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Morning Briefing for pub, restaurant and food wervice operators

Fri 3rd Feb 2017 - Brewhouse & Kitchen reports surge in sales and group Ebitda, shakes up board
Brewhouse & Kitchen reports surge in sales and group Ebitda, shakes up board: Brewhouse & Kitchen, the expanding brewhouse concept led by Simon Bunn and Kris Gumbrell, has reported overall sales grew by 76%, with an increase of £3.821m to £8.815m for the year to 6 April 2016. Trading across the like-for-like estate (five brewpubs) grew by 28%. Unit Ebitda was up by 173% to £1.935m, with overall group Ebitda up by £991,000 to £1.158m. The group’s brewery and academy revenues have gone from strength to strength, with sales of £470,000, a year-on-year increase of 101%. Food continues to be a key driver and the sales split to liquor has moved forward by another 2%, with some sites delivering food sales in excess of 50% of overall food and beverage. The company said margins improved for liquor and food through better controls and enhanced procurement with the larger-site portfolio. The company has also made a number of changes and new appointments to its board. David Maxwell Scott has joined as non-executive chairman and Kris Gumbrell, formerly executive chairman, has been made chief executive. The company has also appointed Simon Haworth as financial controller. He joins the company from Atlas Fine Wines. The company stated: “Brewhouse & Kitchen is delighted to report another strong year of development and progress for the brand. The group remains focused on delivering a unique and authentic guest experience, as well as acquiring and developing a first-class estate. While growing the group, there have been considerable improvements made to the brand, with a continued aim to be the foremost brewpub operator within the UK market.” Gumbrell said: “The guest is becoming ever more sophisticated and experimental when it comes to beer and Brewhouse & Kitchen is well placed as the go-to brewpub brand in the UK. We are incredibly pleased with these results, cementing a key period of growth for the group.”

Stonegate buys three Faucet Inn sites in Greater London: Stonegate Pub Company has acquired three pubs from Faucet Inn for an undisclosed sum. Stonegate has bought one freehold and two leasehold sites in Greater London – the Catcher in the Rye in Finchley, the College Arms in central London, and Compton’s in Soho. The acquisition is being funded from cash flow and, following the deal, Stonegate will have a 693-strong estate. Chief executive Simon Longbottom said: “This portfolio of pubs from Faucet Inn is an excellent bolt-on acquisition for Stonegate and further strengthens our presence in some key trading locations, enhancing our pub estate in Greater London. We have a strong track record in integrating, investing in and maximising value from the acquisitions we make and have every confidence that these pubs – and the teams within them – will thrive under Stonegate’s ownership. I look forward to welcoming our new colleagues into the enlarged group.” Stonegate has made a number of acquisitions in the past three years. In 2013, Stonegate acquired 78 sites from Bramwell Pub Company, while in 2015 it bought 15 sites from Maclay’s Inns as well as 52 pubs from Tattershall Castle Group. Most recently, Stonegate acquired 30 bars from Intertain in December as well as ten sites from JD Wetherspoon. Faucet Inn was advised on the latest deal by Davis Coffer Lyons.

D&D London to take second rooftop restaurant at Leeds development: Restaurant operator D&D London has taken space for a second rooftop restaurant at Hammerson’s recently launched Victoria Gate development in Leeds. Having already signed up to take a 725 square metre rooftop unit at the development, the 34-strong company has now taken a 500 square metre unit. The units will house two concepts due to open in the spring. The first is Japanese restaurant Issho, which means “together” in Japanese. It will offer a menu of fresh plates and “show-stopping sharing dishes” and feature a rooftop bar and terrace. The second concept will be Manhattan-style rooftop bar and grill East 59th, named after the address of D&D’s New York venue Guastavino’s. The all-day grill, bar and rooftop restaurant will feature a US-inspired menu and boast panoramic views across the city. D&D London chairman and chief executive Des Gunewardena said: “We are very excited to be opening two new restaurants in what is a spectacular rooftop space above the Victoria Gate shopping centre.” Hammerson head of restaurant and leisure Sarah Fox added: “It is a great result for Victoria Leeds’ dining offer that D&D has chosen to open a second restaurant. Both concepts provide a different and appealing offer.” D&D London owns and operates restaurants in London, Paris, New York and Tokyo and the 80-bedroom South Place Hotel in London. Its other venue in Leeds is fine dining restaurant Crafthouse and adjoining bar restaurant Angelica.

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