Greene King CEO Nick Mackenzie and Merlin Entertainments co-founder lead investment in immersive entertainment concept The Lost Estate: Nick Mackenzie, chief executive of brewer and retailer Greene King, and Mark Fisher, co-founder of Merlin Entertainments, are among the investors in a first private investment round by immersive entertainment concept The Lost Estate. Based on the size of the equity stake and the scale of capital committed, the round implies a valuation for The Lost Estate approaching £10m. While the precise terms are confidential, The Lost Estate said the transaction underscores investor confidence in its long-term growth and financial performance. The Lost Estate, which combines high-end hospitality with live performance and theatrical storytelling, has grown more than 500% in the past three years and is on course to hit £20m in revenue in the current financial year, supported by a 30-person head office team and a freelance and part-time workforce of more than 200 across its two sites in London’s West Kensington and Peckham. Fisher has served as non-executive director of The Lost Estate since January 2025. Over a 25-year career with Merlin, Fisher played a pivotal role in scaling the company from a UK-based operator into one of the world’s leading location-based entertainment groups, overseeing the growth of global brands including Legoland and Madame Tussauds. As Merlin’s chief development officer, he led international expansion, creative development and site strategy across multiple continents – experience that aligns directly with The Lost Estate’s ambitions to scale its unique model of immersive culture. Joining him are a group of private investors, including Mackenzie, who is also a former managing director of Merlin’s Midway Attractions brand. At Merlin, Mackenzie oversaw more than 100 attractions worldwide, managing destinations such as the London Eye and Madame Tussauds, before taking the helm at Greene King in 2019. The funds will enable The Lost Estate to further realise its long-term growth plans – supporting expansion across the UK and into the US over the next five years. Alongside this, the company will invest in developing a new brand platform, launching in 2026, and in building out its internal marketing technology stack to strengthen audience insight and operational capability. The Lost Estate experiences include New York Jazz Age experience 58th Street, playing at its Peckham site and seasonal A Christmas Carol experience, The Great Christmas Feast, playing for its eighth consecutive year at its West Kensington site. Plans for 2026 plans include the first quarter launch of a new Parisian cabaret experience, Chat Noir!, a new late-night experience at 58th Street and a Manchester launch in the fourth quarter. Eddy Hackett, co-founder and executive producer of The Lost Estate, said: “Nick and Mark are an extraordinary fit for The Lost Estate: inspiring leaders at the forefront of the entertainment and hospitality industries, and passionate champions of our mission to unite immersive arts and commerce in defining the experiential hospitality category. I’m delighted to welcome them both as investors and to thank them for their commitment as we continue building unforgettable worlds – reaching more people, more often, in more places.” Fisher said: “The Lost Estate represents the very best of British creative entrepreneurship – a company that has built something genuinely new in live culture.” Mackenzie said: “What The Lost Estate is doing sits right at the intersection of culture, hospitality, and experience – it’s fresh, it’s exciting, and it’s got huge potential.”

Propel’s sector-leading guide to the UK’s 500 largest hospitality companies returns in January, to be made free to Premium subscribers on day of publication: The Propel 500 – 2026 report will analyse the companies leading the charge in hospitality, reporting on turnover, number of sites, and key staff. The guide will also include exclusive analysis to provide a full understanding of the market’s dynamics. Mark Wingett will delve into the mergers and acquisitions shaping the future of the top 500. Tim Street dissects the UK’s rapidly-developing franchise market and, as the experiential leisure sector becomes a cornerstone of modern hospitality, Katherine Doggrell will assess the rise of deals in the sector, as well as the shifts in the hotel industry. Data expert Mark Bentley, business development director at HDI, will look at emerging growth sectors and Meaningful Vision founder Maria Vanifatova will analyse the latest trends in the quick service restaurant market. Propel 500 – 2026 will be released on Friday, 9 January at 9am and will be available free to Premium Club subscribers. The report will be available to non-Premium Club subscribers for £595 plus VAT. 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 kai.kirkman@propelinfo.com today to sign up.

2025 is record year for no and low beer market: 2025 has been the most successful year on record for the no and low beer market, new research from the British Beer & Pub Association (BBPA) has revealed. While nearly 170 million no and low ABV beers were drunk last year, the trade association predicts that Brits will consume 200 million by the end of the year – with 22 million pints expected to be poured in December alone. This is an increase of nearly 20% on 2024 and reflects the sub-sector's growth, which now accounts for 2.7% of the UK’s total beer market. The BBPA said the boom has been made possible by the sector adapting to trends and producing more no and low options than before. Despite growth, the BBPA warned progress is being held back by the UK’s restrictive definition of “alcohol free”. Currently, a beer must be below 0.05% ABV to be classified as alcohol free, a stricter definition than many other countries where the limit is 0.5%. BBPA chief executive Emma McClarkin said: “No and low beer has become one of the sector’s greatest success stories, and its growth shows just how our well industry reacts and responds to emerging trends. That is why the government must recognise the importance of empowering people to make those choices. Updating the definition of alcohol free to 0.5% ABV would unlock new investment, bring us in line with international markets and give customers more options when they want to moderate. It is a win for everyone.” Clair Preston-Beer, Greene King’s chief operating officer, said: “Our research has found that lifestyle choices are prompting one in three pubgoers to moderate their drinking and select low and no alcohol alternatives when they are out.” The no and low category has witnessed volume growth of 750% since 2013.