Six By Nico restructures and refinances, decides not to proceed with crowdfunding campaign which raised £2.5m: Six By Nico has restructured and refinanced and decided not to proceed with a crowdfunding campaign which raised £2.5m. The concept, which was founded by chef Nico Simeone in 2017, opened the fundraise to the public in August, having raised more than £1.5m from early investors. Six By Nico, which has grown to 16 restaurants after opening in Bristol last year, then closed the campaign in September after securing £2.531,829 from 5,221 investors. Writing about post year end events in the company’s accounts for the year to 29 June 2025, Simeone said: “During summer 2025, the group launched a crowdfund equity campaign to explore a potential capital raise aimed at accelerating strategic opportunities, reducing bank debt and giving loyal customers the opportunity to own a part of the business. While the campaign generated meaningful interest and engagement from the consumer investor base, the board concluded that the level of capital available did not meet the threshold required to efficiently execute the intended deployment plan and therefore elected not to proceed. The campaign provided valuable external sentiment insights and reinforced brand strength across the customer community. Given the end of our crowdfunding ambitions, the board have decided to de-register the group as a plc and re-register as a limited company. This change was enacted in December 2025. On 27 June 2025, the group undertook a corporate restructuring to simplify the operating structure, streamline governance, improve capital discipline and create a more efficient platform for future growth. This move allows all the group’s operational efforts and investment to be focused on the core value engine of the Six By Nico brand. This restructure has resulted in non-core brands – Somewhere by Nico, Beat 6, 111 by Nico, Sole Club, Tan&NS, Valaria and Home X – being transferred out of the primary trading spine of Sixco into two new intermediary entities. Following the year-end, the group refinanced and extended its existing lending facilities with ThinCats Bank for a further 12-month term. The lender is fully informed of the restructuring activity undertaken in June 2025 and continues to support the group's strategic direction. This refinancing provides stability and headroom as the group focuses on operational efficiency, margin protection and measured growth.” It comes as the group reported revenue of £47,948,000 for the year (including £7,774,999 from exceptional items and discontinued operations), compared to £42,844,000 in 2024 (including £6,435,000 from exceptional items and discontinued operations). A pre-tax profit of £3,717,000 included £1,045,000 from exceptional items and discontinued operations, compared to £1,274,000 in 2024, which included a £3,584,000 loss from exceptional items and discontinued operations. Ebitda was £6.8m (16.9%) compared to £8m in 2024 (20%). Simone added: “The financial year reflected both operational progress and the impact of wider economic headwinds. Management focused on cost control, labour planning and menu engineering to mitigate margin pressure arising from statutory wage and tax changes, alongside general inflationary pressures across the supply chain. Revenue from continuing operations increased to £40.2m, reflecting the continued expansion of the Six by Nico estate, a full year contribution from sites opened in the prior period and the opening of the Bristol restaurant during the year. Demand for the group's fixed-price experiential dining proposition remained strong despite a more challenging consumer backdrop. The group continued to generate a strong level of Ebitda, demonstrating the resilience and cash-generative nature of the Six by Nico model across a more demanding trading environment. Exceptional and discontinued operations profit of £1.3m primarily relates to restructuring and realignment of the group’s operating model. Capital expenditure during the year totalled £2.5m (FY24: £8.3m), primarily reflecting investment in the new Bristol restaurant and a material investment in updating the original Edinburgh restaurant, plus ongoing enhancement of the existing Six by Nico estate that now comprises 16 operating units. As at 29 June 2025, total assets were £37.3m (FY24: £39.6m) and total liabilities amounted to £39.3m (FY24: £39.3m), resulting in negative equity of £2.1m (FY24: +£0.3m). The board is confident that the group enters the next financial year structurally stronger, operationally streamlined and with a clear strategic focus on driving sustainable profitability.” Dividends of £5,421,000 were paid (2024: £1,252,000). Propel revealed last month that the group is to convert its site in Manchester’s Spring Gardens into a new concept called Lennox.

SSP appoints new chair: SSP Group, the UK operator of food and beverage outlets in travel locations worldwide, has hired a new chair. Andrew Martin has been named as chair, effective from 1 June, and will also assume the role of chair of the nomination committee. Andrew succeeds Carolyn Bradley, who has served as interim chair since January. Bradley will remain on the board as senior independent director. Martin is currently chair of Intertek Group, a FTSE 100 company, and is stepping down at the end of May after more than five years in the current role and ten years in total as a non-executive director. He was previously chair of Hays and has also served as a non‑executive director of easyJet and John Lewis Partnership. Martin held board-level executive roles at Compass Group from 2004 to 2015, including group chief operating officer for Europe and Japan, and group finance director. Prior to that, he was group finance director of First Choice Holidays. He said: “I am delighted to be joining the board of SSP as chair. The company operates in an attractive industry and has a strong business model with clear opportunities for value creation.” Bradley said Martin brings “extensive experience in finance, execution, governance and corporate stewardship, along with a proven track record of board leadership”. She added: “He also has deep sector knowledge underpinned by his tenure at Compass. The board believes his expertise will be invaluable as we pursue opportunities to accelerate performance and create shareholder value.”

Pasta Evangelist signs development agreement with Wendy’s franchisee: Pasta Evangelists has signed a multi-restaurant development agreement with Champion Brands, the umbrella vehicle which also oversees Blank Table, a franchise of US brand Wendy’s. The first site under the new agreement will open later this year in Cambridge. Champion Brands is led by brother and sister Zee and Zahrabibi Kachra. Zee Kachra said: “The new franchise entity Tavolo Bianco sits under the holdco umbrella, Champion Brands for which we continue to diversify our interests. Thanks to all involved in finalising this deal, but especially to Alessandro Savelli (Pasta Evangelists co-founder), who showed me the current operating estate and the impeccable factory in London after I cold-messaged him on LinkedIn last year!” The company currently operates from more than 50 restaurant and local food delivery locations across the UK. In 2024, Pasta Evangelists opened its first restaurant site, in Richmond, south west London, after initially building an estate of 47 takeaway units. Blank Table opened its 11th Wendy’s at the Merry Hill shopping centre, in the West Midlands, at the end of last year. 

Labour urged to rethink plans to hike the minimum wage as youth unemployment soars: Labour has been urged to re-think minimum wage rises amid growing evidence that they are contributing to soaring youth unemployment. The jobless rate already stands at 5.2%, a five-year peak. It means unemployment is now even higher than in Italy, where figures yesterday showed it has fallen to 5.1%. Bosses and experts say Labour’s national insurance hikes and wage policies are to blame for rising joblessness – with young people the worst hit, reports the Daily Mail. Ministers have committed to increasing the minimum wage paid to 18 to 20-year-olds to the same level as that received by adults, but that is making employers reluctant to take a chance on new starters. New analysis by the Institute for Fiscal Studies (IFS) showed the costs of taking on workers in this age group had risen by nearly 20%. That will double to over 40% if it presses ahead with its plan to make the pay rates equal. “Given the government’s concern and given what we’ve already seen in terms of falling rates of employment for young people, this is something that we definitely need to watch out for,” said Nick Ridpath, research economist at the think-tank. “This is something that’s particularly important because this group has been the subject of a lot of focus in recent months. There’s been a lot of discussion about young ‘neets’ [people who are not in education, employment or training]. This is something that we think might cause particular scarring for these groups if they don’t get the attachment to the labour market they might need going forward.” It comes after youth unemployment recently hit an 11-year high of 16% and the number of 16 to 24-year-olds classed as not in employment education or training climbed to nearly a million. Firms with large numbers of younger workers are struggling because the national minimum wage, which applies to 18 to 20-year-olds, is climbing sharply. At the start of last year, it was £8.60, but after an increase in April and another hike next month, it will be £10.85. The national living wage, which applies to workers aged 21 and over, will be £12.71, having been £11.44 at the start of last year – a smaller rate of increase.