Exclusive – JKS Restaurants turnover up 22% driven by new openings and ‘continued brand strength’: JKS Restaurants reported a 22% increase in turnover to £72,572,655 for the year to 31 March 2025 (2024: £59,582,043) and saw its pre-tax losses “significantly” reduce – which it said reflected “sustained demand” across its portfolio, the contribution from new site openings and “continued brand strength in core markets”. The company, which at the period end operated 31 sites across the UK, Middle East and US, reported adjusted Ebitda in the year increased to £10,200,622 (2024: £7,372,783), equating to growth of 38.4%. The business said its pre-tax losses reduced significantly to £1,314,566 (65-week period ended 31 March 2024: £5,107,448), demonstrating “continued progress towards sustained profitability”. Convertible loan notes totalling £31,750,000 were converted into equity in April 2024, which it said significantly improved the group’s net asset position and reduced external debt. During the period, the group continued to expand its portfolio in the UK and international markets through partnership and franchise arrangements, “strengthening its presence in key global hospitality markets.” The group opened the following restaurants in the period: Little Berenjak, Soho Farmhouse, Oxfordshire; Berenjak Sharjah, UAE; Ambassadors Clubhouse, Mayfair, London; BAO City, London; Berenjak Doha Souq, Qatar; Berenjak at DUMBO House, New York; and Berenjak Doha Al Maha, Qatar. In May last year, the group ceased operations at Lyle’s restaurant following the departure of James Lowe. Subsequent to this, JKS Restaurants acquired Lowe’s equity interest. In July 2025, the group disposed of its shareholding in Bao London to The Lo & Behold Group, a Singapore-based hospitality group. In December 2025, the business disposed of its shareholding in the three-strong JKS Pubs to the Dom Jacobs-led Ardent Pubs. Post year end, the group continued to expand its portfolio, with Speedboat Bar opening in Notting Hill in July 2025, followed by Legado in Shoreditch in August 2025, Plaza Khao Gaeng at Borough Yards in November 2025 and Hoppers Shoreditch in February 2026. In December 2024, JKS entered into an agreement with MGM Resorts International for the opening of a Gymkhana restaurant at the Aria Hotel in Las Vegas. The restaurant subsequently opened in December 2025. Last month, Ambassadors Clubhouse commenced trading in New York. 

Propel launches Unlimited Plus option for Premium subscribers: Propel has launched a new Premium Unlimited Plus option for Propel subscribers. The Unlimited Plus option, which costs £1,995 plus VAT per annum, has some amazing additional benefits to the unlimited option, which costs £995 plus VAT. Subscribers get four free tickets to Propel’s paid-for conferences – Excellence in Pub & Bar (19 May), Operational Excellence (9 July) and Talent & Training (15 October) – and the opportunity to run one free sponsored message or situation vacant notice during the year on the newsletter. Existing subscribers can upgrade immediately if they want and the clock starts again on their year. The additional benefits are worth circa £2,500. Propel managing director Paul Charity said: “The Premium subscription is like a loyalty club, and these additional benefits are a response to the requests for a fuller package of benefits. Existing subscribers can upgrade straightaway – and their year’s membership re-starts. We have held the price of Premium membership for four years whilst adding benefits. Existing price points and benefits carry on – this is simply a chance to enjoy even more benefits.” Email: kai.kirkman@propelinfo.com to sign up for Premium. 

 

Propel Premium Opinion – ‘BrewDog is one of the most enormous capital destruction exercises in living memory’: Propel reported yesterday (Saturday, 21 March) that BrewDog will leave secured and unsecured creditors with circa £485m in unpaid debt. In a Premium Opinion Special at 4pm tomorrow (Monday, 23 March), Propel founder Paul Charity will give his views on what went wrong at BrewDog. “BrewDog is one of the most enormous capital destruction exercises in recent memory,” he writes. Email kai.kirkman@propelinfo.com to subscribe to Propel Premium. 

Merlin to open Minecraft World at Chessington World of Adventures: Merlin Entertainment is to open a Minecraft attraction at UK theme park Chessington World of Adventures next year. Concept images of the £50m Minecraft World project show plans for a rollercoaster, dining areas and interactive exhibits inspired by the video game. Merlin, which also owns Alton Towers and Thorpe Park, said it chose Chessington, about 35 minutes outside London, to cater to international and local visitors. In November 2024, the company entered into a global strategic partnership with Mojang Studios, the creator of Minecraft, to bring the adventures to life through immersive and interactive entertainment attractions in fixed locations around the globe. Merlin said at the time it would be investing in excess of £85m in the first two attractions, which would be launching in the UK and the US. The company did not give new details on a US version of Minecraft World. Angela Jobson, senior vice president of Global Brand, Merlin Entertainments, said: “Minecraft World will allow friends and families to play, explore and craft together on a truly epic scale. Working closely together with Mojang Studios, we are meticulously creating an authentic world that the global community of Minecraft fans will want to immerse themselves in and experience the game in a whole new way.”

Majestic Wine owner Fortress plans sale of retailer: The backer of Majestic Wine, owner of Enotria and Vagabond Wines, is drawing up plans to offload the retailer nearly seven years after its operations were bought out of its London-listed parent company. Sky News reports that Fortress Investment Group, which took control of Majestic Wine in 2019, is in the early stages of preparing to launch a sale of the business. Rothschild is being lined up to handle a process, although sources cautioned that a formal auction might not get underway for some time. Majestic Wine is Britain’s biggest specialist wine retailer. The chain, which has a network of more than 200 stores across the UK and Jersey, employs in excess of 1,000 people. People close to Fortress said Majestic Wine had undergone an ambitious transformation programme since the acquisition, with new store openings, improvements to product ranges and an expansion of the brand’s online presence all having been prioritised. Two years ago, Majestic acquired Vagabond Wines out of administration, for an undisclosed sum. It also operates the brand Enotria, which it bought last year. Through Enotria and its commercial business, Majestic Wine has become one of the largest wine and spirits suppliers in the UK, partnering with gastropubs, bars, restaurants, hotels and other hospitality venues.

Former Benito’s Hat CEO to close Flat Earth Pizza site: Flat Earth Pizza, the ‘wild pizza’ concept from former Benito’s Hat chief executive Rich Baker and Sarah Brading, is to close its sole site next month after seeing 30% of its turnover lost to government taxing. The business, which started as a pop-up in 2019, opened a permanent site for its meat-free pizza offer in Cambridge Heath, in east London, in 2022. Brading said: “After six and a half sweat-busting years, Rich and I have decided to call time on Flat Earth. What started as a little pizza pop-up in 2019 will end having been a full-fledged restaurant for the past four years (almost to the day). Being busy these days is just not enough! With over 30% of our turnover being taken away through central and local government taxing and ever spiralling operating costs, yet another goose dies, having laid its last golden egg. It’s gone from stressful-in-an-expected-way too stressful-in-a-can’t-sleep kind of way. That’s no fun for anyone. The hardest part of all this (aside from making the decision itself) was telling our loyal, brilliant team. We couldn’t have asked for a kinder, more understanding response. It’s not all doom and gloom; we’re unbelievably proud of what we’ve all built together and the impact we’ve had. So, this is our one month’s notice to you all before we hang up our pizza paddles. We’ll be closing our doors in mid-to-late April, with the exact date confirmed very soon.”