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Wed 25th Mar 2026 - Update: Young’s to move to main market of London stock exchange in April |
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Young’s to move to main market of London stock exchange in April: Young’s has said it will move from AIM to the main market of the London stock exchange in April. Young’s first stated its intention to make the move in January, saying: “The company has grown considerably both in size and performance in recent years, as further evidenced by today's update on trading. The board believes that admission will enhance the company's corporate profile and appeal, including facilitating investment in the company by a broader group of UK and global institutional shareholders, reflecting the strength, resilience and growth potential of our business model and market position.” Admission is now expected on Tuesday, 28 April 2026, at 8am. The company’s ordinary shares will be cancelled from AIM trading at the same time, with the last day of trading on AIM being Monday, 27 April 27. This move involves an introduction of existing ordinary shares and does not include the offering of any new shares or securities. A statement said: “Admission will be effected through an introduction of the company’s existing ordinary shares and the company is not offering any new ordinary shares nor any other securities in connection with the proposed admission. Accordingly, the company hereby gives notice of the intended cancellation of trading of its ordinary shares on AIM in accordance with Rule 41 of the AIM Rules for companies. Such cancellation is not subject to shareholder approval. Shareholders should note that the ordinary shares will no longer be traded on AIM with effect from admission and should take their own financial and taxation advice regarding the consequences of admission. Further announcements will be made in due course.” At the time of first announcing the move, Young’s reported “very strong” trading over the Christmas and new year period, with like-for-like sales for the three-weeks to 5 January increasing by 11.2%, against a very strong prior year comparator. Total managed revenue for the 14 weeks ending 5 January was up 5.6% and, on a like-for-like basis, up 5.7%.
Premium Club subscribers to receive updated Multi-Site Database with 3,555 operators and 19 new companies on Friday: Premium Club subscribers are to receive the updated Multi-Site Database on Friday (27 March), at 12pm. The next Propel Multi-Site Database provides details of 3,555 multi-site operators and is searchable in seven main segments. The database features 1,026 (29%) casual dining operators, 806 (23%) pub and bar operators, 633 (18%) cafe bakery operators, 500 (14%) quick service restaurant operators, 293 (8%) hotel operators, 240 (7%) experiential leisure operators and 55 (2%) fine dining operators. The database is updated each month, and this edition includes 19 new companies. The database includes new companies in the casual dining sector such as Berkshire pizza concept Knead Neapolitan Pizza and Manchester ramen business Lucky Ramen. Premium Club members also receive access to five additional databases: the New Openings Database, the Turnover & Profits Blue Book, 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 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. A new Premium Unlimited Plus option, which costs £1,995 plus VAT per annum, has some amazing additional benefits including 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. Email kai.kirkman@propelinfo.com today to sign up.
Travelodge reports ‘solid start to 2026’ following a ‘strong second half recovery’ in 2025: Travelodge has reported a “solid start to 2026” following a “strong second half recovery” in the year to 31 December 2025. It reported revenue growth of +0.7% to £1,044.3m (2024: £1,036m) for the year, driven by contributions from new and maturing hotels, and continued good performance from its Spanish business. A strong second half recovery, following challenging market conditions in the first half, saw UK like-for-like revenue available per room up 1.8%, driven by positive events schedule and ongoing investments in customer proposition. Group Ebitda of £176.7m followed revenue growth and cost efficiencies “almost offsetting significant industry-wide inflationary pressures, including national living wage increases and uncapped rent reviews, following challenging first half market conditions”. Travelodge reported a solid liquidity position, with year-end cash of £113m, “balancing investment in the core estate with development”. It continued strategic investments in growth, quality and efficiencies, with over two-thirds of the room estate now featuring the company’s new look and feel (across refits and new hotels), alongside digital innovation and technology enhancements. Travelodge opened 21 UK hotels in 2025 across a range of leasehold and freehold models, including 12 freehold hotels that have been rebranded and fully refitted, four new leasehold hotels, and five leasehold rebrands; acquired an office building at Liverpool Street, London, for hotel conversion, with planning consent for St Paul's expected shortly and consents progressing for Liverpool Street; and exchanged contracts for two freehold developments in Spain. Its Spanish business continues to perform well, with revenue growth of circa 22%, including new hotels acquired in 2024, and Ebitda of £10.3m, with strong margins of approximately 29%. Travelodge also reported a “solid start to 2026 in traditionally smallest quarter”, with total revenue circa 3% ahead of 2025, “driven by outperformance against midscale and economy (MSE) hotel segment, new and maturing hotels, and continued good performance in Spain”. Chief executive Jo Boydell said: “Travelodge delivered solid financial results in 2025, with full year revenue growth driven by a good second half performance following challenging UK market trading conditions in the first half of the year. We saw good demand with occupancy significantly ahead of the MSE hotel segment; however, the market and Travelodge were impacted by softer rates across the UK, particularly in London, predominantly in the first half, with improved performance in the second half. Ebitda was impacted by significant industry-wide inflationary cost pressures, which were substantially mitigated by cost efficiencies and disciplined cost control. So far in quarter one, our traditionally smallest trading quarter, we have outperformed the MSE hotel segment in both London and the regions against a challenging market backdrop. We have also seen good event demand, including the Six Nations and Crufts, while our Spanish business has continued to perform well. Overall, total revenues for the quarter to date are circa 3% ahead of 2025 levels. Looking ahead, while we are monitoring the potential impact from economic and geopolitical uncertainty on consumer and business confidence, Travelodge's strong brand, direct distribution model and balanced customer mix position the group well for medium-term growth. Investments in both the UK and Spain are delivering results, and the group remains confident in the structural outlook for the budget hotel sector, supported by resilient fundamentals and an attractive supply backdrop.” The company added: “Cost pressures remain, with the cumulative impact of recent policy changes – including higher business rates, rising employment costs and new regulatory requirements – significantly increasing the cost base. Travelodge remains focused on managing inflation through its long-established cost efficiency programme, leveraging in-sourcing, technology, automation and innovation. The group expects gross cost inflation of 6%-7.5% in 2026, partially mitigated by its ongoing efficiency programme, to net cost inflation of 5%-6.5% (before new hotels), excluding any potential impact from current economic and geopolitical uncertainty. Looking ahead, Travelodge sees further growth opportunities, with a diversified pipeline of development opportunities in both the UK and Spain. The business continues to invest in growth, quality and efficiencies, while further expanding its presence through acquisitions and development opportunities. Travelodge's strong brand, direct distribution model and balanced customer mix position the group well for medium-term growth. Investments in both the UK and Spain are delivering results, and the group remains confident in the structural outlook for the budget hotel sector, supported by resilient fundamentals and an attractive supply backdrop.”
Merlin writes down value of Madame Tussauds by £262m: The group behind Alton Towers and the London Eye has written down the value of Madame Tussauds by £262m, as the 190-year-old attraction battles falling visitor numbers. Merlin Entertainments said the writedown on its famous wax museum business was a result of the “challenging macro environment, particularly in North America and Asia”, but said it was focused on “reinvigorating” the brand this year “in line with changing consumer trends”, reports The Times. “It is still a very successful brand, it’s just recognising we’ve lost some of the volume we had in its heyday,” Fiona Eastwood, Merlin’s chief executive, said. “The writedown is just an accounting to recognise the value, it is not an impact on cash.” She said Madame Tussauds, more than any of Merlin’s other brands, continues to be affected by the knock-on effects of the covid-19 pandemic, with sites in London, New York and Sydney relying heavily on international tourism, which she said is yet to fully bounce back. Merlin is planning to test new concepts and installations this year such as a new immersive Jumanji-themed ride. It will make its debut at Madame Tussauds outposts in New York, Hollywood, Las Vegas and Sydney in July. “Just like the Merlin Magic team delivered Minecraft and Legolands, this is very much in their wheelhouse in terms of how we innovate at Merlin,” Eastwood said. Merlin said it had 60.5 million visitors across the group in 2025, 2.3 million fewer guests than the year before, which it blamed on subdued consumer demand in a number of regions and intense competition. The decline in visitors was partially offset by an increase in spending by those who visited its attractions. However, total revenues for the 12 months to December 27 fell 2.8% to £1.99bn. While underlying revenues in Europe grew 1% last year, in the UK, sales were down 3.5% as visitor numbers fell 6.5%. Merlin said soft demand within the UK was most pronounced in London because of lower international visitors and consumers choosing free attractions. Eastwood has spent the last year restructuring the company, bringing together its three operating divisions, comprising 130 separate businesses, under one group to create a leaner operating model. The restructuring, which has led to more than 1,000 job cuts, has delivered £37m in cash savings, while a cost-cutting programme is expected to realise another £50m of annualised savings. Underlying adjusted profits grew 6.5% in the final six months of last year, against a 9.2% decline in the first half, resulting in an 0.7% increase on a constant currency basis over the full year. On a pre-tax basis, losses came to £426m in 2025, against a larger £492m loss a year before. The group ended the year with net debt of £3.8bn, much of which was inherited from when Merlin was taken private in 2019.
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