Group, said: “We are pleased with the third-quarter performance, which again proves the resilience of the group against the prevalent global uncertainty. During this period, the benefit of our geographic diversification was demonstrated as the performance of the US and Australian businesses offset the weaker UK trading, with significant cost headwinds in energy, labour and logistics costs that also impacted our other markets. Despite these macro-economic challenges, we continued to deliver against our strategic objectives by our ongoing investment in non-fuel retail, strengthening our convenience store proposition with the ongoing rollout of Asda ‘On the Move’ across our UK forecourt network. We are already seeing the benefits of combining EV charging infrastructure with our multi-service sites, which allow consumers to enjoy a meal or a cup of coffee, or shop for groceries while they wait for their car to charge.” The ultra-fast charging will be rolled out at a further 20 EG sites by the end of the year.
 
Greene King hits 25-site milestone for Hive as it makes biggest investment to date in concept: Brewer and retailer Greene King has hit the milestone of 25 Hive pubs. It comes with the opening of The Rose & Thistle in Reading following a £500,000 investment, the highest yet for one of its Hive pubs. The Rose & Thistle, a former Greene King managed site, had been closed for two years in the wake of the pandemic. The pub, which has been transformed inside and out, is run by franchisee Paul Antony Billington. Aimed at those with experience of running a pub, the Hive Pub franchise agreement gives licensees a ready-to-trade pub within a proven branded concept for £5,000 ingoing cost. Franchisees get a minimum guaranteed income of £20,000 plus additional income based on performance such as share of turnover. Wayne Shurvinton, managing director for Greene King Pub Partners, said: “It is another significant milestone in the rollout of Hive Pubs and our franchise team has done a great job. We continue to push forward with more openings.” Meanwhile, Greene King’s Metropolitan Pub Company division has opened a new site in the City of London. Langbourns has launched as part of the new 77 Gracechurch Street development offering seafood and steak, reports Hot Dinners.
 
Albion & East secures Clapham site for flagship venue, set to open in spring 2023: Albion & East, the Imbiba-backed London bar group led by Sarah Weir, has secured a site in Clapham for a flagship venue, due to open in the spring of 2023, Propel has learned. Albion & East has secured the ground floor unit of the W.RE Arding & Hobbs development, housed in the former Debenhams building at 315 Lavender Hill, Clapham Junction. The venue will have its own urban distillery and tasting room, distilling the first vodka for the bar group, alongside its usual offering of coffee and hot-desking by day and cocktail masterclasses and DJs by night, as well as coal-fired pizza and in-house baking. It will add to Canova Hall and Cattivo in Brixton, Serata Hall in Old Street, Martello Hall in Hackney and Teatro Hall in Ealing in the Albion & East portfolio – each with its own individual identity and design. “We are delighted to have secured this flagship site in Clapham, arguably one of the best sites in south London,” said founder and managing director, Sarah Weir. “We will favour a light intervention approach to the design to bring the space back to its former grandeur. We don’t do brands, preferring to create spaces and identities that suit the location, building and local neighbourhood. Clapham will be a fantastic addition to our collection, and we are excited to be part of the neighbourhood.” Weir told Propel the business is still planning to have an estate of at least nine sites by the end of June 2024.

Lucky Voice to open new £1.2m London site in January: Lucky Voice, the social entertainment brand, will open a new £1.2m site in London’s Liverpool Street in January, Propel has learned. The business, which last month set out plans to double the size of its five-strong estate over the next two years, will open the 4,800 square-foot ground floor unit in the new Devonshire Square development on 29 January. Creating 17 jobs, the venue will feature nine karaoke booths, a large late-night bar, an animated video wall and a super-sized disco wrecking ball. Charlie Elek, managing sirector at Lucky Voice, said: “We’re thrilled to announce our fourth London venue. 2022 has been our best ever year, and with this launch in January, 2023 looks like it could be even better. This opening will be the first step as we seek to grow and invest in our venues, to continue to provide the most amazing experience both for guests and for our teams.” The Liverpool Street site will house the largest kitchen in the Lucky Voice estate, and its menu will have an environmentally friendly focus as it works to become B-Corp certified.
 
Mark Warburton to launch second site for steak restaurant concept, pub sites trading above 2019 levels: Mark Warburton, managing director of West Country operator The OHH Pub Company, is to open a second site for his steak restaurant concept The Cow & Sow, Propel has learned. Warburton launched the concept in the former Graze restaurant site in Bristol’s Queens Square earlier this year and said it is trading “above expectations”. Now Warburton is doubling up, with an opening in the former Cowshed premises in Whiteladies Road in the city. The restaurant will welcome guests from Friday, 9 December. Warburton also said his two remaining pub businesses – The Old House At Home in Burton and The Bear & Swan in Chew Magna – were trading ahead of 2019 levels. But he admitted he had learned some lessons after “neglecting” his team while overseeing the sale of the other two sites – The Northey Arms in Box, Wiltshire; and The Rising Sun in Backwell, north Somerset – to Channel Islands and West Country brewer and retailer Liberation Group in May this year. Warburton said: “I am not afraid to admit that while I was navigating the sale of the sites as a solo director, I lost focus of the operational aspect of all my pub businesses. My head was stuck in crunching numbers while my teams suffered, and for much of last winter, wondered where I had gone! I lost a number of great people during that process, and I’ve learnt a huge lesson from that time when I know I neglected some great people. Six months on and I now feel more confident than ever with brilliant people around me. My remaining two pubs are trading very well, one up 24% on 2019 and the other up 32%. I’m choosing to ignore the doom and gloom in the press and I’m cracking on.”

Soho House to open first Latin American location early next year: Membership Collective Group-owned Soho House will open its first Latin American location early next year. Soho House Mexico City will be located in Colonia Juárez, the hub of the Mexican capital’s international activity. The property, formerly a private residence, will include a casa and annex housing three bars and lounges, a restaurant and a courtyard with outdoor dining. It will also feature an outdoor pool with a pool house bar and dining room. Jarrett Stuhl, chief operating officer Soho House the Americas, said: “Mexico City is an exciting opening for Soho House as it marks our first location in Latin America. This House is one of our most ambitious design projects, and we look forward to welcoming our members and future members to experience the rich and vibrant culture of Mexico City.”

St Austell acquires minority share in Harbour Brewing Co: St Austell Brewery has acquired a minority share in north Cornwall’s Harbour Brewing Co. The two independent breweries have a long history of collaboration, and the formal arrangement will make Harbour’s beer available to a much wider audience for the first time. Harbour Brewing founder Eddie Lofthouse said: “When we first started in 2012, St Austell did our bottling before we had the equipment to do it ourselves, and the former brewing director, Roger Ryman, was a mentor and good friend. Since then, we’ve built strong relationships across the business, from the brewery team to the board, based on shared values of independence, quality and our connection to Cornwall. Our new partnership means we can reach people all across our home county, who otherwise may not have had the opportunity to try our beer. We’ll be increasing the volume of beer we produce, but the ingredients, recipes, techniques and relentless attention to detail will remain the same.” Harbour Brewing’s production will remain at its site in Kirland, close to Bodmin in Cornwall. The brewery’s whole range will be available to St Austell venues. Kevin Georgel, chief executive at St Austell, said: “This is a very exciting investment for us. The Harbour team has done an incredible job of building the brand over the past decade. For us, this investment is representative of our desire to bring new beer to our customers, with a focus on craftsmanship and quality. We know Harbour’s brands will be popular in pubs and bars across our region.” Harbour Brewing was founded in 2012 and sells to pubs and restaurants throughout the UK, while it also has listings in several supermarkets.
 
Merlin Entertainments appoints new COO for Midway and Resort portfolios: Merlin Entertainments has promoted senior executive Fiona Eastwood to chief operating officer for its Midway Attractions and Resort Theme Parks portfolios. Eastwood’s new role will see her take on the strategic growth of Resort venues across the UK such as Alton Towers, Thorpe Park, Chessington World of Adventures and Warwick Castle, as well as in Europe. She will also continue to oversee Midway brands such as Sea Life aquariums, Madame Tussauds, the London Eye, the Blackpool Ballroom and Tower and Lego Discovery Centres. Having joined Merlin as global marketing director for Midway Attractions in 2015, Eastwood was made chief operating officer of the global division in 2019, overseeing more than 125 attractions across the globe. In the last year, this has included key acquisitions such as the Coex Aquarium in Korea, This is Holland in Amsterdam and the upcoming day-to-day running and management of Cadbury World in Birmingham. She will work closely with current Resort Theme Parks managing director, Ian Crabbe, ahead of his planned retirement in 2024. Eastwood said: “I’m passionate about making Merlin the greatest place to work. We have the very best set of current brands to build and develop and an amazing pipeline of IP that will transform our growth strategy across both our Midway and Resort divisions.” Scott O’Neil, chief executive officer at Merlin, added: “Fiona has built a reputation throughout the live attractions and theme parks industry as a world class leader and extraordinary business driver. Under Fiona’s expanded leadership, Merlin will continue its focus on efficiently building world class attractions with the best IP in the world, an obsession on the guest experience and a laser focus on effective marketing at our core.”
 
Bowland Inns & Hotels focusing on maximising profitability of existing estate but secures £8m to assist with acquisitions and growth: Lancashire hotel, pub and restaurant operator Bowland Inns & Hotels has said the business is focusing on maximising the profitability of its existing 11-strong estate as it accelerates its post-pandemic recovery before planning to return to the expansion trail. The business also completed a refinance of its banking facilities in March this year. A NatWest term debt of £13.3m and Coronavirus Business Interruption Loan of £1.6m were replaced with an £18m term loan from Barclays Bank. Alongside the core facility was an additional £8m accordion to assist with future acquisitions and growth. The company said it has contracts in place that were signed prior to the pandemic that protect it from electricity and gas price increases until October 2025 across all its sites, with some venues protected for a further six months. It comes as Bowland Inns & Hotels reported turnover of £14,393,825 for the 12 months ending 28 November 2021, with the business only able to trade fully for four months of the period. The previous accounting period had been extended to 18 months when the business turned over £20,125,730 “to enable better visibility of the full impact of the pandemic”. The company reported Ebitda of £2,827,631 in the 12-month period versus minus £266,431 in the 18 months prior. The business saw a pre-tax profit of £9,095,289 versus a loss of £10,742,142 for the previous 18 months, due to the reversal of an £8.1m impairment charge relating to property valuations made during the pandemic following an upwards re-evaluation in February this year. The group received £1,497,480 in government grants (18 months prior: £1,890,514). In their report accompanying the accounts, the directors stated: “Post-pandemic, our immediate priority has been consolidation and maximising profitability from the existing estate. Slightly longer term, the board feel confident the growth strategy pursued prior to the pandemic will once again be a viable option and be funded initially through a combination of operational cash flow and accordion.”
 
Travelodge reports record third quarter: Travelodge has reported a record third quarter thanks to a surge in bookings. The group – which has 595 hotels across the UK, Ireland and Spain – said by the end of the three months to September, it had already beaten the full-year result notched up in 2019 before the pandemic struck. It said underlying earnings hit a record £93.8m for the quarter, up from £87m a year ago, after revenue jumped to £278.6m – up 21.5% on a year earlier and 33.5% higher than the same period in 2019. This helped the hotel chain notch up a 22.7% rise in underlying revenues versus 2019 to £669.9m for the first nine months of the year so far. Underlying earnings for the nine months stood at £164.4m, up from £102.2m on the same period in 2019 and nearly four times the £43.7m recorded a year earlier. Travelodge saw its hotels in high demand in the weeks leading up to the Queen’s funeral, with many of its hotels in and around London and Edinburgh fully booked. It said in mid-September its hotels were completely sold out in central London, as well as those close to train stations. The group also said trading in the first weeks of the fourth quarter had remained strong and “continued to benefit from strong leisure and “blue-collar” business demand, with encouraging improvements in ‘white-collar’ demand”. Jo Boydell, chief executive of Travelodge, said: “We are very mindful of the cost-of-living crisis and are doing all we can to navigate the cost pressures on our business. The near-term trading signs are positive, but booking patterns remain short-lead and we therefore have limited visibility. However, the budget end of the hotel segment is the most resilient, with budget brands historically performing strongest in tough economic times.” Travelodge has recently been rolling out a new “budget luxe” design and aims to have upgraded 65 hotels by the end of the year, including a more contemporary restaurant and bar called The Bar Cafe.
 
Blackrose partners with T&R Theakston to drive cask sales: Blackrose, the pub company backed by real estate investment company Aprirose, has partnered with Yorkshire family brewer T&R Theakston to drive cask sales. The deal will see Theakston Best Bitter available in all of the pub group’s 27 cask-serving pubs. Alongside supplying its venues, the brewery will also be training the pub group’s staff in conditioning, cask-tapping, cellar maintenance and achieving the perfect pour. Simon Theakston, joint managing director of T&R Theakston, said: “We’re passionate about our product and championing the wider cask market, so it’s fantastic to be working with Blackrose Pubs, who appreciate the craftmanship that goes not just into creating the beer, but also ensuring it’s delivered in prime condition to customers. We know how important it is to pass on the skills of conditioning, tapping casks and cellar maintenance to the next generation of pub leaders, and we’re very excited to see where our journey together takes us.” Fiona Smith, procurement manager at Blackrose Pubs, added: “We believe a pub is so much more than just bricks and mortar, and want to create expert-led pubs that put customers at the heart. This is just the first step in this partnership, but the feedback from our customers about Theakston Best and our team’s understanding of cask beer has already been overwhelming.” In August, Blackrose opened its latest acquisition, The Lochside in Newcastle.
 
Aqua Restaurant Group confirms December opening for fifth London site: Hong Kong-based Aqua Restaurant Group, the David Yeo-founded business that operates a portfolio of restaurants across the globe, will open its fifth London site next month. As previously reported, sushi spot Shiro, which will be based at 100 Liverpool Street, will follow in the footsteps of Aqua Shard, Hutong, Aqua Kyoto and Aqua Nueva. Opening on Monday, 5 December, Shiro will “offer the capital a fresh and exciting dining destination with authentic Toyko cuisine and techniques”. Among chef Ken Miyake’s dishes will be Crystal Sushi, which features layers of infused jelly laid on top of each sushi piece and flavoured with mirin, sake and soy. Shiro will also offer an à la carte menu during lunch and dinner, with dishes including spicy tuna maki; hand-dived scallop sushi; seafood ramen and chicken yakitori; grilled tiger prawns; and British lamb cutlets from the robata grill section. The ground floor will include a long counter which acts as both a bar and open kitchen, with an integrated sushi counter and robata theatre, while the first floor has its own bar which will serve sake-based cocktails and Japanese beers. Miyake said: “We’re delighted to bring Shiro to London’s financial district. Offering traditional Japanese dishes with an innovative twist, there will be something for everyone; from those seeking contemporary Japanese dining, a quick and delicious business lunch, or after work cocktails.”

London brewery opens Camden Market taproom: London brewery The 3 Locks Brewing Company has opened a taproom at Camden Market. The venue spans 5,300 square feet within the destination’s historic railway arches and includes outdoor seating adjacent to the canal. Opening as a taproom for the FIFA World Cup, its microbrewery element will be introduced in the coming weeks, selling a collection of beers brewed on site. Marinos Alexandrou, founder of The 3 Locks Brewing Company, said: “Camden is one of my favourite areas in London, and bringing our microbrewery to a location which is renowned for its heritage, difference, and community is something which suits our brand story. It is exciting to be a prominent part of a new and growing destination and we look forward to our future within Camden.”
 
Team behind Highbury cafe Fink’s Salt & Sweet open third London site, in Hackney: The team behind cafe concept Fink’s Salt & Sweet in Highbury, north London, have opened a third site. Jess Blackstone and Mat Appleton launched Fink’s Salt & Sweet in Mountgrove Road in 2014 before adding a coffee shop in nearby Gillespie Road in 2020. Now the duo have launched Finks Chatsworth in Chatsworth Road, Hackney, reports Hot Dinners. The outlet serves sandwiches, made daily, along with cakes and cookies, all baked in house.
 
Yorkshire cowboy-themed restaurant opens third site: Yorkshire cowboy-themed restaurant Howdy’s has opened a third site, in Huddersfield’s Leeds Road. Founded in 2017, it also has branches at 375 Leeds Road in Bradford, and 483 Bradford Road in Leeds. It offers chicken and beef steaks, chicken wings, gourmet and chicken burgers, speciality lasagne and salads, alongside a range of mocktails, to eat in or take away. Delivery options are also available. A spokesman for Howdy’s said: “You will find a combination of excellent burgers, steaks, sizzlers, shakes and a lot more at value pricing. With a fun packed atmosphere at our every outlet, the purpose is not only to serve great food but also make it a delightful experience for the guests.”

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