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Morning Briefing for pub, restaurant and food wervice operators

Thu 8th Feb 2018 - Update: New Revolution ceo, Ei Group trading and Goals new ceo
Revolution Bars Group announce Rob Pitcher a new chief executive: Revolution Bars Group has announced the appointment of Rob Pitcher as its new chief executive. The joining date will be advised in due course. The company stated: “Rob has over 25 years’ experience within the hospitality sector, most recently as a member of the executive committee of Mitchells & Butlers (M&B) as divisional director restaurants responsible for the Harvester, Toby Carvery and Stonehouse brands. Prior to joining M&B, Rob held senior positions at many other leading hospitality companies including: Bramwell, Stonegate, Town & City, Laurel, Spirit and Scottish & Newcastle Retail. Following Rob’s appointment, Keith Edelman will revert to his previous role as non-executive chairman.” Keith Edelman said: “We have undertaken a wide-ranging and exhaustive search for a new chief executive with extensive relevant experience to take the company to our next stage of growth. Rob Pitcher’s proven operational experience and leadership qualities with considerably bigger companies will enhance the ongoing development of the Revolution and Revolucion de Cuba brands. The board looks forward to working with him.”

Ei Group reports 0.5% net income growth in tenanted estate: Ei Group, the largest owner and operator of pubs in the UK, hay published its trading update for the 18 weeks to 3 February 2018. This update coincides with the Annual General Meeting of EIG which will be held at 11.00am today at its registered office. The company stated: “We have made a steady start to the financial year with our leased and tenanted estate reporting like-for-like net income growth of 0.5% in the 18 weeks to 3 February 2018. Whilst market conditions and unhelpful weather have had some impact on our performance this year, we are continuing to make progress with our plans. We continue to invest in our leased and tenanted business in order to both improve estate quality and drive income growth by working closely with our publicans and sharing our growing expertise gained from our managed operations. We have continued to convert selected pubs from our leased and tenanted business to our managed estate, which now comprises 291 pubs, and we expect to convert a further 75-100 pubs to managed during the remainder of the current financial year. Pubs that have traded as managed pubs throughout both the 18 weeks to 3 February 2018 and the prior comparative period delivered like-for-like sales growth of 6.8%, aided by a particularly strong performance from beer sales. Where appropriate, and in agreement with our publicans, we convert leased and tenanted pubs to free-of-tie agreements on common commercial property terms. We expect to grow the number of such sites from 331 as at 30 September 2017 to between 375 and 400 by September 2018. Pubs that traded as commercial properties throughout both the 18 weeks to 3 February 2018 and the prior comparative period delivered like-for-like net income growth of 4.6%. On 21 November 2017 the board approved the return of £20 million to shareholders via a share buyback programme. To date we have purchased and cancelled 6.86 million shares at an average price of 141.9p.” Simon Townsend, chief executive, said: “The year has started in line with our expectations, with growth being maintained across all three of our operating businesses. Market conditions for pubs are challenging but, despite these headwinds, we remain confident that the execution of our strategic plan is the best route to shareholder value creation and we are on track to deliver our plans for the year as a whole.” 

Goals unveils new chief executive: Goals, the operator of outdoor small-sided soccer centres with 49 sites, including three in California, USA, has hired Andrew Edward Anson as chief executive with effect from 23 April 2018. He replaces Mark Jones who has become Carlucico’s chief executive. The company stated: “Andy brings a wealth of experience in consumer-facing industries and is a leading figure in the world of sports and leisure in the UK and internationally. Mr Anson has significant expertise in operational strategy, consumer marketing and sales, corporate business development and a strong track record in developing partnerships. He has held senior roles at The Walt Disney Company, at Channel 4 in the UK, was the commercial director for Manchester United plc and served as the chief executive for the England 2018 FIFA World Cup bid and ATP Europe. More recently, over a five-year period from 2011, whilst chief executive of Kitbag Limited, an e-commerce focused, multi-channel sports retail business, he successfully led its recovery in profits, significantly grew its revenues and oversaw its successful sale to Fanatics Inc. During 2017 he has been Global President, Teneo Sports. In order for the company to increase strategic emphasis on the development its North American Joint Venture business and international prospects, the board has agreed to a reallocation of board responsibilities. Whilst Nick Basing will remain a non-executive director of the plc board, he will hand over, with immediate effect, the responsibilities of chairman, on an interim basis, to Michael Bolingbroke the senior independent director, until a new non-executive chairman is appointed. This will allow Nick Basing, in due course, to increase his focus and devote time to his role as chairman of the company’s Joint Venture with City Football Group and further its international growth prospects.” Nick Basing, chairman said: “We are delighted that Andy is joining the board to lead the business in its next phase of development. After a very thorough process, Andy is the standout candidate to take Goals forward. Andy has an ideal blend of leadership skills, a passion for football and proven expertise in modernising businesses. We are confident that Andy’s skillset will contribute to the future delivery from Goal’s investment led recovery strategy. I am looking forward to spearheading the company’s strategically important development of Goal’s US based Joint Venture with City Football Group. I am also delighted to be continuing on the plc board to see through the company’s recovery strategy, put in place in 2016, which has already delivered significant improvements.” Andy Anson, incoming chief executive, said: “I am excited to be joining Goals at this time. I look forward to working with the very experienced board and the team at Goals to drive the business forward over the coming years. Strong foundations have already been laid and I welcome the opportunity to build on these and to explore new opportunities for growth.”

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