No offer made for BrewDog in its entirety, no return to any equity holders: AlixPartners, the advisory firm appointed joint administrators to BrewDog UK entities, has said no offer was made for the Scottish brewer and retailer in its entirety and confirmed there will be no return to any equity holders, including that granted under the Equity for Punks scheme. Yesterday (Monday, 2 March), Tilray Brands, which began life as a pureplay cannabis producer and is currently the fourth-largest craft beer brewer in the US, acquired BrewDog’s worldwide intellectual property, UK brewing operations and a portfolio of 11 “premier and profitable brewpubs” – Birmingham, Canary Wharf, Dogtap Ellon, Dublin, Edinburgh DogHouse, Lothian Road, Manchester, Paddington, Seven Dials, Tower Hill and Waterloo – for £33m. AlixPartners was appointed joint administrators to BrewDog, BrewDog International, BrewDog Retail and Draft House Holding (collectively, BrewDog). It said the subsequent sale to Tilray preserves 733 jobs in the UK. US private equity firm TSG invested £213m in BrewDog in 2017, implying a unicorn valuation of at least $1bn, while some 220,000 shareholders in BrewDog, in the form of its “Equity For Punks”, invested £75m in total into the brewer and retailer. AlixPartners said: “No offer was made at any stage of the sales process, from any prospective bidder, which would have preserved BrewDog in its entirety. Regrettably, a total of 38 bars in the UK will close with immediate effect, leading to 484 redundancies. There will be no return to any equity holders, including that granted under the Equity for Punks scheme, from this transaction.” BrewDog’s 18 franchise bars in the UK and internationally continue to operate. Clare Kennedy, a partner and managing director at AlixPartners said: “We received significant interest in the BrewDog business from prospective buyers across both the trade and investment communities. In Tilray, we have secured a purchaser with a passion for craft brewing that will be an excellent custodian and sponsor of the business. Having done so, our priority now is to support, to the fullest extent possible, those people whose roles have been made redundant, and we would ask operators within the UK leisure sector who are in a position to assist to contact us.”

 

Barbs founder Nicc Wright to speak at first Propel Multi-Club Conference of 2026, open for bookings: Nicc Wright, founder of Barbs, the fast-casual Bajan restaurant concept, will be among the speakers at the first Propel Multi-Club Conference of 2026, which is open for bookings. Wright will talk about launching his first stand-alone site, why his business isn’t just about restaurants but “a movement to showcase what Barbados has to offer” and aspiring to be the next Nando’s. More than 450 people are registered for the conference, which takes place on Wednesday, 25 March, at the Park Plaza, Victoria. For the full speaker schedule, click here. Operators can book up to three free places per company while Premium subscribers who are operators can book up to four free places. To book, email kai.kirkman@propelinfo.com.

 

Premium Club subscribers to receive new searchable and segmented New Openings Database on Friday: The next Propel New Openings Database will be sent to Premium Club subscribers on Friday (6 March), at noon. The database will show the details of 141 site openings, including which company has opened a site or its plans to open one in the future. The database will have details on what type of site it is and its location, and there will also be a website link to the businesses. The database is published on a monthly basis and Premium Club subscribers will also receive a 9,156-word report on the 141 new additions to the database. It is segmented into seven categories – cafe bakery, casual dining, experiential leisure, fine dining, hotels, pubs and bars, and quick service restaurants (QSR) – making it even easier for users to search. The database includes new openings in the QSR sector by smash burger business Brgr Lab, Popeyes UK and Raising Cane’s, the third-largest chicken brand in the US. Premium Club subscribers also receive access to five other databases: the Turnover & Profits Blue Book, the Multi-Site Database, the UK Food and Beverage Franchisor Database, the UK Food and Beverage Franchisee Database and the Who’s Who of UK Hospitality. All Premium Club subscribers will be offered a 20% discount on tickets to Propel paid-for events and discounts on specialist sector reports. Operators that are Premium Club subscribers are also able to send up to four members of staff to each of our four Multi-Club Conferences for free. Premium Club subscribers receive their daily Propel Info newsletter 11 hours earlier than standard subscribers, at 7pm the evening before. They also receive videos of presentations at eight Propel conference events two weeks after they are held. This represents around 100 videos of industry insight over the course of the year. Premium Club subscribers also receive exclusive opinion columns every Friday at 5pm, which include the thoughts of Propel chief operating officer – editorial, Mark Wingett, and a host of industry leaders from across 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 kai.kirkman@propelinfo.com today to sign up.

 

Nordic firm bringing AI to professional kitchens raises £4.4m to support expansion to UK: FoodOp, a Nordic firm that aims to use artificial intelligence (AI) to make kitchen operations easier, has raised £4.4m to support expansion into the UK and US. The round was led by US venture capital firm MK Capital, with participation from existing FoodOp investor, The Footprint Fund. By combining “an intuitive interface with AI-driven automation”, FoodOp said it simplifies kitchen operations while reducing the administrative workload, food costs and carbon dioxide emissions through reduction of food waste. FoodOp has more than doubled its revenue and user base in each of the past two years and works with leading contract caterers and hotel groups. Today, more than 2,000 chefs across 700-plus professional kitchens use FoodOp daily. Among its early UK customers is family-owned contract caterer Thomas Franks, which operates more than 350 sites across the UK and Europe. Nichlas Saul, co-founder and chief executive of FoodOp, said: “Menu management systems are not new, but when 70% of kitchens still rely on pen and paper, it’s clear existing solutions haven’t been accessible and intuitive enough.”

 

Be Inclusive Hospitality opens applications for 2026 mentorship scheme: Be Inclusive Hospitality has opened applications for the 2026 Elevate Mentorship Scheme. Now in its sixth year, the six-month programme pairs independent black and ethnically diverse restaurant founders with senior leaders from some of the UK’s most established hospitality operators, providing tailored guidance. The scheme is designed to strengthen both commercial resilience and leadership confidence. Ten places are available for the 2026 cohort, which begins in May. The Elevate Mentorship Scheme has supported more than 150 hospitality professionals since its launch in 2021. Lorraine Copes, founder and chief executive of Be Inclusive Hospitality, said: “We all know that the restaurant sector is an especially tough area in which to succeed and thrive. Connecting emerging brand founders with those who are larger and more experienced feels like exactly what the industry needs right now to weather this storm. It is the large supporting the small in ways that are often immeasurable.”

 

Job of the day: COREcruitment is working with an experiential leisure business that is looking for an area manager. A COREcruitment spokesperson said: “The role will support multiple sites, drive performanc, and lead from the front. This is an opportunity for a proven multi-site leader from leisure, hospitality, or retail who thrives in energetic, customer-focused environments.” The salary is up to £60,000 and the position is based in London. For more information, email stuart@corecruitment.com

 

Chick-fil-A to make London debut this week: US brand Chick-fil-A, which made its return to England last year with an opening in Leeds, is to make its debut in London on Thursday (5 March). Propel revealed in April 2024 that Chick-fil-A had secured a site in Kingston-upon-Thames, in south west London, as it started building its opening pipeline here, acquiring the freehold of the HSBC site in Eden Street/Clarence Street. Chick-fil-A has chosen Conor Ashford as its owner-operator for the site. Each local owner-operator is responsible for all day-to-day activities of the business, including cultivating relationships with local organisations and businesses, and tailoring philanthropic efforts to meet the local community’s needs. Ahead of the opening, a spokesperson for the brand said: "Chick-fil-A launched in the UK in early 2025, opening two licensed restaurants in Belfast and our first locally owned and operated restaurant in Leeds this past October. We are excited to open our second locally-owned restaurant in Kingston – a community that shares our values for caring for people, caring for our communities and caring for others." Last autumn, Propel revealed the brand had submitted plans to open a site in Liverpool’s Lord Street. The openings are part of the company’s commitment to open five restaurants in the UK in the next two years and invest $100m in the market throughout the next ten years.

 

Bonbird begins building UK pipeline: City Restaurants Group, operator of the Afrikana brand, has begun building its opening pipeline for BonBird, the fried chicken brand, Propel has learned. Last spring, the business signed a franchise agreement with Dubai multi-brand operator Yolk Brands to launch BonBird into the UK. The deal marked the UAE’s largest franchise agreement by a homegrown quick service restaurant group to date. Under the agreement, the two companies planned to open 50 BonBird locations across the UK over the next five years, introducing the brand to Europe for the first time. Propel now understands that the business has lined up sites for BonBird in London’s Peckham and Kentish Town, while it is also in talks on a site in Brixton. Launched in 2023 by UK national Steve Flawith, founder and chief executive of Yolk Brands, BonBird is known for its east London-style community chicken shop vibe. BonBird currently operates sites across four countries in the Middle East and Asia, and the company said its foray into the UK marks the next stage of its global expansion.

 

New York City Italian-American restaurant Rao’s to head to UK for first international residency: New York City Italian-American restaurant Rao’s is to head to the UK for its first international residency. Rao’s will operate the four-month pop-up at Marine & Lawn Hotels & Resorts’ Rusacks St Andrews. Founded in 1896 in East Harlem, New York, Rao’s has remained a family-run business. Located in 114th Street, the restaurant is famed for its ten tables, each “owned” by generations of regulars or auctioned for charity, making reservations among the most coveted in the world. Overlooking the 18th hole of the Old Course at St Andrews, Rusacks St Andrews has 118 rooms and suites and three dining venues. From May to September, Rao’s will operate a seasonal, dinner-only restaurant service at Rusacks. While the official menu remains under wraps, guests can expect signature dishes such as meatballs, seafood salad, marinara and roasted peppers with burrata. Rao’s at Rusacks will take over the One Under Bar at Rusacks St Andrews, an underground dining space and bar. “Rao’s has always been about family, tradition and creating unforgettable experiences around the table,” said Ron Straci and Frank Pellegrino Jr, co-owners of Rao’s. “Bringing Rao’s to St Andrews for the first time in our history is incredibly meaningful to us. To share our southern Italian heritage in a setting as iconic and storied as Rusacks – overlooking the Old Course – allows us to introduce the spirit of Rao’s to a new audience while staying true to the warmth and authenticity that have defined us for nearly 130 years.”

 

Star Pubs launches first Just Add Talent pub in Cornwall as it makes record start to a year for new managed operator site openings: Heineken-owned Star Pubs has launched its first Just Add Talent (JAT) pub in Cornwall as it makes a record start to a year for new managed operator site openings. The company has reopened The Market Inn in Truro, after a three-year closure, and the £450,000 spent on the project is one of its biggest JAT site investments this year. Star Pubs will have invested £2.5m in 13 JAT pubs by the end of the first quarter. The refurbishment of the Market Inn also benefited from a grant from the New Life for City Buildings Project, which is funded by the Truro Town Deal. Like other wet-led JAT sites, The Market Inn’s focus is on offering an extensive drinks selection. Entertainment includes regular live music, an interactive quiz that people can play on their phones, and an onscreen interactive horse racing game. Mick Howard, Star Pubs operations director, said: “It’s great to have broken ground on so many JAT projects so early in the year and to open our first in Cornwall. The Market Inn is an outstanding building in a prime position next to The Hall of Cornwall. We have worked hard to ensure we respect the building’s listed status and its character so that when you enter you get a real sense of drinking in a classic Victorian city centre pub.” In January, Star Pubs said it is to roll out 35 new managed operator JAT sites in 2026. Star Pubs operates circa 220 JAT pubs among its 2,500-strong estate.

 

Popeyes confirms plans to launch in Ireland: Popeyes UK, the US fried chicken quick service restaurant brand backed here by TDR Capital, has confirmed plans to launch in Ireland, including a “megastore” in the heart of Dublin. Propel revealed last May that Popeyes UK was set to develop a unit in Westmoreland Street in Dublin city centre. The business has now announced it has secured the master franchise development agreement to operate the Popeyes brand in the Republic of Ireland. The first restaurant is set to open in Blanchardstown, Dublin 15, this spring. The company has secured a pipeline of additional restaurant openings across the country and said it would create up to 500 jobs in Ireland this year, with more to come as part of Popeyes’ longer-term ambitions to grow its Irish presence. The brand said its entry into Ireland builds on its “hugely successful” roll out across the UK, scaling to more than 110 sites – including two in Northern Ireland – having launched in the market in 2021 in London’s Westfield Stratford, a restaurant that remains one of Popeyes’ busiest sites globally. Tom Crowley, chief executive at Popeyes UK and Ireland, said: “Expansion into Ireland is a natural next step in our growth journey and builds on the fantastic progress we have made in the UK in the last five years, where Popeyes has established itself as one of the fastest growing quick service restaurant brands in the market. Ireland represents an exciting opportunity for us. We see significant long-term potential opportunities to grow our footprint and really tap into the local culture.” Propel revealed last week that Popeyes UK will open its first flagship restaurant in the capital this spring, in Tottenham Court Road, having secured the former Specsavers site at 6-17 Tottenham Court Road. 

 

Costa’s third-largest UK franchisee repays £5.9m bank loan, expecting to grow business in coming years: Costa Coffee franchisee, Gerry’s Offshore, which operates 35 sites in the UK and is the brand’s third-largest franchisee here, has repaid a £5.9m bank loan and said it is expecting to grow its Costa business in the coming years. It comes as the business reported turnover of £21,336,476 for the year to 30 June 2025, up from £20,368,266 the year before. The company reduced its operating loss from £792,011 to £492,033 but Ebitda fell from £473,366 to £198,198. No dividends were paid (2023: nil). As in previous years, the company said it had again restricted its growth in the period and focused on current operations rather than opening new stores. Director Anis Mohammad said: “The company will continue to review operations and invest to take advantage of growth opportunities, to build infrastructure to support long term growth and improve the customer offering to retain the market position. The company is expecting to continue to grow the Costa business over the coming years, generating cash flow and improving profitability.” Of a £5.9m secured through Habib Bank UK, £2.36m had been repaid at the year end, with the entire amount settled with the bank post year end. The final tranches of a £5.6m directors’ loan dating to 2022, to support store refurbishment and the development of drive-thru facilities, were paid post year end – £1.86m for the period up to December 2024 and £1.74m for the period from January to March 2025. The remainder of its scheduled refurbishments, including stores acquired from Coffee Snobs and South West Coffee in 2020, will take place this year.

 

Des Gunewardena’s new concepts to launch at Olympia over next few months: Des Gunewardena, founder of D3 Collective and co-founder and former chief executive of D&D London, will launch his new concepts at London Olympia over the next few months. Gunewardena first revealed in July 2024 that he was to invest £10m in a new restaurant, bar and events space at the venue’s Pillar Hall – which dates to 1886. The grade II-listed Pillar Hall will now reopen on Monday, 30 March, starting with 300-cover all-day restaurant and bar Idalia. Pepperbird bar, an intimate speakeasy-style bar inspired by Olympia’s musical heritage, will follow on Thursday, 2 April, while the 500-plus capacity Upstairs at Pillar Hall live music and event space will launch in June. Signature dishes at Idalia will include Herdwick lamb cutlet with courgette flower, sheep’s curd and romesco; whole wood-roasted turbot with shichimi togarashi butter, tatsoi and pickled daikon; and Lake District grass-fed porterhouse steak cooked over coals and served for sharing. Pepperbird, open Thursday to Saturday evenings, will operate on a guest list basis, while Upstairs at Pillar Hall will operate as an events space during the week and evolve into a restaurant and live music destination at weekends. Gunewardena said: “I’ve been involved with this project from the start, so it is exciting to be able to start welcoming guests in just a few weeks. We’re restoring the spirit of this extraordinary building for a new generation – creating a place where people can eat, drink, connect and be part of something remarkable and new.”

 

Karen Bosher joins Luminary Bakery as non-executive director: Karen Bosher, former chair of Greene King’s Venture Brands, has joined Luminary Bakery, the award-winning social enterprise empowering London’s most disadvantaged women to thrive, as a non-executive director. Bosher, who is non-executive director at independent south London pub group Livelyhood, spent nine years at Greene King and also previously worked at JJB Sports and Mothercare. Luminary Bakery was founded by Alice Williams and currently operates a site in Stoke Newington. The business said: “Karen brings plc board-level experience across retail and hospitality, alongside a strong track record of leading complex, multi-site organisations. Recognised as European Diversity Champion in 2022, she is deeply committed to inclusive, purpose-driven growth. With a belief that commercial rigour and social impact must go hand in hand, Karen’s expertise in governance and strategy will support the board as Luminary continues to strengthen its impact and expand its reach – empowering more women through training, employment and enterprise. We are thrilled to welcome Karen at this important stage in Luminary’s journey.”

 

Bubble tea brand Cupp set to open in Stevenage: UK bubble tea brand Cupp is set to open a new store, in Stevenage. Cupp will open in the Hertfordshire town’s Westgate shopping centre, offering premium bubble tea, coffee, bowls, sandos and sweet treats. Cupp currently has 33 UK locations and also launched a new Express format last year. The business, founded in 2012 in Bristol by Lee Peacock, is also expanding internationally. Cupp is currently preparing to open its first overseas store – in Hyderabad, India – part of an expansion deal for the country signed in March 2025. And last month, Cupp added a store in Dubai to its pipeline for this summer, which will be followed later this year by two launches in Scandinavia.

 

North east gym business OneGym to open 14th site: North east gym business OneGym is to open its 14th site. The company is investing £1.2m in the venue in Newcastle city centre. Located at Elden Garden, the 21,000 square-foot site is OneGym’s third new opening in the last year. Director Paul Pearson said: “Opening in Eldon Garden is a huge moment for us. Newcastle city centre has always been a key location for OneGym, and this investment reflects our confidence in the city. This is our 14th site and our third in the last 12 months, which shows the strength of our model.” The gym opens on Saturday (7 March). In October 2024, OneGym secured growth funding from ThinCats, giving it the “firepower and confidence to scale at pace”. OneGym said the funding enables it to acquire three or four sites per year.

 

Boss Pizza plans triple Merseyside opening: Franchise pizza concept Boss Pizza, founded during the covid pandemic by Ajmal Mushtaq, is planning a triple opening in Merseyside. The launches are set to start in April, with stores planned in Liverpool, Leigh and St Helens. Mushtaq said: “There has been a big cultural shift in consumer attitude to takeaway food in the past couple of years. Consumers are demanding higher quality food, more competitive price points as well as faster delivery. Boss Pizza is well placed to meet these consumer demands with our unique brand of fresh dough pizza.” The Merseyside expansion follows recent openings in Glasgow’s East End and Clydebank for the eight-strong business, with further stores due to open this spring in Derby, Milton Keynes, Hemel Hempstead and Oldham. Boss Pizza’s pipeline also includes locations in Nottingham, Sheffield, Luton and Rochdale. Mushtaq previously operated acclaimed Indian restaurant Mushtaqs in Hamilton.

 

Taro to open tenth site this week: Taro, the Japanese restaurant group, will open its tenth site on Thursday (5 March). Taro Crystal Palace will launch at 107 Church Road. The restaurant will offer 66 covers, inspired by the Japanese concept of Taishu Shokudo (an everyday dining room) and will serve all its signature dishes – from bowls of ramen and udon noodles to sushi, sashimi and tempura. Menu highlights will include gyoza (prawn or grilled chicken) and takoyaki crispy octopus balls with tangy tonkatsu sauce, and the Taro bento boxes, featuring a curated selection of Japanese classics served in traditional red and black bento boxes. The menu will also comprise a Crystal Palace special roll – a rainbow rolled sushi of salmon, prawn and yellow tail filled with asparagus, avocado and tobiko dressed with spicy mayo. Drinks will include hot and cold sake, Japanese beer and a rotating selection of soft drinks. The company said: “We are proud to be opening Taro Crystal Palace, marking our tenth restaurant in the UK. Japanese food is truly having a moment in the UK, and we are proud to be sharing the flavours of our home country with British diners.”

 

UK lifestyle aparthotel operator Native Places set to open four new sites in 2026: UK lifestyle aparthotel operator Native Places, which is owned by digital hospitality platform Numa Group, is set to open four new sites this year. The launches, across London and Edinburgh, will begin with Native Fulham Broadway this spring, featuring 41 studios, one-bed and two-bed apartments. A second London opening will follow in the autumn with Native Fitzrovia, offering 30 units. Also opening in the autumn is Native Edinburgh in Thistle Street, which will have 72 apartments while Native Leith will arrive in the Scottish capital this winter, offering 45 units. Native has also unveiled a refreshed 62-room Native Hyde Park in London. Native Places, which was acquired by Numa in 2024, has delivered 17% year-on-year direct revenue growth in the past 12 months. The business has also expanded its operational footprint, with total units increasing 30% year-on-year, supported by a “robust” forward pipeline. Philip Lassman, who last month joined Numa Group as managing director UK & Ireland, said: “This next phase of growth marks an exciting chapter for Native. Our 2026 openings, alongside the completion of Native Hyde Park, demonstrate our commitment to thoughtful, design-led expansion in locations where guests truly want to stay.” Numa has a presence in 15 countries and 37 cities, with a growing portfolio of 9,000 units. In the UK, its Native Places business currently has four locations in London and one each in Glasgow and Manchester.

 

Public House Group to open further site in London’s Notting Hill: Public House Group, the umbrella company from the team behind The Pelican in London’s Notting Hill and the Hero in Maida Vale, is to open an Italian restaurant called CeCe’s. Opening tomorrow (Wednesday, 4 March) at 123 Clarendon Road, in Notting Hill, the restaurant will be spread over two floors with a menu “rooted in classic Italian dishes, with a hint of Hollywood”. Olivier Van Themsche, who founded Public House Group with Phil Winser and James Gummer, said: “Initially, we looked at the space as it was once a pub, but we fell in love with the glamour and unique design. The surreal interiors and character hidden behind the copper door inspired us to create a restaurant that felt both current and exciting, while retaining the allure of traditional hospitality.” Gummer said: “We want CeCe’s to feel glamorous and fun – somewhere our guests can come to escape the day to day and transport them to a different place and time.” Public House Group also operates The Fat Badger in Golborne Road and The Hart in Marylebone in the capital.

 

Hotel group that won legal battle over housing asylum seekers at its Essex venue makes loss as hotel revenue halves: A hotel group that last year won a legal battle over the use of its Essex venue to house asylum seekers made a loss in the year ending 28 February 2025 as its hotel revenue was halved. Somani Holdings’ portfolio includes Best Western Roebuck Inn in Stevenage, Aubrey Park Hotel in St Albans, One Mill Street in Luton and The Bell Hotel in Epping. The latter property was subject of an attempted injunction by Epping Forest District Council last October after the hotel, which has been housing asylum seekers in spells since October 2022, became a “feeding ground for unrest and protest”. But in November, the High Court ruled in favour of Somani, saying while the hotel’s use was in breach of planning control, it was not a “flagrant” or “persistent” abuse. In the year leading up to the court case, Somani’s turnover dropped from £11,507,998 in 2024 to £7,325,166. This was mainly due to its hotel revenue being more than halved, from £8,575,318 in 2024 to £3,974,620. The company also made £3,350,546 from residential care home operations (2024: £2,932,680). The group’s pre-tax profit of £3,461,837 in 2024 turned into a loss of £550,958, while Ebitda decreased from £4.9m to £1m. No dividends were paid (2024: nil). Director Hassanali Somani said: “The group is focusing on consolidating its operations, revenue streams and increasing its portfolio of hotels, and the directors believe the group turnover and profitability will show an increasing trend over the coming years.”

 

Silver Tree Restaurants to launch sushi QSR concept, convert original Milk Beach location into wine bar: Silver Tree Restaurants is to launch a sushi quick service restaurant concept and convert the original location for its all-day Australian restaurant, Milk Beach, into a wine bar. Founder Elliott Milne launched the first Milk Beach restaurant in Queen’s Park, west London, in 2018, before adding a second site, in Soho, in 2022. The original Milk Beach location will have its last service on Sunday, 22 March, before closing for a full renovation and rebrand. Following this, the group will also launch a new takeaway sushi concept, inspired by sushi bars in Sydney and Los Angeles, in Soho in late summer. Milne said: “My dream has always been to have multiple concepts under one group, so this year will be an exciting step forward on that journey. Milk Beach Soho has become the identity of Milk Beach and embodies my vision for modern Australian dining and hospitality. While the concept was born in Queen’s Park and will always have a special place in the history of Lonsdale Road, it’s time to give the site a new identity. As a Queen’s Park local, I believe the area, and west London in general, needs a new kind of wine bar with an energy that doesn’t currently exist.”

 

PPHE Hotel Group to repurchase freehold interest of London hotel for £147.9m: PPHE Hotel Group has entered into an agreement to repurchase the freehold interest of the Park Plaza London Waterloo for £147.9m. In June 2017, following the group’s development and opening of the 494-room Park Plaza London Waterloo hotel, PPHE entered into the initial sale and leaseback transaction whereby it sold its interest in the hotel for £161.5m and entered into a 199-year lease, subject to an initial annual rent of £5.6m with future annual inflation adjustments. The annual rental obligation currently is £7.3m, rising in line with the retail price index. Of the total consideration of £147.9m, £136.5m is intended to be funded by a new debt facility that the group expects to finalise prior to completion and that will be secured on the freehold and long leasehold interest in the property. The remaining balance is to be settled from the group’s existing cash resources. Greg Hegarty, co-chief executive of PPHE, said: “We continuously assess and examine opportunities across the portfolio to help drive returns. At the time, the initial sale and leaseback represented an attractive opportunity to release capital from this asset to reinvest in our broader development pipeline. Similarly, the purchase of this freehold interest is a good use of capital, protecting the group from future rental uplifts, while increasing the freehold exposure in our portfolio. As freehold owner, we will have increased strategic optionality on refurbishment and development, as well as benefiting from potentially better financing terms and full asset value capture.”

 

East Midlands street food market concept Bustler to open new food and retail hub in Derby: East Midlands street food market concept Bustler has unveiled plans to open a new food and retail hub in Derby. The business, founded in 2017 as a monthly street food market, said the long-unused St James Yard site will be redeveloped into a two-level scheme built from more than 20 shipping containers. The project will include micro-restaurants, street food traders, bars, cafés, entertainment space and lifestyle and retail units, arranged around gallery walkways and communal seating areas. Bustler began as a street food market in Derby before expanding to open food halls in Derby and Nottingham. The company has focused on repurposing underused buildings into food and drink destinations. Andy Darke, operations manager at Bustler Market, said: “St James Yard is an incredible opportunity to use our experience and bring a neglected space back into use and create another reason for people to visit and stay in the city centre. We’re ready for this next iteration of Bustler. It really feels like the right idea, right location and right time.” Bustler is inviting applications from independent foodservice and retail operators to take space within the development.

 

Peel Hotels brings its four sites to market: Peel Hotels has brought its four hotels to market, as founder Robert Peels plans for his retirement. Peel has appointed Christie & Co to market The George Hotel in Wallingford, Oxfordshire, The Crown & Mitre Hotel in Carlisle, The Caledonian Hotel in Jesmond, Newcastle, and The Bull Hotel in Peterborough – which are available individually or as a group. With a career spanning more than six decades, Peel is widely regarded as one of the UK’s most accomplished hoteliers. Having started his career at 17 and trained in renowned European establishments, he has held senior leadership roles across some of London’s most prestigious hotels. In 1977, he was appointed chief executive of Mount Charlotte Investments, later overseeing its transformation, through significant acquisitions including the Thistle Hotels Group, into one of the largest full‑service hotel companies in the UK. In 1998, he founded the eponymous Peel Hotels. He said: “Having led one of the largest hotel groups in Europe, and then created Peel Hotels in 1998, the time has come for me to enjoy some well-deserved rest. I believe that Peel Hotels offers really traditional, high-quality accommodation, our food and beverage offering is one of the best across the markets we operate in, and our hospitality team is second to none. As I prepare to wind down my direct involvement in running hotels, I can see the appeal for growing groups and owner operators to purchase these hotels along with their wonderful teams to build upon what I have created over recent decades.”

Sri Lankan restaurant concept Coconut Island to make London debut for second site: Sri Lankan restaurant concept Coconut Island is to make its London debut for its second site. Originally founded in Brighton, Coconut Island has secured the former Bill’s restaurant in Angel, Islington, following a subletting agreement with Bill’s. The new restaurant is set to open next month. A spokesperson for Coconut Island said: “We’re thrilled to have secured our first London restaurant in Angel and look forward to bringing Coconut Island to the capital.” Shelley Sandzer acted on behalf of Bill’s.

Zima London team to launch new wine and vinyl bar: The team behind Russian street food bar concept Zima in London is to launch Sova, a new wine and vinyl bar specialising in wine from eastern and central Europe, in early April. The new bar will take over the space formerly occupied by Zima Notting Hill at 9 Blenheim Crescent and will have 40 covers spread between its counter-top, tables and a small, street-side terrace. The new site will focus on low-intervention and skin-contact wine produced in countries including Georgia, Armenia and Ukraine. A menu of Slavic-inspired sharing plates will accompany the wine. Zima’s site in Soho will mark its tenth anniversary this year.