Exclusive – Pho set to continue national expansion following strong 2023: Pho, the Vietnamese restaurant group led by Pat Marrinan and backed by TriSpan, plans to open a further six or seven sites in 2024 on the back of a strong 12 months, with full-year turnover set to top £72m, Propel has learned. The 40-strong business has lined up several new openings for the next few months, starting with a second opening in Scotland this spring. Following a successful debut north of the border in the St James Quarter development in Edinburgh, Pho has taken the former Moss Bros in Glasgow city centre on the corner of Renfield Street and St Vincent Street, with the new site to open in March. The company has also taken on the former Doner Shack site in Baker Street, London. The site build is underway, and the company has earmarked the site to open in April. Pho will follow this up with an opening in early summer in Norwich, on the former RBS bank site at 5 Queen Street. Over the past year, Pho has opened six sites across the country, including Canary Wharf (its smaller format site), London Bridge, Milton Keynes, Canterbury, Liverpool Castle Street (their second in the city) and Fulham Broadway. The company said it has had another strong year, with sales for the year to February set to exceed £72m, up from £58m the previous year. The business said despite the challenging economic conditions, it reported positive 7.3% like-for-like sales for the 11 months to 14 January 2024. Marrinan, managing director, said: “There has been a lot going on this year which has impacted growth in the restaurant sector, most of which is beyond our control, so I’m incredibly proud of the way we’ve managed to ride the storm to deliver another strong year. On top of that, we’ve opened six great sites, bringing Pho to new customers up and down the country, and we’re primed to continue our growth story over the next 12 months.” Last year, the business secured additional funding from ThinCats to aid its continued expansion through the next few years. 

 

Sponsored message – top name speakers announced for new Keynote Theatre at Northern Restaurant & Bar: The Keynote Theatre at Northern Restaurant & Bar, sponsored by Uber Eats, will hold exclusive interviews with some of the industry’s most dynamic leaders, promising insightful discussions and perspectives on key industry topics. Highlights include Sacha Lord, night-time economy advisor for Greater Manchester, and Kate Nicholls, chief executive of UKHospitality. As part of these interviews, they will discuss the state of hospitality in the north and throughout the UK, including important issues such as employment, diversity, sustainability, inclusivity, the cost of doing business and much more. Founder of Umbel Restaurants, Simon Rogan, will be joined by Tom Barnes – the former executive chef at three Michelin-starred L’Enclume and one Michelin-starred Rogan & Co, Henrock, and Home by Simon Rogan – for an in-depth interview, delving into their extraordinary lives and careers. The Keynote Theatre will also feature an exclusive interview with Will Beckett, chief executive and co-founder at Hawksmoor. There will also be panel discussions, including the hospitality leaders panel with Marcello Distefano, managing director at San Carlo, and Miles Kirby, co-founder and director at Caravan. The operations leaders panel will include Emily Hawkley, director of operations at Burgerism, while the future of northern hospitality panel features Mayur Patel, co-founder of Bundobust, and Karina Jadhav, managing director of Menagerie Restaurants. Northern Restaurant & Bar returns to Manchester Central on 12-13 March. Register for free trade tickets here. If you have a sponsored message you would like to see featured in this newsletter position, email paul.charity@propelinfo.com.

 

Knoops chief executive William Gordon-Harris to speak at first Propel Multi-Club Conference of 2024, open for bookings: William Gordon-Harris, chief executive of Knoops, will be among the speakers at the first Propel Multi-Club Conference of 2024. More than 350 people have booked for the conference, which takes place on Thursday, 21 March, at the Millennium Gloucester Hotel in London’s Kensington, and is open for bookings. Gordon-Harris discusses the growth of the luxury hot chocolate shop concept, its unique offer and how it plans to “create the new Starbucks for quality barista hot and cold chocolate drinks”. Operators can book up to three free places per company while Premium Club members who are operators can book up to four free places. To book, email kai.kirkman@propelinfo.com.

 

Casual dining concepts among 14 new businesses joining updated Premium Database of Multi-Site Companies: Casual dining concepts are among the 14 new multi-site companies being added to the next edition of the Database of Multi-Site Companies, which will be released to Premium Club members on Friday (23 February), at midday. The additions to the database, produced in association with Virgate, include Brazilian steakhouse brand Rio which is co-owned by Rodrigo Grassi and has eight sites across the north east, and the Noble Restaurant Group, which operates Chotto Matte, Alley Cats Pizza, Steak and Company, Angus Steakhouse, Ochre and Muriel’s Kitchen. Also added is Persian restaurant group Naroon, which has expanded to three sites in London, including relocating its original restaurant and is launching a new cafe concept.

 

UKHospitality welcomes proposals for short-term lets to require planning permission: UKHospitality has welcomed government proposals for short-term lets to require planning permission as part of a plan to restrict their rapid growth. The new law would require people letting out their property as a short-term holiday home to seek permission from the local authority. The rules would not apply to people renting out their main home for 90 days or less in a year, while a mandatory national register would be set up. UKHospitalty chief executive Kate Nicholls said: “The established accommodation sector adheres to high, regulated standards of health, safety and accessibility, and short-term lets have long been an unknown in how they stack up, due to a lack of oversight and visibility. Guests have a right to know that their accommodation is safe, accessible and regulated to the highest standards, and that is the bar at which short-term lets should be judged. I’m delighted that the government has acted on UKHospitality’s concerns and will be implementing a national, mandatory register and strengthening requirements for short-term lets. This will give local authorities the data they need to properly regulate the sector and, crucially, bring them up to the high standards of the wider accommodation sector.” Michael Gove, secretary of state for Levelling Up, said the changes are part of a long-term plan to prevent a “hollowing out” of communities, address anti-social behaviour and “ensure local people can continue to live in the place they call home”. A spokesman for the department said the government also intends to introduce associated permitted development rights – one allowing for a property to be changed from a short-term let to a standard residential dwelling, and a second that would allow a property to be changed to a short-term let. “Local authorities would be able to remove these permissions and require full planning permission if they deem it necessary,” he added. “Both of these measures are focused on short-term lets, and therefore the planning changes and the register will not affect hotels, hostels or B&Bs.”

 

Hospitality apprentices celebrated at House of Commons showcase: More than 300 hospitality apprentices, parents, company representatives, students and industry VIPs attended the eighth annual Hospitality Apprenticeship Showcase at the House of Commons. They met with more than 100 Lords, Ladies, MPs and ministers as part of the annual event, which is part of National Apprenticeship Week. The apprentices represented 33 different leading hospitality companies and numerous apprenticeship roles, including chefs, front-of-house team members and brewers. Apprentices were celebrated from AB InBev, the British Beer & Pub Association, Fuller’s, Greene King, Lifetime Training, Marston’s, Mitchells & Butlers, Nando’s and Stonegate Group among others. For the first time in the event’s history, college students were also invited to see first-hand the breadth of the hospitality industry and the opportunities available. The students are all currently undertaking a hospitality related college course and were from West London College and London South East College. Minister of state for Department for Work and Pensions (DWP), Jo Churchill, said: “It was great to see so many MPs celebrating the hospitality sector and the exciting opportunities available in one of the liveliest sectors of our economy. Pubs, hotels and restaurants have an important role in our local communities and DWP’s sector-based work academy programmes are helping businesses recruit talent while supporting jobseekers into work.”

 

Job of the day: COREcruitment is working with a Mexican restaurant group that is looking for a general manager to take the reins in one of its premium venues. A COREcuitment spokesperson said: “With strong trade and busy weeks, the business is looking for a general manager who is focused on training and holds exceptionally strong organisational skills. Experience and knowledge from working with Mexican food and beverages would be an advantage, as well as being able to speak Spanish.” The salary is up to £60,000 and the position is based in London. For more information, email max@corecruitment.com.

 

Manchester brunch and bakery concept sees potential for 30-40 UK sites and signs first international partnership: Manchester brunch and bakery concept Gooey has told Propel it sees the potential for 30-40 UK sites and has signed its first international partnership, in the UAE. The bakery brand, which counts R&B star Lizzo among its biggest fans, was co-founded by Jake Ansbro, Sax Arshad and Paddy Brown in 2020, as a delivery-only service during lockdown. It then opened a kiosk in the foyer of the Ducie Street Warehouse before launching its debut bricks and mortar site, a 40-cover all day cafe and bakery, in Manchester’s Northern Quarter. It now has six sites in the city through a mixture of cafes and kiosks including a prime site in Selfridges Trafford Centre. It has recently opened a kiosk in Liverpool in Bold Street – its first site outside of Manchester – and sold its first overseas franchise, in the UAE. “The next two-year plan is to expand Gooey into an internationally recognised cafe/bakery concept,” said Charlie Mander, co-founder of Presman & Colard International, which is advising on Gooey’s expansion. “Gooey will also start rolling out in Dubai this year with Gooey’s newest partner, with growing interest and applications across the GCC region. We’re looking for multi-site franchisees and regional master franchisees who can help roll the business out in high street locations and prime locations globally.” The team behind Gooey also last year launched pasta concept Onda (meaning “wave” in Italian) in Manchester’s Peter Street, in partnership with Michelin-trained chef Sam Astley Dean, in the former Sao Paulo Bistro unit. The Manchester Evening News reports that Onda is now booked out months in advance due to a viral moment on social media that captured the attention of Hollywood A-listers like Florence Pugh. The clip, seen by 56 million people, featured a look at the kitchen’s storage area, which included a drawer containing a huge slab of tiramisu ready for chefs to scoop up to order, which Pugh said was “literally my heaven”. The restaurant offers a limited number of walk-ins each night, with people often queueing out of the door, but remains fully booked until May.

 

Roxy Leisure to open Roxy Lanes site in Nottingham: Roxy Leisure, the operator of the Roxy Ball Room concept, is to open a site in Nottingham under its Roxy Lanes concept. The 18-strong company, which currently operates six Roxy Lanes venues across the UK, will open the new Roxy Lanes in the city’s Bottle Lane. The 15,000 square-foot site will open in The Pod, a development on the corner of Bottle Lane and Fletcher Gate. The concept features a bowling alley and other games such as American pool, air hockey shuffleboard, darts and arcade games. The move sees Roxy Leisure relocating its Thurland Street site, which operates under the Roxy Ball Room brand, to Bottle Lane, which is three times larger. Roxy Leisure also operates a Roxy Ball Room at the Cornerhouse. The company’s latest site – a Roxy Ball Room in York – will also open later this week, as the business aims to grow to a 40-strong estate in the next five years. It plans to add six sites in the next year in major cities including London and Glasgow. Late last year, the business created a new division, Pins Leisure, to support its expansion into the family market. This followed the opening of King Pins at the Trafford Palazzo, Manchester, with a further set to open in 2024 – at Manchester Arndale, Bristol’s Cabot Circus and Glasgow’s Silverburn scheme. 

 

Draft House founder backs craft beer subscription platform Brewser’s crowdfunding: Charlie McVeigh, the founder of Draft House and chairman of Butchies, is one of the backers of the recent crowdfunding campaign launched by Brewser, the craft beer subscription platform, Propel has learned. Launched through Seedrs, Brewser, which “connects consumers directly with the best indie breweries in the UK and beyond”, is looking to raise £150,012 to accelerate its growth. It has so far £125,214 from 78 investors, including McVeigh, with 30 days of the campaign left. The crowdfunding gives the business a pre-money valuation of £5m. Founded two years ago by James Atherton, Oliver Morgan and Lewis Ryan, Brewser has since onboarded more than 7,000 beer explorers, developed a network of 230-plus breweries and cideries, achieved an annualised revenue run rate of close to £1.2m, grown revenue by 181% from 2022 to 2023, built a “highly scalable and flexible marketplace platform” and delivered more than 40,000 boxes of beer and cider. 

 

Bloomsbury Leisure plans new Holborn, Manchester and Bristol openings: Craft beer bar operator Bloomsbury Leisure is planning to open three new sites across the UK, including a new competitive socialising concept in London’s Holborn. Propel understands that Bloomsbury Leisure, which is led by Jonathan Dalton, plans to open a site at 165 Fleet Street called Tokyo Hit. The site will comprise a themed mini golf course with bars and a food offering on the ground floor and a bowling alley and bars in the basement floor. The business is also planning to open a new tortilla chips-based venue called Thump in Bristol’s Bedminster. It is planning to open in a former Poundstretcher site in East Street, with plans including a licensed area where customers can drink alcohol. The company – which already operates Crofters Rights, The Lanes and Llandoger Trow in the city – has also been linked with opening a new venue on the site of the derelict Seamen’s Mission Church in Bristol’s Prince Street. Bloomsbury Leisure, which runs the Euston Tap and Hackney Tap in the capital, is also set to open a third Tap site in Manchester. The company, which already operates the Piccadilly Tap and Victoria Tap in the city, will open the Oxford Road Tap near Oxford Road station.

 

Heavitree reports ‘decent’ first quarter with lfl beer sales ahead of previous year, refinances and makes £1m from property sales including four pubs: South west tenanted pub operator Heavitree Brewery has reported a “decent” first quarter to its new financial year, with like-for-like beer sales ahead of the previous year. It has also agreed a new five-year facility with Barclays, including a £3m overdraft and the £2,065,000 that remains of a £4.5m term loan. A significant portion of this has been paid off by selling seven properties over the past year, including four pubs – The Jolly Abbot in Newton Abbot, The Sun Inn in Buckfastleigh, The Wonford Inn in Exeter and The Dewdrop Inn in Kingsteignton – resulting in profit of £1,065,000. It comes as the business reported a slight rise in turnover for the year to 31 October 2023 to £7,346,000 from £7,280,000. Its pre-tax profit dropped from £2,273,000 to £1,826,000. Dividends of £267,000 were paid (2022: nil). Chairman Nicholas Tucker said the second half of the year had continued in a similar vein to the first, when top-line trading held up well. “The company has enjoyed a decent start to the new financial year, with like-for-like beer sales being ahead of the previous year,” he added. “The reduction in operating profit against the previous year has been as a direct result of a programme of significant spending on repairs. The group results are also affected by an impairment cost of £150,000 relating to the Heavitree in Exmouth. The company has continued with the programme of selling non-core assets to reduce debt and it is planned to make a further reduction in the year ahead. The development of the new accommodation block at the Ley Arms in Kenn is close to completion with the bedrooms being available to book from the beginning of February. The plans for the rebuild on the Jolly Sailor site in East Ogwell, which was destroyed by fire in 2021, are being discussed with the local parish council prior to submitting a full application to Teignbridge District Council.”

 

MJMK and Santiago Lastra to open Fonda restaurant: London bar and restaurant operator MJMK is teaming up again with Mexican chef Santiago Lastra to launch a new Mayfair restaurant called Fonda. The two previously joined up to launch Kol in London’s Marylebone, in October 2020. Opening in Heddon Street, Fonda will showcase “regional Mexican cooking through Santiago’s unique lens, presented in an elegant, vibrant style, complemented by contemporary design”. In Mexico, a fonda is a family-owned eatery, serving traditional dishes in an informal setting, each inspired by personal recipes from the generations that came before. The company said: “Santiago Lastra’s Fonda builds on this concept to showcase recipes from across the country, from the Gulf of Mexico to the Pacific coast, with a focus on the beloved classics that he seeks out on visits home. Though seemingly simple, Fonda’s dishes will draw on the quality and provenance of ingredients, combined with innovative techniques to elicit the flavours of Mexico in a modern way.” Founded in 2018 by Jake Kasumov and Marco Mendes, MJMK opened its debut site, Casa do Frango, in London Bridge. Since then, the group has launched Kol with Lastra, Lisboeta with Nuno Mendes, and a further three Casa do Frango sites.

 

‘Strong performance’ sees Total Fitness exit CVA early, strengthens position through refinancing, lfl membership significantly exceeding record levels seen pre-pandemic: Health club chain Total Fitness has said a “strong performance” saw it exit the company voluntary arrangement (CVA) it entered in 2021 “earlier than anticipated” during the year to 30 June 2023. The business, which operates 15 health and fitness centres, predominately in the north of England and Wales, also successfully completed a refinancing process during the year, which it said has “strengthened its position” and will be used to continue a programme of enhancements. It also said membership is “significantly exceeding record levels seen prior to the pandemic, on a like-for-like basis”. Director Thomas Rayner added: “Clearly there are headwinds given the economic landscape that apply to consumer sectors, but the gym sector has demonstrated exceptional resilience, and for Total Fitness specifically, the post-covid landscape favours the suburban, destination model, with the scale/space to afford members the distancing and workout space they now demand. The joiner trend supports this thesis, with 44% of joiners surveyed post-reopening being ‘switchers’ (from competitors), with the majority choosing to ‘trade up’ from low cost/budget gym chains. Furthermore, recent data suggests that in our local markets, 18% of all non-members are likely to join a club in the next 12 months and 60% of ex-members intend to return to Total Fitness, with 25% in the next 12 months ­– both demonstrate a stable pipeline of future growth.” It comes as the business grew both its turnover and profit during the year. Its turnover was up from £36,085,000 in 2022 to £39,966,000 while its pre-tax profit increased from £961,000 to £1,254,000. Ebitda was also up from £4.8m to £5.1m. The previous year had seen a £125,000 profit from the surrender of car parking spaces to a landlord but £56,000 expenditure in closing its Crewe site plus £123,000 in redundancy fees. During the year, exceptional costs included final costs of £31,000 relating to exiting the CVA, £329,160 from making changes to the executive team and £339,086 in fees from refinancing its term loan.

 

Independent Manchester cafe set to start expanding after securing six-figure investment: Independent Manchester cafe Michaels Coffee House is set to start expanding after receiving a six-figure investment. Opened in August 2017 in Royal Exchange Arcade, the business is owned by Thasos Michael and offers organically grown, locally roasted, single origin and Rainforest Alliance certified coffee beans, along with a variety of drinks and homemade food. The business has secured funding from NPIF-FW Capital Debt Finance, which is managed by FW Capital and is part of the Northern Powerhouse Investment Fund, to support the next stage of its development. Michael said: “We’ve built up a great reputation across the city and we are famous for our pistachio and Spanish lattes – both best sellers for their unique flavour and rich smoothness – along with a range of pastries, homemade toasties, cakes, yogurt pots and soup. We are at the point where we are looking to grow the business further and consider new opportunities that will create additional jobs and meet increasing customer demand.” Loz O’Connor, fund manager at FW Capital, added: “Thasos has lots of great ideas for expansion and this investment supports his plans for growth through additional coffee shops, allowing the team at Michaels Coffee House to provide the best possible service for its rapidly expanding customer base.”

 

London members’ club The Conduit to open ‘plant-forward’, sustainable rooftop restaurant: London members’ club The Conduit is to open a restaurant on the rooftop of the Covent Garden venue. Rucola, which will be open to members and non-members, will launch on Friday, 15 March, offering “plant-forward dishes made with thoughtfully sourced ingredients, alongside ethically sourced meat, fish and dairy, natural wine and sustainable cocktails”. Featuring an open kitchen, the restaurant will offer a selection of dishes influenced by northern Italian cuisine. Rucola is the brainchild of The Conduit’s food and beverage director, Henry Rich and follows in the footsteps of its namesake restaurant, located in the Boerum Hill neighbourhood of Brooklyn in New York. The menu will include fisherman’s stew, roasted cauliflower panzanella, and balsamic and globe artichoke pansotti. Guests will be able to select from a list of 100 wines, of which 50% will be natural, while the cocktails will also be rooted in sustainability, with recipes designed around reusing and repurposing ingredients. Rich said: “Rucola was founded on the basis of providing a relaxed neighbourhood restaurant, where the menu is ingredient driven, plant-forward and nutrient dense, showing guests just how delicious low-carbon dining can be. In keeping with our mission to avoid waste, there is no single-use plastic in use, and the menu has been carefully considered with everything is made to order.” Paul van Zyl, co-founder of The Conduit, added: “The opening of Rucola is central to The Conduit’s aim of doing good through impact-led dining. It’s a physical manifestation of our mission to change hospitality for the better through a diverse membership community passionate about social and environmental change.”

 

Creative Restaurant Group set to relaunch 20 Berkeley as Japanese grill and sushi bar: Creative Restaurant Group is set to relaunch its modern British restaurant 20 Berkeley, in Mayfair’s Berkeley Street, as a Japanese grill and sushi bar. The group, which is behind Michelin-starred Endo at the Rotunda and sushi spot Sumi in London, will open Niju, meaning “20” in Japanese, at the end of March, complete with a new bespoke sushi bar, updated dining spaces, a private dining room and hideaway cocktail bar, Nipperkin. Offering katei ryori style cooking, meaning “home cooked food” in Japanese, it will serve up an array of Japanese delicacies using seasonal produce and culinary experimentation. Led by culinary director Endo Kazutoshi, the team will also include head chef Chris Golding and head sushi chef David Bury. Kazutoshi said: “At Niju, we will have unique Japanese dishes, and I will be adding some new exciting signature recipes to the menu, katei ryori style.” Nipperkin, the 20-cover, experience-led hideaway cocktail bar, will introduce a curated menu of Japanese-influenced sandos (Japanese sandwiches) to enjoy alongside its cocktails. Earlier this month, the group revealed it will this spring open Kioku by Endo at The Owo in London, led by Kazutoshi.

 

Anytime Fitness opens its biggest UK location, breaks global record for pre-sale sign-ups: Anytime Fitness, which operates almost 200 sites across the UK, has opened its biggest location here yet and broken the brand’s global record for pre-sale sign-ups. The worldwide franchisee gym concept has opened a 12,000 square-foot site at Ivor House in Brixton, south London, which incorporates a 7,000 square-foot gym as well as three separate spin, hit and holistic studios. It has signed a 15-year lease at Ivor House and it looks to continue its expansion plans throughout 2024. With more than three million members worldwide, it operates a franchisee model across five continents and in countries including Canada, Mexico, New Zealand, Spain, Singapore and Hong Kong. An Anytime Fitness spokesman said: “This is a very exciting moment in Anytime Fitness’ journey.” Shelley Sandzer acted for the landlord.

 

London co-living and guesthouse business to open second site: London co-living and guesthouse business Mason & Fifth is to open its second site in the capital. The company was founded in 2018 by David Silver, who also co-founded investment advisory firm Burlington Partners, and Ben Prevezer, who has an events and hospitality background. Having opened its first site, in Bermondsey, in 2020, it is now opening Mason & Fifth Primrose Hill in April, offering 61 studio apartments, a garden and yoga pavilion and large communal spaces. It is being built in four grade II-listed 1860s regency townhouses and will have five different studio categories, ranging from “classic” to “best in house”. On Fridays, complimentary guest drinks will be served in the large lounge and living spaces, while the yoga pavilion will host a variety of weekly wellness classes and the venue will host a weekly running club. It will also offer a programme of curated events such as workshops, supper clubs, tastings and music sessions, which will be open to guests and locals alike.

 

Liu Xiaomian to launch first bricks-and-mortar site in Soho: Liu Xiaomian, the concept from Charlene Liu and Liu Qian, is to launch its first bricks-and-mortar site, in London’s Soho. The concept, which was founded in 2018, specialises in bowls of xiǎomiàn in broths heavy with Sichuan peppercorn, garlic, soy, sesame paste, ginger, and a signature chilli oil. Liu Xiaomian’s first bricks-and-mortar site follows a successful stint in Arcade Food Hall and a long-term residency in The Jackalope pub in Marylebone. The concept’s Chinese cuisine originates from Chongqing, a metropolitan city in the south west region of the country. Rob Meadows, of DCL, acted on behalf of the tenant on the Kingly Court deal, while Hanover Green acted for the landlord Shaftesbury Capital.

 

Giggling Squid to open main UK distribution facility in Leicester: Giggling Squid, the Thai restaurant brand backed by the Business Growth Fund, is to open its main UK distribution facility in Leicester. The company will move into a 45,000 square-foot warehouse unit at Elland Road for use as a menu development facility and new product development kitchen, as well as a training and national distribution centre. Giggling Squid employs 1,500 staff at its 50 restaurants nationwide. Refurbishment of the new building is underway, with the completed hub set to be up and running by the end of March. Vikas Agarwal, chief commercial officer, said: “The Elland Road unit is part of an exciting phase in the growth of our business. From menu development, to training our teams, as well as distributing our fantastic Thai ingredients to our restaurants, it is ideally located to become the hub for our operations.” Andrew + Ashwell brokered the deal for the lease of the building.

 

Up Fitness secures Knightsbridge site: Gym operator Up Fitness has further strengthened its presence in London, after securing a site in Knightsbridge. The company, which was founded in 2009 by best-selling author Nick Mitchell with an opening in the City, has secured the former Core Collective site in Pavilion Road on a new 15-year lease. Since its launch, the business has expanded to more than 20 gyms located within 13 cities in nine different countries and four different continents. It currently has five gyms open in London  –City of London (two), Mayfair, Kensington and Canary Wharf – with two new sites due to open shortly in Paddington and Chelsea. Other UK clubs include sites in Manchester, Leeds and Liverpool. International locations include four in the US, plus sites in Amsterdam, Marbella, Dubai (two), Hong Kong, Mumbai, Singapore and Sydney. Matthew Englender and Matt Ashman, of Cushman Wakefield, acted on the Pavilion Road deal on behalf of landlord Berkeley Estate Asset Management.

 

Bristol immersive visitor attraction secures £350,000 investment to support next stage of growth: Bristol immersive visitor attraction Wake The Tiger has secured investment of £350,000 to support the next stage of its growth in the city. Wake The Tiger has received the funding through local impact investors Bristol & Bath Regional Capital (BBRC). Last year, the “amazement park”, which was founded in 2021 by the team behind Boomtown Festival, welcomed more than 250,000 visitors. Wake The Tiger has recently finished the new “outerverse”, the second stage of its development of the St Phillip’s site in Bristol. This has doubled the size of the visitor experience and is now open to the public. The £350,000 investment from the City Funds impact investment fund, managed by BBRC, will complement a total fundraising effort of £2m. This combines £1m of secured debt, partly from the Creative Growth Fund, and £1m in new equity. Graham MacVoy, managing director at Wake The Tiger, said: “Since we launched in Bristol nearly three years ago, we’ve had such a warm welcome and great response from our visitors. We are excited to be able to deliver our ambitious growth plans and make sure that, through this growth, we are reaching everyone across the city and increasing access to and opportunities in the creative sector.” Jari Moate, investment director, BBRC, added: “Wake The Tiger plays an exciting role in raising awareness of how together we can see and shape a better world, reversing some of our worst global fears, in this case, using a high quality, fun, engaging work of Bristol-made art.”

Torquay Leisure Hotels sees profit drop due to rise in VAT and inflationary pressures, completes refinancing: Torquay Leisure Hotels (TLH), which operates four hotels within a single resort in Devon, saw its profit drop in the year to 30 April 2023 due to the rise in VAT and inflationary pressures. Having returned to profitability in the previous year with a pre-tax profit of £3,014,104, the company saw this reduced to £601,759 in 2023. Turnover dipped slightly from £15,354,250 to £15,217,978. The company received no government grants or insurance income compared with a total of £466,829 in 2022. Dividends of £800,000 were paid, the same as in 2022. Director Ian Piercy said: “The impact of the VAT rate returning to 20% following the post-pandemic reductions had a negative impact on year-on-year revenues. As stated in last year’s strategic report, inflationary pressure on food and particularly utilities, coupled with interest rate rises, had an impact in costs.” Propel revealed in May 2023 that the business had secured a refinancing that would allow it to repay its borrowings under the Coronavirus Business Interruption Loan Scheme and reduce its debts. This process was completed in July 2023 and the company now has long-term facilities in place with NatWest.