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Morning Briefing for pub, restaurant and food wervice operators

Fri 16th Feb 2018 - Update: Gino D’Acampo openings, Hop Stuff fund-raise, Stonegate et al
Individual Restaurants to open five Gino D’Acampo sites this year as total brand turnover nears £100m: Individual Restaurants has said it will open at least five sites this year under its joint venture with chef Gino D’Acampo as the company’s turnover approaches “£100m across all brands”. Manchester-based Individual Restaurants also operates the Piccolino and Restaurant Bar & Grill brands. The next Gino D’Acampo restaurant launch will be in Birmingham before the summer, followed by a venue in central London. The 8,000 square foot, 200-cover, all-day restaurant in Birmingham will open over two floors at a property in Temple Row and feature a prosecco bar, delicatessen, ice cream bar, open kitchen and a leisure space that will include a private bar, private dining and a games room featuring “posh bowling”. Individual Restaurants founder Steven Walker said: “We are delighted by our partnership with Gino as our business goes from strength to strength, with turnover now approaching £100m across all brands.” Last month, accounts for Individual Restaurants showed a turnover of £67m for the year ending 31 March 2017, up 7% on the previous year’s figure when it broke the £60m mark for the first time. The company said the record sales were driven by like-for-like growth of 1.8%, while it also generated its second-best Ebitda performance of £7m. 

Hop Stuff Brewery closes crowdfunding campaign after raising more than £780,000: Hop Stuff Brewery has closed its fund-raise on crowdfunding platform Crowdcube having raised more than £780,000. The company, founded by James Yeomans, exceeded its initial £400,000 target within 48 hours of launch. It has now closed the campaign with 1,030 investors pledging £780,050 in return for a 3.03% equity stake in the business. Earlier this week, Yeomans told Propel he was closing the campaign to secure funds required for a site in the City of London. Yeomans is in negotiations over a property in Farringdon, which he estimated could add circa £3m of revenue to the company annually. As previously reported by Propel, Yeomans is also in negotiations over a site in Greenwich, south east London, as he looks to add to taprooms in Woolwich and Deptford with a third launching in Ashford, Kent, next month. Yeomans said: “We want to open two more taprooms this year after Ashford so if both these deals come off that would be great – but it’s not critical. If we are able to secure both then in the second half of the year we would probably look at investing in our infrastructure and maintaining the current sites rather than acquisitions.”

Stonegate reopens Islington pub and jazz bar following highest capex project this financial year: Stonegate Pub Company has reopened The Famous Cock Tavern in Islington, north London, following a £600,000 refurbishment – its highest capex project this financial year. The venue in Upper Street has been relaunched with the addition of 1920s-themed bar Jam & Rye. The basement bar was previously under different ownership and had been closed for years until Stonegate added it to the footprint of the pub, creating a “themed bar of jazz and refined spirits”. Sports and craft beer remain at the heart of The Famous Cock Tavern, with seven high-tech screens, a range of craft and cask beer, and a menu focusing on sourdough pizza and tapas. Manager Carl Hufton said: “The previously closed underground bar has come into our fold this year and, while we’ve protected its music legacy, it’s a contemporary bar that meets the needs of a vibrant Islington. That’s only half of the story, though. Islington is socially alive all times of the day and we’ve invested as much in an upbeat Famous Cock Tavern, alive with neons, industrialised finishes, extended love of sport, craft beer, gin botanicals and, of course, urban-style food.”

Swansea city centre property let to Scottish & Newcastle sold for £1.57m: A Swansea city centre property let to Scottish & Newcastle has been sold by agent Savills on behalf of Quidnet Capital for £1.575m to a private property company, reflecting a net initial yield of 8.67%. Number 10 Wind Street is a freehold property comprising 32,698 square feet of leisure space over five floors. Currently let to Scottish & Newcastle and trading as Idols Bar, the property generates an income of £145,000 per annum. Located in a prime leisure pitch, the property is also in a strong student catchment area. Ross Griffin, investment director at Savills Cardiff, said: “The property is centrally located in the heart of the leisure offering of the city, ensuring its continued popularity.”

Latin American restaurant, wine bar and bodega concept Paladar launches in London: Latin American restaurant, wine bar and bodega concept Paladar has launched in London. The 50-cover venue has opened in St George’s Circus, Southwark, offering Latin American food, drink, art and music. The venue features a bar counter, an eight-seater chef’s table and an open kitchen. It will also host events, while a courtyard garden will open in the spring. The menu draws most inspiration from Colombia, Ecuador, Mexico and Peru, alongside Brazilian-influenced music and cocktails, Argentinian and Chilean wine, and Cuban and Nicaraguan rum and cigars. Chef Jose Rubio-Guevara’s menu is divided into five sections – Nibbles, The Sea, The Farm, The Land and Sweet Endings – while Latin American specialities are available to purchase. Paladar, which means “palate” in Spanish and Portuguese, is the brainchild of Charles Tyler, who was behind Malay-Asian restaurant Champor-Champor near London Bridge. He said: “When I first travelled around Latin America in 2013 I was blown away by the delicious local cuisine, the quality of the wine and spirits, the friendly people, and the energy and zest of the region. Ever since, the thought of showcasing the products and experiences I found was never far from my mind.”

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