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Morning Briefing for pub, restaurant and food wervice operators

Fri 5th Jan 2024 - Propel Friday News Briefing

Story of the Day:

Danieli Group CEO – UK bursting with potential for what we do with our Stack concept: Neill Winch, chief executive of north east operator Danieli Group, has told Propel that when it comes to the company’s Stack concept, the “UK’s just bursting with potential for what we do”, after the business secured new backing from investment firm Kings Park Capital (KPC). Founded by Winch in 2017, Stack, which operates mixed-use leisure venues known for their fusion of bars, live entertainment and leisure activities, opened its first site in Newcastle in 2018, which drew over three million visitors before its closure in 2022. The concept is poised to launch a new flagship site in Newcastle at Worswick Chambers in 2025, featuring nine bars and ten street food units. The group’s site in Seaburn, which opened in 2020, attracts more than 600,000 visitors annually, showcasing the brand’s “compelling and resilient proposition”. The business is poised to spearhead its expansion with Stack Middlesbrough, scheduled to open in spring 2024. It marks the beginning of a series of site launches, with Stack Lincoln already in the construction phase followed by St James’ Stack, a joint venture with Newcastle United that will establish a Fan Zone by the stadium. The business said its expansion strategy is multifaceted, consisting of innovative container parks in Carlisle, Manchester and Sheffield together with several development projects aimed at repurposing vacant retail spaces in locations such as Lincoln, Durham, Bishop Auckland, Whitley Bay and Northampton. It said KPC’s investment will be used to accelerate Stack’s growth. Winch told Propel: “The UK’s just bursting with potential for what we do. We’re aiming for 15 new sites in the next few years, but honestly, there’s room for many more. Each Stack is a reflection of its neighbourhood, so the possibilities are endless. As for fan zones, after the buzz we’ve created with Newcastle United, we’re definitely eyeing more partnerships like that. Our secret sauce has got to be how we weave ourselves into the fabric of the local community. It’s not just about having a space, it’s about creating a place where everyone feels welcome, any time of day. From the early mornings welcoming dog walkers for coffee to families out for lunch through to the night owls who want that festival buzz, we’ve got it all. What really makes Stack stand out is the sheer amount and variety of live entertainment we bring to the table, and we’ve got a ton of kid-friendly events to keep the little ones jumping with joy. Plus, our locally inspired street food complements the entertainment and keeps our venues at the cutting edge of what’s hot.” Winch said the business would also eventually explore overseas opportunities. He added: “Right now, we’re laser-focused on growing at home, making sure every new Stack is a hit. But looking overseas? It’s on the cards. We think the Stack experience can go global, and we’re excited to see where that journey takes us.” KPC currently also backs 7Bone Burgers and the Inn Collection and previously backed Fuel Juice Bars.
 

Industry News:

Propel’s Multi-Site Database improved for 2024 with unique segmentation: Propel’s leading database, the Multi Site Database, which provides the details of more than 3,000 multi-site operators, has been redesigned so Premium subscribers will be able to search the data segmented into key industry sectors. This new straightforward segmentation will allow users to search quickly in key categories such as Pubs and Bars, Cafe Bakery, QSR, Casual Dining, Fine Dining, Hotel and Experiential Leisure. Subscribers will be able to drill down into the details and updates for these specific areas – so, for example, the circa 640 multi-site operators in the Pubs and Bars sector and 150 operators in the Experiential Leisure area can be examined in a stand-alone format. This new functionality will be available later this month when the latest Multi-Site Database is released on Friday, 26 January at midday. An updated Multi-Site Database is published every month, with an average of 50 or so companies added each month. Phil Pemberton, Propel’s director of premium services, said: “The new ability to segment this vital information is unique to the industry and is an element that our Premium subscribers requested. It will provide even more clarity and search capability to each segment of the sector.” A Propel Premium subscription costs an annual sum of £495 plus VAT for operators and £595 plus VAT for suppliers. Companies can now have an unlimited number of people receive access to Propel Premium for a year for £995 plus VAT – whether they are an operator or a supplier. Email kai.kirkman@propelinfo.com today to sign up. The Premium subscription service currently has more than 4,000 subscribers.

Restaurant Marketer & Innovator European Summit 2024 open for bookings: Restaurant Marketer & Innovator European Summit is returning for its sixth edition, and tickets are now on sale. 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 23 and 24 January at One Moorgate Place in London. The conference will focus on marcomms strategies, proposition and concept development, the latest market insights, technology and digital developments, diversification of revenue streams and how brands are adapting to the new normal. It is designed for marketing, development and innovation teams, as well as senior executives and investors wanting to better understand the latest marketing, innovation and development opportunities to build market share and grow. Day two speakers include: Jenny Packwood, chief corporate affairs and sustainability officer at KFC UK; Andre Johnstone, sales and marketing director at Urban Pubs & Bars; Hannah Clark, UK head of marketing at Sticks ‘n’ Sushi; Romy Miller, global brand director at KellyDeli; Sarah McDermott, marketing director at BrewDog Bars; Mark Stretton, co-founder and managing director at Fleet Street; Pret A Manger chief executive Pano Christou; Elior chief executive Catherine Roe; Emma Banks, vice-president of food and beverage strategy at Hilton UK & Ireland; Paul Flatters, chief executive of insight agency Trajectory; Victoria Page, purpose and ESG lead at Fleet Street; Jonathan Doughty, managing director at Viklari Consulting; Fiona Richmond, head of regional food at Scotland Food & Drink; Mikala Kofoed Rasmussen, senior manager at Wonderful Copenhagen; Marta Pogroszewska, managing director at Gail’s Bakery; Rory Sutherland, vice-chairman of Ogilvy; Eljesa Saciri, general manager at The Zetter Marylebone; Michael Ingemann, chairman of Think Hospitality; Hilari Voorthuis, global food and beverage manager at Fairmont Hotel & Resorts; Sven Sallaerts, co-founder of Younique Concepts; Marcus Denison-Smith, chief marketing officer at Honest Burgers; Tom Patrick, marketing director at Banana Tree; Libby Andrews, marketing director at Pho Restaurants; Ali Alt Recanati, co-founder and brand and marketing director at Farmer J; Dan Brookman, chief executive of Airship and Toggle; Ben Webb, managing director at 3Stories; Joel Robinson, digital and technology director at Azzurri Group; Maya Orr, managing director at Connect Management; Rameez Al Aghbar, brand partnerships – quick service restaurants lead at TikTok; Anthony Knight, sales and marketing director at Incipio Group; Lynsey Benton, brand and franchising manager at I am Doner; Myles Doran, former commercial director at Revolution Bars Group and managing director at Hospitality Inc; and Supersonic founder Mark McCulloch. For the full schedule, click here. A one-day ticket for operators is £295 plus VAT while a two-day ticket is £550 plus VAT. Supplier tickets are £395 plus VAT for one day and £700 plus VAT for two. Tickets can be purchased by contacting Jo Charity at Propel on jo.charity@propelinfo.com.

Job of the Day: COREcruitment is looking to speak with investment directors who are open to developing their career and taking on a new role. It has an exciting opportunity coming up for an investment director to bridge the gap between investor and client relations. It is a great opportunity to join an expanding business engaged in the industry, interested in long term investments and working with entrepreneurial and small to mid-sized businesses within the hospitality and leisure sector. The role will  be London based with a January 2024 start date. For more information, contact emma@corecruitment.com
 

Company News:                         

Mission Mars reports record festive period: Mission Mars, the BGF-backed operator of Albert’s Schloss and Rudy’s Pizza Napoletana, has reported multiple site records were broken during the festive period (27 November to 31 December 2023), with overall group revenue up 38% to £10m against the same period in 2022. The Roy Ellis-led business said its like-for-like sales increased by 18% versus the same five-week period in the prior year. It saw overall Rudy’s revenue grow by 72% to £4.0m, driven by organic growth and new venues performing well. The 13 like-for-like pizzerias delivered 23% revenue growth with particularly strong performances in London. Its three Albert’s Schloss venues, based in Manchester, Liverpool and Birmingham, saw revenue climb to £5.3m for the five-week festive period, an increase of 24% on prior year. Chief executive Ellis said: “I am delighted with the quarter’s trade. The strengths of both brands, coupled with the hard work of our teams, has helped deliver a record-breaking quarter, including an exceptional Christmas period. Over the festive period, pre-booked covers were up 22% on 2023, which helped our team members provide an industry leading guest experience score of 81% for the quarter, an increase of 7% versus the same period in the prior year. Albert’s Schloss Liverpool has shown strong growth over its first year of trade. This, coupled with the continued growth of the more mature venues, offers significant encouragement ahead of the launch of Albert’s Schloss London in June 2024. December was a busy period for Rudy’s openings, with four new pizzerias all opening and trading strongly from day one, which helps reinforce our belief that both brands will trade strongly across the whole of the UK and beyond. We continue to search for the best locations and have one Albert’s Schloss and 12 Rudy’s in legals, with all Rudy’s pizzerias targeted to open over the next 12 months.” Earlier this week, Propel reported that Rudy’s had lined up sites in High Ousegate, York, and on the former Black Pearl site in Bridgford Road, West Bridgford, for openings this year. Propel understands that the company is also in talks on a site in London’s Queensway for the pizza brand.

Snowfox Group promotes David Hampton to managing director Europe: Snowfox Group, which owns the YO!, Panku, Bento and Taiko brands, has promoted David Hampton to managing director of its European operations. Hampton moves up from group commercial director of the business, which was acquired last September by Japanese foodservice company Zensho Holdings in a deal valued at $621m (£494.5m). He was previously managing director of YO! Retail and has been with the business for 15 years. At the same time, Christian Haas, who has spent the past two years as managing director of YO! UK & Ireland, has been promoted to Snowfox’s group chief development officer. Haas joined the Richard Hodgson-led business in February 2021 as group development director, after a stint at PizzaExpress in the newly created role of retail and product director. Previous to that, he spent 14 years at Waitrose. The company has also appointed Eriona Tsopari as the new franchise director of YO! Sushi. Tsopari was previously at Hana Group and Wasabi. Last month, Snowfox Group launched a new kiosk concept, Good Eats, in partnership with Tesco, aimed at the supermarket chain’s smaller format stores. The new concept was launched at the end of November, in the Tesco Express site in Manchester’s Market Street, with a further opening following in Nottingham. Last autumn, Snowfox opened its 500th kiosk in the UK, in the Tesco Express in Tooley Street, London. It followed the recent news that YO! had opened its 300th sushi kiosk in Tesco stores. At the same time, the company’s Panku brand now has almost 150 kiosks in Asda stores. The company also operates 52 restaurants under the YO! brand in the UK.

Burlison Inns seeking further expansion following first acquisition in five years, 2023 trading ‘encouraging’: Burlison Inns, the multiple pub operator headed by Gary Burlison, is seeking to expand further after making its first acquisition in five years, Propel has learned. The business has bought the freehold of the Good Beer Guide-listed Horse and Groom at 21 Park Street in Hatfield, formerly operated by Stonegate. The purchase of the grade II-listed building takes the company’s pub estate to 14 and is its first acquisition since taking on the Sandford Park Alehouse in Cheltenham in 2019. The sale was brokered by Michael Penfold from AG&G. “We are currently looking for additional urban freehold sites in the northern home counties and south Midlands,” Burlison told Propel. “Trading for 2023 is encouraging, with like for like volumes up 9%”

Individual Restaurants introduces loyalty scheme ‘with a difference’: Individual Restaurants, which comprises 31 venues across its Restaurant Bar & Grill, Piccolino, Piccolo and Riva Blu brands, has introduced a loyalty scheme “with a difference”. It said Club IR “ditches the tired points system and focuses on giving guests what they really want” – namely personalised offers, exceptional service and experiences. Club IR works on three tiers – “club”, “black” and “diamond” – with personalised experiences including a round of drinks on your birthday, exclusive invitations to VIP events, trips to top culinary destinations and at-home premium dining experiences. The highest tier, the “diamond” membership, rewards its most loyal guests with the “concierge service”, which guarantees members a table at any restaurant in the group within 30 minutes of arrival, with your favourite drink ready at the bar while you wait. Andrew Garton, chief executive of Individual Restaurant Group, said: “We know from our members that it’s not points that they value. Instead, our guests value personalised service, incredible food and friendly hospitality – something we pride ourselves on at Individual Restaurants. We’re confident that our new Club IR loyalty programme is the best on the market.” Individual Restaurants features in the Propel Turnover & Profits Blue Book. Its turnover of £67,100,000 for the year ending 27 March 2022 is the 139th 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 £995 plus VAT – whether they are an operator or a supplier. The single subscription rate is £495 plus VAT for operators and £595 plus VAT for suppliers. Email kai.kirkman@propelinfo.com to upgrade your subscription.

McDonald’s franchisee makes £8.2m profit after selling eight-strong restaurant portfolio for £13.7m as it switches to property development: McDonald’s franchisee K&G Restaurants made an £8.2m profit from selling its eight-strong restaurant portfolio for £13.7m after switching from flipping burgers to property development. Propel revealed in September 2022 that the business, led by Kurt Jansen, was in advanced negotiations to sell its north London and Buckinghamshire-based estate. In its accounts for the 14 months to 31 March 2023, the company said it began its new venture in February 2023 with the purchase of two investment properties for £985,000. Jansen said: “The principal activity of the company in the period under review was that of operating quick service restaurants until February 2023. Subsequent to that, the principal activity changed to that of property investment. The company sold all of its restaurants in the period for a total of £13.7m. In February 2023, the company purchased two investment properties and changed its trade to that of property investment.” The total profit on disposal of the franchise was £8,269,114. The company’s pre-tax profit for the extended period was £8,563,103, up from £3,174,509 in the year to 31 December 2021. Turnover was down from £32,329,076 in 2021 to £28,149,181. Jansen added: “The directors report that significant costs pressures have led to a fall in margins and a fall in the operating result. The current period was extended to 31 March 2023 to coincide with the closure of the restaurant business. The prior year profit and loss figures represent the 12 months ended 31 December 2021 and so are not comparable.” Dividends of £999,513 were paid during the year (2021: £821,392).

Asian street food concept Chi lines up Bluewater opening: Asian street food concept Chi, which previously said it has plans to grow to 20 sites by 2025, has lined up an opening in the Bluewater Shopping Centre, Kent, Propel has learned. The concept, which is the brainchild of Aidan Tjinakiet and Lamen Reddy, is set to launch a site under its restaurant format in the Village Crescent area of the scheme later this spring. Last October, the business opened its tenth site with the launch of a grab-and-go site on level two of the Derbion shopping centre, in Derby. The company currently operates four sites under its larger restaurant format – in Bournemouth, Huntingdon, Rushden Lakes and London’s New Oxford Street. It also operates five other sites under its smaller grab-and-go format – in Basingstoke, Cambridge, Eastbourne, Norwich and Watford. Chi was launched at The Grafton shopping centre in Cambridge in March 2019.
 
Vapiano UK reports 14% increase in December lfl sales: Vapiano, which is owned by the Mario C Bauer-led consortium Love & Food Restaurant Holdings, experienced a 14% increase in like-for-likes sales across its five-strong UK estate in December. The business said all of its sites generated double-digit like-for-like sales growth and an overall 6% transaction increase. Paddington, the group’s newest restaurant at a year old, and its smallest with 160 covers, traded “significantly ahead of expectations” in both the period and the year. The business said it was now “very well positioned” and in 2024 is expected to return to strong levels of Ebitda. It reiterated that 2024 will see the brand returning to estate growth with a development plan for a “significant number of new openings”. Last October, the company appointed Steve Collard as operations director for its UK operations. The company said Collard – who was previously with Nando’s, Honest Burgers and Gourmet Burger Kitchen – brings a “wealth of experience and a solid operational focus to the successful, fresh pasta business”, which currently comprises four sites in London and one in Manchester.
 
Manchester hospitality group forecasts a ‘strong result’ in 2024 after ‘difficult trading conditions’ sees profits fall: Manchester hospitality group Elle R Leisure has forecast a “strong result” in 2024 after “difficult trading conditions” saw profits fall in the year to 31 March 2023. The group, established in 1991, comprises four Albert’s restaurants, three hotel/wedding venues and a large city centre bar. Turnover increased slightly from £20,181,271 in 2022 to £20,705,755 but its pre-tax profit dropped from £4,490,211 to £745,843. “Revenue has increased in the period, however there has been a fall in profit margins brought on by difficult trading conditions,” director Beth Adams said. “The directors recognise the conditions in the current operating environment, how this has had an impact on the period’s performance and are satisfied with the performance achieved. The company maintains sufficient cash reserves to meet all of its working capital requirements. Although all government restrictions were lifted early in the previous financial year, the business is now facing the risks from the current cost of living crisis as well as the significant increase in its own cost base. The business has and will continue to take appropriate measures to mitigate the impact of these risks. The results for the year ended 31 March 2024 are expected to show a strong result, although the directors anticipate that the current economic situation will impact the results.” No government grants were received (2022: £216,574) and no dividends were paid (2022: nil).

Team behind Sud Pasta to relaunch sites under new Rigatoni’s concept: The team, behind Manchester pasta restaurant business Sud Pasta, which closed all four of its sites late last year, is to reopen them under a new concept called Rigatoni’s. The business, which launched in Altrincham in 2015 before opening further sites in Ancoats, Sale and Manchester’s Exhibition food hall, shut all four of its sites at the end of December. The company was founded in 2015 by Michael and Alex de Martiis as Sugo Pasta Kitchen but changed its name to Sud Pasta in February 2023 following a legal dispute with a Glasgow restaurant of the same name. This month will see staggered openings of each site under the new Rigatoni’s concept, starting with Ancoats and Exhibition on Saturday (6 January), followed by Altrincham and Sale next week. The new concept will be focused on serving “hearty bowls of house-made Rigatoni from just £7.50”. Alex de Martiis said: “Change is a regular thing for us recently. This stops with Rigatoni’s. We want to build a sustainable business which allows us to serve the customers in our communities for years to come. The next chapter in our journey is all about creating an accessible, uncomplicated menu which makes Rigatoni’s somewhere for people come to time and time again. Whether it’s a quick lunch on a Tuesday or a Saturday night with mates, pasta shouldn’t just be for occasions.”

Cinnamon Collection swings back into profit, focused on expanding at a sustainable rate: Cinnamon Collection, which operates four restaurants in London and is owned by Boparan Restaurant Group, swung back into profit in the year to 1 January 2023 as it continued to bounce back from the pandemic. The company generated revenue of £11,539,000 (2022: £6,728,000). In the period to 1 January 2023, the company made an operating profit of £90,000 (2022: operating loss of £563,000), with a pre-tax profit of £38,000 (2022: loss of £615,000). At the period end, the company had net liabilities of £3,344,000 (2022: £3,364,000).  The company said: “The directors believe that the main risk to the company continues to be the impact of uncertainty due to Brexit and staff and skills shortage in the sector. The directors believe that the unique dining experience of the Cinnamon Collection and the continued significant PR generated by executive chef, Vivek Singh, combined with an active marketing presence in London, will help mitigate these challenges. The existing business and future growth are funded from free cash flow and the continued financial support of its owner who has committed to provide sufficient liquidity and capital expenditure where needed. The business continues to commit in investing in its core assets its people, property and product, through excellence and innovation to ensure customers receive the very best experience delivered with quality and provenance. Cinnamon Collection will look to expand at a sustainable rate, with restaurants suitable for the environment continuing in its ethos of evolution, innovation and creativity.”

Midlands better burger brand lines up first three openings of 2024: Midlands better burger brand Phat Buns has lined up its first three openings of 2024. The business, owned by Hussein Sacranie and Ahtesham Moosa, finished 2023 with 12 sites following its latest opening, at 242 High Street in Slough, having started the year with four. It is now set to open its furthest north site, in Liverpool, along with further London and Midlands locations, in Hounslow and Wolverhampton. “Thrilled to reflect on an incredible 2023 with Phat Buns,” Sacranie said. “From ground-breaking innovations to exciting store openings, it’s been a year of unparalleled growth. Exciting news: 2024 brings new horizons with signed stores in Hounslow, Wolverhampton, and Liverpool! Let’s make 2024 a truly Phat year.”
 
92 Degrees acquires branding agency: Independent coffee roaster 92 Degrees has acquired brand agency Redefine Studio as it looks to “double down on its brand positioning, marketing and consistency across its rapidly growing organisation”. The acquisition involves the relocation of Redefine to 92 Degrees’ headquarters in Brunswick Dock, Liverpool, plus the addition of a permanent head of brand, Tom Woollam. 92 Degrees said Redefine has been a trusted supplier throughout 2023, consolidating and evolving its brand identity, marketing materials, digital assets and product and packaging design. Woollam said: “Operating from a central hub, both businesses can help each other grow and thrive. This is the biggest move we’ve ever made, but the challenge of supercharging 92 Degrees into a global coffee brand is incredibly exciting.” 92 Degrees co-founder and chief executive Jack Brewitt added: “We are excited to have Redefine as part of the 92 Degrees Group. Redefine will continue to operate as usual, supporting our mission and growing brand as we look forward to seeing what we can achieve together in 2024 and beyond!” Last summer, 92 Degrees launched a new £3m funding round as it plans further growth across the UK. The 11-strong company – which operates sites in Liverpool, Leeds, Manchester, London, Edinburgh and Southport – opened its first site in Scotland last summer at 92 Hanover Street, Edinburgh.
 
Robert Parker Collection pays off bank loans of more than £3m following sale of Edinburgh castle and spa: Robert Parker Collection (RPC), which owns three luxury hotels and spas in Northumberland and Scotland, has paid off bank loans of more than £3m following the sale of an Edinburgh castle and spa. In its accounts for the year to 31 March 2023, the business said that post year-end, it completed the sale of the Dalhousie Castle hotel and used a portion of the proceeds to repay the entirety of its bank borrowings. These totalled £3,345,284 at the year end, down from a restated £9,061,112 in 2022. The property was acquired by US investors Dalhousie Property Investments for an undisclosed sum and will be managed by 7 Hospitality. The sale came six months after RPC owners, Robert and Gina Parker, announced their retirement and put their then four-strong portfolio up for sale. It left them with Doxford Hall in Alnwick, Ednam House Hotel in Kelso and Eshott Hall Hotel. It comes as RPC announced turnover of £10,985,096 for the period (including £1,778,969 from discontinued operations), up from £10,412,257 in 2022 (including £2,518,306 from discontinued operations). Its pre-tax profit rose to £1,270,695 (including £1,884,492 from discontinued operations) from £385,826 in 2022 (including £450,298 from discontinued operations). The company had net assets at the year-end of £7,743,404 (2022: £6,472,709) after net current liabilities of £3,029,547 (2022: £3,619,986 restated). No government grants were received (2022: £301,041). No dividends were paid (2022: nil).
 
Grounded Kitchen opens in Northwood: Korean-inspired concept Grounded Kitchen has opened in Northwood, north west London, for its 14th site. It has opened at 1 Eastbury Road, as it works towards a target of 50 new UK sites, as stated in 2022. It has since then made its casual dining debut with a store in High Wycombe’s Eden Shopping Centre, before opening a second site under the new concept, in Solihulll’s Touchwood scheme. The franchise business has previously said it is looking to sign up partners for up to 25 sites at a time, as it invests £15m in new openings.

Devonshire Hotels and Restaurants makes a loss but sees softening of inflation and workforce pressures: Devonshire Hotels and Restaurants – which operates six hotels as well as restaurants and inns in Yorkshire and Derbyshire and a range of holiday cottages – made a loss in the year to 31 March 2023 but has since seen a softening of inflation and workforce pressures. A pre-tax profit of £1,637,569 in 2022 turned into a loss of £935,402 during the period, as turnover fell slightly from £11,992,988 to £11,625,454. No government grants were received (2022: £376,705) and no dividends were paid (2022: nil). Director Andrew Lavery said: “Revenue per available room was £121.36 (2022: £148.84) which was 12% below budget (2022: 22% ahead of budget). This decrease is as a result of reduced occupancy in the year, which was a key factor in driving the revenue below budgeted levels. In the 2023/24 year, we are still seeing a softer market in the hospitality sector with an increasing focus on cost of living making consumers more cost conscious and potentially reducing discretionary spend. Inflation in the cost base continues to be a feature, both in labour costs and in the input costs of food and beverage, although in the latter part of 2023 we are seeing some inflation pressure easing. We are also seeing a gradual return to a more stable workforce with less reliance on agency staff as the benefits of our pay and benefits policies work their way through. In the coming year, we expect to open another holiday cottage on the Derbyshire Estate, refurbish the main part of the Cavendish Hotel at Baslow and acquire a property next to the Devonshire Fell in order to provide more accommodation for the hotel.” The Devonshire Fell acquisition completed in July 2023 at a price of £785,000.

Costa launches new food and drinks menu: Costa Coffee, the Coca-Cola Company-owned chain, has launched a new food and drink menu, including new range of hot milkshakes and a further link up with BOSH!, the “plant-based culinary experts”. Launching in Costa stores from yesterday (4 January), the milkshakes are available in three flavours; white chocolate and strawberry, salted caramel coffee and chocolate hazel, topped with light whip and a choice of sprinkles, sweet caramel vermicelli or chocolate brownie crumbs. At the same time, Costa has expanded its collaboration with BOSH! to offer an array of products which cater to the growing demand for plant-based options. This includes a new plant-based saucy chicken fajita wrap, a plant-based smokin’ bbq chicken panini, a plant-based crackin’ ham and cheeze toastie and a plant-based smashin’ sausage bap. Naomi Matthews, food commercial director UK & Ireland at Costa, said: “Feeling the January blues? Brighten your day with our amazing new January menu, featuring revolutionary hot milkshakes. We’ve also teamed up with the talented BOSH! for a delicious plant-based collaboration.”

Award-winning bar concept Three Sheets to open second site: Multi-award-winning cocktail bar concept Three Sheets is to open a second site this spring, in London’s Soho. Founded in 2016 by brothers Max and Noel Venning, Three Sheets opened its debut site in Dalston. The new site will open on Manette Street this March. According to the brothers, the new spot – which will open in the morning for coffee and pastries before rolling into lunch, dinner and drinks – will offer a different cocktail menu from its sister bar while retaining the pair’s signature style. To accompany the wines and cocktails, ex-Lyle’s chef and butcher William Blank has developed a menu of dishes that capture the “nostalgia of British classics” such as salt beef sandwiches, croquettes, triple cooked chips and fresh oysters. The original Three Sheets site in Dalston has been nominated as one of the top ten international cocktail bars for six years in a row at the prestigious ‘Tales of the Cocktail Spirited Awards’. In 2018, the brothers also launched local neighbourhood cocktail bar and restaurant Little Mercies in Crouch End. Tony Farley at the Found Agency acted on the Soho deal.

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