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Wed 27th Mar 2024 - Exclusive: RedCat to potentially exit more than a fifth of estate after strategic review
Exclusive – RedCat to potentially exit more than a fifth of estate after strategic review, forms new exec team: RedCat Pub Company, the investment vehicle founded and chaired by Rooney Anand, is to potentially exit more than a fifth of its 114-strong estate after a strategic review of its business, Propel has learned. As part of the review, RedCat Leased Pubs, a self-contained subsidiary comprising ten leasehold pubs, is to be placed into administration. The business is to appoint Nick Holloway and Steve Absolom, of Interpath Advisory, as joint administrators to RedCat Leased Pubs, with the administration process set to commence tomorrow (Thursday, 28 March). At the same time a further group of five sites within RedCat’s managed division will also be marketed for sale in the coming weeks, taking the total potential number of managed sites for sale to 14. This takes the total number of sites the group will potentially exit to 24. The company said that is an isolated action, with no further impact on the wider RedCat and Coaching Inn Group estate. RedCat said it had undertaken the strategic review of its estate in the context of “significant challenges in the operating environment of the hospitality industry”. RedCat said it has been working hard to address these headwinds and has taken “proactive steps resulting in the decision to exit several sites that are either underperforming or do not suit the overall estate”. It comes as the company has formed a new executive team and “refocuses the business”. The executive team, which is led by RedCat group chief executive Richard Lewis, will take leadership of both RedCat and Coaching Inn Group, with Kevin Charity, the founder and chief executive of the Coaching Inn Group, retiring at the end of this month. As part of the move, the business had made several promotions, with Miles Slade and Adam Charity stepping up as chief operating officers for RedCat and Coaching Inn Group respectively. Lee Melton is also promoted to chief people officer for the overall group. The move follows RedCat’s recent strengthening of its team, with the hires of David Peevers (food and beverage director) and Alice Barriball (RedCat head of people). Lewis said: “I am proud of RedCat and what has been achieved since inception in 2021. The launch of this new executive team and our recent hires, make me very excited about the future of the business. Some difficult but decisive actions have had to be made to position the business for future success. It is never easy to say goodbye to some fabulous teams – I am grateful to each one of our employees. I am confident that with these actions and the formation of my new executive team, it will put RedCat and Coaching Inn Group in a solid position for growth, investment and future acquisitions.” Since its inception in February 2021, RedCat has grown to 114 pubs and pub hotels, and has an estate of in excess of 1,400 rooms. RedCat Pub Company features in the Who’s Who of UK Hospitality, which is one of six databases exclusive to Premium Club members. The latest edition features 866 companies. The companies, listed in alphabetical order, have their most recent results reported as well as broader information around Ebitda, plans and trading style available. The database merges Companies House information, interviews and other public information to provide an easy to reference and exhaustive guide to the sector. A Premium Club 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 Premium Club for a year for £995 plus VAT – whether they are an operator or supplier. Email today to sign up.

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