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Wed 15th Mar 2023 - Rail and tube strikes to cost sector as much as £600m |
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Rail and tube strikes to cost sector as much as £600m: The combined rail and tube strikes taking place across the country this week are set to cost hospitality as much as £600m, according to UKHospitality. Sector businesses continue to suffer millions in lost sales as a result of the dispute, which is also significantly impacting workers and consumers. UKHospitality chief executive Kate Nicholls said: “This week’s rail and tube strikes will heap further disruption on hospitality, particularly in central London, with the potential to cost the sector as much as £600m in lost sales. Our pubs, bars, coffee shops, hotels and restaurants, to name a few, continue to suffer as collateral damage, with total lost sales since the start of the dispute last year now expected to reach more than £3bn. The disruption impacts are felt far and wide. Businesses lose crucial sales, workers are often unable to work and earn, and the public are forced to cancel plans with family and friends. As we approach the valuable Easter season and head towards the summer, it’s essential that all sides continue negotiations as a matter of urgency and reach a resolution that avoids even more disruption that impacts workers, consumers and businesses.” Rail strikes are set to take place tomorrow (Thursday, 16 March), Saturday (18 March), Thursday, 30 March and Saturday, 1 April. UKHospitality also said its analysis showed that hospitality venues in London could lose as much as £69m as a result of the tube strike today (Wednesday, 15 March).
Flight Club operator reports £52m revenue in 2022 and £9.2m group Ebitda driven by new openings: Red Engine, the team behind Flight Club and Electric Shuffle, has reported revenue of £52m in 2022, producing group Ebitda of £9.2m that has been driven by several new openings. The full-year sales figures are more than double those reported in covid-hit 2021 (£24,639,200). The company also reported a 46% increase in profit versus 2021. The company said the improvement in performance is in part due to four new openings – Flight Club Cheltenham, Flight Club Cardiff, Electric Shuffle Leeds and Electric Shuffle Austin – that were “key contributors to a strong recovery from the pandemic”. Furthermore, Red Engine re-signed its franchise partner agreement with State of Play, opening Flight Club Houston, Flight Club Las Vegas and Flight Club Atlanta in the US. Its second franchise partner, NightOwl Entertainment, also operates Flight Club Perth in Australia. Co-founder and chief executive Steve Moore said: “As we enter our eighth year of trading, I couldn’t be prouder of both brands. To announce a turnover figure of more than £50m for 2022 is incredibly rewarding, particularly when we take into account an energy crisis and nationwide train strikes. This result is testament to the resilience and appeal of our product, which offers added value to a standard drinks offering and brings moments of joy to groups of friends around the globe.” Flight Club features in the Propel Turnover & Profits Blue Book. Its turnover of £52,000,000 is the 127th highest in the database. The Blue Book ranks companies by turnover, profit and profit conversion, listing directors’ earnings for the past five years. 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.
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