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Fri 19th Dec 2025 - Double exclusive: FB Taverns and Portobello Pubs, plus Revel Collective and Drake & Morgan updates |
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Exclusive – FB Taverns acquires 26-strong package from Iona Pub Partnership: FB Taverns, the pub vehicle backed by high-net-worth individual Alexander Embiricos, the co-founder of the US-based virtual office provider Remotion, has acquired a 26-strong package of freehold pubs from Iona Pub Partnership, the sister company of the Scotsman Group, Propel has learned. The majority of the 26 sites are located in and around the Glasgow area. FB Taverns said: “All existing tenant partners will remain in place and are warmly welcomed into the FB Taverns family. As a long-term investor in Britain’s community pubs, FB Taverns is committed to nurturing these businesses, preserving their unique character and supporting their continued success as thriving local hubs through thoughtful and sustainable investment.” The acquisition takes FB Taverns to around 70 sites. FB Taverns was founded in 2022 with the intention of growing a business primarily focused on wet-led community pubs. It acquired seven sites from Admiral Taverns in June 2022 and followed this with the acquisition of six tenanted and two managed pubs from Tadcaster Pub Company in February 2023. Later that summer, the business acquired the 27-strong tenanted division of the north east operator Camerons Brewery. James Maizels, founder of FB Taverns, told Propel: “We are thrilled to welcome these 26 pubs and their dedicated tenant partners into the FB Taverns family. Each is a genuine community asset with loyal customers and a proud heritage. This transaction reflects our continued strategy to acquire and invest in Britain’s community pubs, which we are dedicated to protecting and enhancing for generations to come. When we started, we were aiming for 100 sites, and that remains our focus for the short/medium term. But that number was not a ceiling, more a first step aspiration, and we will continue to grow beyond that hopefully. We’re not private equity, don’t have a four to five-year investment time horizon, and the intention is certainly to continue to grow. We will continue to look to acquire if the fit is right for us (i.e. tied/tenanted, community, wet-led, pubs).” Iona Pub Partnership, which operates a leased and tenanted estate of circa 100 pubs and bars across Scotland, was represented by Christie & Co, while FB Taverns was advised by Downes Property Consulting on the deal.
Panel about navigating technology during multi-site growth to be held at 2026 Restaurant Marketer & Innovator European Summit, open for bookings: A panel about navigating technology during multi-site growth will be held at the 2026 Restaurant Marketer & Innovator European Summit. Tasos Gaitanos and Alex Large, co-founders of Brother Marcus, Tommy Giraux, head of restaurant systems at Honest Burgers, and Bjarke Just Nielsen, chief executive and founder of Norrlyst, will lift the lid on their evolving technology stacks—what’s worked, what’s broken under pressure and what’s still on the wish list. From integration headaches to the tools that help preserve brand identity at scale, hear how they’re using technology to stay agile, aligned and guest focused. Restaurant Marketer & Innovator European Summit is returning for its eighth edition, and tickets are 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 open for the two-day conference as the centrepiece of the January event series, taking place on 20 and 21 January at Hilton Bankside in London. A bigger venue allows for a dual-stage format, meaning more content than ever before. The conference will focus on technology, marcomms strategies, proposition, brand building, the latest market insights, digital developments and diversification of revenue streams. It is designed for customer focused chief executives, senior marketers, technology and innovation teams, as well as investors wanting to better understand the latest marketing, innovation and development opportunities to build market share and grow. For the full speaker schedule, click here. A one-day ticket for operators is £320 plus VAT while a two-day ticket is £575 plus VAT. Supplier tickets are £950 plus VAT for the two days. Propel Premium Club subscribers receive a 20% discount. To book, email: rmi@propelinfo.com.
Exclusive – Adam Fowle becomes new chair of Portobello Pubs & Bars: Adam Fowle, the former chief executive of Mitchells & Butlers (M&B) and Tesco Family Dining, has become the new chairman of Portobello Pubs & Bars, which is backed by private equity firm Zetland Capital, Propel has learned. Fowle, whose career also includes senior roles at EI Group and Le Bistrot Pierre, joined Portobello as a non-executive director earlier this spring. He will become the 21-strong company’s new non-executive chairman in the new year, with current chairman Mark Crowther moving to non-executive director. Crowther, who was appointed chairman of Portobello in autumn 2020, will remain invested in the company and a member of the board supporting the business going forward. The company told Propel that the move comes at an exciting time for the business as it continues its capex programme across its remaining uninvested estate. It said that returns on capex to date have been “very strong, along with market beating like-for-like performances in pre-Christmas trading”. Portobello is led by managing director Richard Stringer and chief financial officer Mayuri Vachhani. Earlier this week, Propel reported that Crowther, who is also currently chairman of Midlands pub company Pub People and Mountain Pub Company, had joined the board of Bath-based hospitality business Walcot Group as its new non-executive chairman to support the next stage of its growth. Last October, Crowther, the former chief executive of the Liberation Group, was named as chair of the Isle of Man-based Heron & Brearley. The Revel Collective in talks with ‘a significant number of potential acquirers’, rules out equity fundraising: The Revel Collective – the operator of 65 venues trading predominantly under the Revolution, Revolución de Cuba and Peach Pubs brands – has said it is in talks with “a significant number of potential acquirers” but has ruled out an equity fundraising. The company was giving an update on its formal sales process, having announced in October that it would conduct a strategic review of its options, including a sale. This in turn followed on from a restructuring plan which began in 2024, and which saw the company change its name from Revolution Bar Group “to signal a fresh start”. A statement said: “Since the launch of the formal sale process, the group has engaged with a significant number of potential acquirers of the businesses it operates. Presently, a number of credible parties are actively engaged in diligence and discussions with the group in relation to the group’s business and assets or the shares in certain group companies. At the current time, the transactions being contemplated would not be expected to deliver any return to shareholders. Negotiations are ongoing, with the continuing support of the group’s bank, however, there can be no certainty on the timing of any transactions. Furthermore, there can be no guarantee that these negotiations will result in any transactions. The option of an equity fundraising has been considered but the Board has concluded it does not have the necessary support for such a transaction.” At the time of launching the process, the company said a continued period of external challenges had impacted its business and trading performance. It said despite a satisfactory performance from Peach Pubs, overall group revenue for first quarter of its 2026 financial year was £26.3m, down 7.4% like for like compared to quarter one of 2025, primarily due to a 10.5% reduction in like-for-like sales in the group’s bar business.
Drake & Morgan reports like-for-like sales ahead of last year as it prepares to deliver a third consecutive record Christmas: Drake & Morgan, the London bar and restaurant group backed by Bowmark Capital, has reported like-for-like sales are ahead of last year as it prepares to deliver a third consecutive record Christmas. It said current year performance is “resilient”, with like-for-like sales up 15% for the five-week festive period against the same period in the prior year. It comes as the business reported turnover of £44.5m for the year to 30 March 2025 – in line with the prior year on a 52-week basis (£45.5m 53 weeks to 31 March 2024). Adjusted Ebitda was £4.7m; (£4.4m 53 weeks to 31 March 2024). Chief financial officer David King said: “The results for the year to March 2025 highlight the resilience of the business despite a challenging first half of the year, marked by unseasonably wet weather and one of the coolest summers in nearly a decade, affecting trading across our outdoor terraces. Adjusted Ebitda increased to £4.7m driven by easing inflationary pressures – most notably reduced energy costs – together with the positive impact of ongoing cost-saving initiatives. We are especially proud to be recognised as one of The Sunday Times Best Places to Work for the second consecutive year – an achievement that speaks to the passion and commitment of our people. Since the year end, trading has outperformed the prior year, and we are set to have another record-breaking Christmas, with many of our bars once again achieving record days and weeks. The board remain confident in the business and is optimistic for the year ahead.” Manchester Arena operator among defendants ordered to pay almost £20m in damages to terror attack survivors: Manchester Arena operator SMG is among several defendants ordered to pay almost £20m in damages to survivors of the terror attack at the venue in 2017. SMG, now known as ASM Global and acquired in 2024 by Legends Global, will pay out the sum with fellow defendants responsible for the safe and secure running of the Ariana Grande concert, including Greater Manchester Police, British Transport Police and security provider Showsec, reports The Daily Mail. The total amount to be paid of £19,928,150 was agreed at a hearing yesterday (Thursday, 18 December) at the Manchester Civil Courts of Justice. A total of 16 youngsters, all aged under 16 at the time of the attack, will receive amounts ranging from £11.4m to £2,770. Judge Nigel Bird said, some suffered “catastrophic” and life changing injuries, while others suffered psychological damage from witnessing the suicide bomb attack which killed 22 people. A public inquiry into the bombing found that chances to stop the attack had been missed along with “serious shortcomings” in security and individual failings. Following the hearing, claims by another 352 people will now be agreed between lawyers for the defendants and the claimants. The four organisations have apologised to the bereaved families and to the survivors, lawyers for the claimants said, and have acknowledged their failures. Martyn’s Law, named in memory of one of the victims, Martyn Hett, has since been brought in to better protect public venues from terror attacks.
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