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Wed 21st Nov 2018 - Propel Wednesday News Briefing

Story of the Day:

Ei Group to look at monetising managed investments portfolio in 2020, ‘enough on plate’ to consider acquisitions: Ei Group chief executive Simon Townsend has told Propel the company has “enough on its plate” to consider making acquisitions and will look to monetise its managed investments portfolio in 2020. Townsend said the company was focused on investing in its existing estate, with £70m to £80m earmarked for the current financial year. He added the company would make further conversions to its managed business, with up to 60 planned for this year, but the tenanted business was, and would remain, the core of its 3,718-strong estate. The company exited its first joint venture in October when Oakman Inns and Restaurants bought Ei Group’s shares in Hunky Dory, which was formed in 2016. Townsend said: “Our plan is to continue developing the managed investments business, primarily with our existing 11 partners, although there may be another one or two that come on board. The programme has been created to monetise the value of those businesses when appropriate. Some of these businesses will be five years old in 2020 so we will look at the opportunity around then. In the meantime, we will continue to look to add sites to the portfolio through conversions. Acquisitions are not something we are looking at currently. I think we have enough on our plate. We are trying to generate organic growth through investing in the estate.” The company disposed of 174 sites during the year and Townsend said he expected that figure to fall further. He added: “We are seeing plenty of opportunities to convert pubs to an existing model. Therefore, that is leading to fewer pub sales, which is great for group Ebitda. We have 4% fewer pubs in the estate but the Ebitda level has remained the same as last year at £287m, which shows our strategy is working. We really want to keep most of the pubs we have now." Townsend said the company had decided to explore the sale of part or whole of its 412-strong commercial property business “having done its bit”, even though average net income increased 8.2%. He added: “We are simply a landlord generating a rental income stream so we are not providing beer or anything else. We now feel the most effective thing to do is consider monetisation of this estate. Funds from that would be used to reduce our debt, invest in our existing estate and some form of return to shareholders.” Of current trading, Townsend said: “The new financial year has started well and is in line with expectations. We are delivering on the strategy we started three years ago and will continue working to do so.” Townsend also implored MPs to support the draft Brexit agreement and added: “It was never going to satisfy everyone. Personally, I think this deal makes sense and the most pragmatic thing to do is accept it so businesses and consumers can get on with their lives and plans.”

Industry News:

Tim Martin to feature in latest video for Premium subscribers: JD Wetherspoon founder Tim Martin will feature in the latest 30-minute video for Propel Premium subscribers, which will be sent out on Friday (23 November). Speaking via video link at the People and Training Conference, Martin talks about sharing profits with staff, his management philosophy, the importance of having many of his ideas shot down, staff longevity and why he hasn't had a drink with his chief executive for 15 years. Premium subscribers receive regular video recordings of key speakers from Propel events and conferences. They have included sector investor Luke Johnson, Ceviche founder Martin Morales, City Pub Company founder Clive Watson, brand strategist Ian Dunstall, Chozen Noodle chief executive Matthew Kirby, Coaching Inn Group founder Kevin Charity, consultant James Hacon, Imbiba partner Darrel Connell, Sticks ‘n’ Sushi group chief operating officer Andreas Karlsson, Mowgli founder Nisha Katona, haysmacintyre partner Andrew Ball and Carluccio's chief executive Mark Jones. Propel Premium subscribers also receive their morning newsletter 11 hours early, at 7pm the evening before our 6am send-out, access to our database of 1,300 multi-site companies, and discounts to attend Propel conferences and events. Propel managing director Paul Charity said: “We plan to compile an invaluable library of senior leaders and advisors offering insights and advice, a resource Premium readers can tap into.” An annual premium subscription costs £345 plus VAT for operators and £445 plus VAT for suppliers – plus £50 each for additional team members. Email to sign up or call her on 01444 817691.

SBPA – new Scottish alcohol measures must be ‘targeted and proportionate’ to help nation’s pubs: The Scottish government’s new alcohol strategy – Alcohol Framework 2018: Preventing Harm – must include “targeted and proportionate” measures to help the country’s pubs, the Scottish Beer & Pub Association (SBPA) has said. Chief executive Brigid Simmonds said: “The SBPA and its members are committed to working with all stakeholders to continue to reduce the harmful use of alcohol. We believe partnership working is a key element to this and we are pleased this is recognised in the refreshed strategy. However, it is important measures are targeted and proportionate to ensure Scotland’s pubs continue to flourish. Encouraging investment and innovation in non-alcohol and lower-strength beers and other drinks is also an important way to support those seeking to moderate their consumption. In its strategy, the Scottish government has suggested it is considering options for mandatory restrictions on alcohol marketing in Scotland. As an industry, there is already a robust system of self-regulation in place, through the ASA and Portman Group codes, and drinking among young persons continues to decline. In Scotland, our industry supports nearly 60,000 jobs and contributes £1.73bn to the economy. It is also a crucial part of the nation’s tourism offer, with a visit to a traditional pub ranking third on the list of things tourists do when they visit. For these reasons, we are committed to working in partnership with the Scottish government to support our vital sector, while continuing to foster a culture of responsible drinking in Scotland.”

Asian Curry Awards winners revealed: The winners of the eighth Asian Curry Awards have been revealed, with Rajesh Suri’s Michelin-starred Grand Trunk Road in east London named restaurant of the year. The awards, organised by the Asian Catering Federation (ACF), were handed out at a ceremony at Grosvenor House, London. Dishoom in Shoreditch won the casual dining award, while Spice Village, part of the Grand Sapphire Group, was named best Asian restaurant chain. Zaman International in London’s Sportsman’s Casino won the international restaurant category, while best takeaway went to Mushtaqs in Hamilton, Scotland. The other award-winners were Thai Moom in Orpington (best Thai); Jin Li in London (Chinese); Hakkaland in Harrow (pan-Asian); Chad Rahman of Chez Mumtaz (chef of the year); Shabir Hussain of Akbor’s restaurants (curry king) and Vegetarian Food Studio in Cardiff (healthy eating). ACF chairman Yawar Khan urged restaurant owners to recognise and welcome customers’ changing dining habits and embrace the advantages of modern technology or “risk becoming another statistic”. Graham Corfield, UK managing director of main sponsor Just Eat, added: “The curry industry is a multibillion-pound sector thanks to the sheer hard work and dedication of every entrepreneur, restaurant owner, chef, waiter and delivery driver.”

Company News:

Crussh to open 12 sites next year after laying foundations for further growth: Crussh chief executive Shane Kavanagh has told Propel the company is set to open 12 sites in 2019 having laid the foundations for further growth. The company, which has made a move into workplace catering with an opening in the Minster Building in the City, expects to open six company-owned and six franchise outlets. Crussh agreed a franchise deal with the world’s largest services company, Sodexo, earlier this year, with a commitment to open at least 35 sites in the next five years across the UK and Ireland. The first of those outlets is due to open in early 2019 and Kavanagh said discussions were taking place about further locations. The company also opened its first site with UK-based transport hub foodservice specialist SSP this year, at Paddington station. Kavanagh said further sites under the partnership were set to open with another in London close to being agreed, while talks had taken place about launches at other rail and airport locations. Kavanagh said: “This is our 20th year and we have been laying the foundations in what has been a transformative year for the business. We made the decision to make the business more robust by moving away from the high street and also investing in our team and forming these various partnerships. We’ve opened five sites this year but we expect to do more than that next year.” Of the move into workplace catering, Kavanagh added: “We have been working on this one for a long time. More people are using flexible working spaces such as at the Minster Building and this allows us to take Crussh to the customer rather than them having to come to us. We’ve got a few more of these in the pipeline but nothing definite as yet.” Kavanagh said current trading was good and like-for-like sales were up in 2018 after a “tough previous year”. He added: “We are pretty flexible in terms of the space we can operate – our St Albans site is 4,000 square feet, while at East Dulwich it’s 200 square feet – but overall the sites are performing well.”

Aberdeen-based operator PB Devco invests in estate after falling to loss: Aberdeen-based operator PB Devco has invested in its estate after falling to a pre-tax loss after a “disappointing” year of trading. The company, which operates eight venues across the city, saw turnover fall to £5,323,004 for the year ending 31 March 2018, compared with £5,641,046 the previous year. It reported a pre-tax loss of £414,778 compared with a profit of £299,265 the year before, according to accounts filed at Companies House. In their report accompanying the accounts, the directors stated: “The directors are disappointed with the trading results for the year, which is the result of a downturn in the local economy, but are confident the company will return to profitable trading following investment in the company’s venues.” The number of employees at the end of the period increased to 174 from 163 the year before. PB Devco is shortly due to open its ninth site, a 1920s-themed “prohibition era” bar in a site in Union Street formerly occupied by The Filling Station. The Restaurant Group shut the venue in August 2016 when it closed 33 underperforming sites. 

Taco Bell lines up two more London sites to hit 30 in UK by end of year: Mexican restaurant brand Taco Bell, which will open two sites in London this month, has lined up two further venues in the capital. The company will open a restaurant in Hammersmith on Friday (23 November) on the same day as a launch in Doncaster, with another opening in Holborn a week later to take Taco Bell’s UK portfolio to 30 sites. The company has now announced it will launch a site in Croydon next month followed by a restaurant in Fulham in early 2019. Taco Bell’s London restaurants will feature open kitchens, local artwork and free Wi-Fi and phone/laptop chargers to encourage customers to stay and socialise. UK-specific menu items will include churros with dipping sauces. The Hammersmith restaurant will feature the same beer innovation as Taco Bell’s Las Vegas flagship restaurant, where beer fills in the cup from the bottom before being sealed with a magnet. Liz Williams, president of Taco Bell International, said: “We have had our sights set on London for quite some time and, as we continue growing internationally, we’re excited to bring Taco Bell to one of the world’s largest cities – and one of our most-requested markets. We’ve seen an overwhelmingly positive response to our UK restaurants and have ambitious plans for growth in London and the broader UK.”

Aiden Byrne to relaunch Manchester House: Michelin-starred chef Aiden Byrne has agreed a deal with private investors to take over Manchester House to continue the legacy built by late Living Ventures restaurateur Tim Bacon. The relaunch is being funded by investors with restaurant industry experience and the move follows Byrne’s 12 months at D&D London’s flagship Manchester restaurant, 20 Stories. Byrne left Manchester House to head up the kitchen at 20 Stories but announced earlier this month he was stepping down from his chef director’s role. Byrne told The Business Desk: “The success of 20 Stories has been unprecedented, raising the bar on the Manchester dining scene, and I can only give heartfelt thanks to D&D for the opportunity and support over the last year.” He added: “The history that connects me to Manchester House is personal and I truly couldn’t imagine anyone else at the helm for this reinvention. I’m hoping Manchester House will once again confirm itself as a staple on the Manchester dining scene, exactly where it belongs. I feel like this is the perfect time and place for me to continue my craft. I’m extremely excited by the opportunity. Manchester House has always been about pushing the boundaries, delivering a unique fine dining experience and staying true to that endeavour. It belongs to Manchester, an institution in its own right, and we want our customers to feel as if they belong here too. There will be changes but at the moment we are keen to get the restaurant open for trading.” Manchester House closed last month after being put into administration. The venue is due to relaunch in early December.

Jason Atherton to open first alpine outpost with debut Swiss site: Michelin-starred chef Jason Atherton is to open his first alpine outpost. Atherton will launch King’s Social House at Badrutt’s Palace Hotel in St Moritz for his debut site in Switzerland. The former King’s Club, which was the country’s oldest nightclub, is being transformed ahead of opening on Thursday, 6 December. The dining and dancing venue will evolve as the evening progresses into a nightclub with low lighting and bespoke design features. A mural by Swiss street artists Bane and Pest will be the venue’s centrepiece, while the menu will feature a mix of sharing plates and wood-fired meat and fish dishes. British influences such as Atherton’s pork pie trolley will combine with locally sourced, seasonal produce. The bar will serve champagne, punch, mulled wine and classic cocktails. Atherton said: “I love to ski with my family in St Moritz and have been going for as long as I remember. I enjoy the energy and excitement of skiing and want to echo this in a dining experience for customers that is somewhere they can socialise and integrate. The service, atmosphere and sharing plates on the menu encourage a sociable dining experience.” Richard Leuenberger, managing director of Badrutt’s Palace, added: “Much like the surrounding hotel, the aim was to create a spirited and interactive atmosphere that provides a sense of occasion. We are thrilled to be working with such a skilled chef and restaurateur and look forward to an eventful winter season.”

A Rule of Tum extends £400,000 crowdfunding campaign to launch two concepts: Herefordshire-based steak and burger company A Rule of Tum has extended its £400,000 fund-raise on crowdfunding platform Crowdcube to launch two concepts. Brothers Edwin and Dorian Kirk are offering 11.11% equity in return for investment, which gives it a pre-money valuation of £3.2m. So far, 249 investors have pledged £343,670 with 19 days remaining. A Rule of Tum operates The Bookshop restaurant in Hereford and two Burger Shop joints – in Hereford and Worcester – as well as a fledgling events division. The company will use the funds to buy both properties in Aubrey Street that house its Hereford venues, refurbish and relaunch all its restaurants, open a butcher’s shop and launch a small plates concept in an arch next to its Worcester site. The pitch states: “When we started A Rule of Tum in 2013, we had no idea what we had set out to do would resonate with so many people. A Rule of Tum has never been about creating a faceless chain – it’s about great food, individuality, building a community and inspiring change. During the past five years we’ve constantly invested back into the business and our community – opening restaurants and our annual food festival – leading to our highest annual turnover of £1.6m to the year ending March 2018 and £96,000 Ebitda. We are now crowdfunding to take the business to the next level. We are generating capital with the aim to purchase and reimagine our Hereford sites. We hope this will allow us to accelerate our plans to launch two more concepts by 2020 – a butcher’s shop and another restaurant space in Worcester.”

39 Steps secures second London site: 39 Steps Coffee Haus, the Woolwich-based coffee chain backed by Arsenal footballer Mesut Ozil, has secured a second site in the capital. The store will open at a former Carphone Warehouse store in Brompton Road, Knightsbridge, after the lease, which will expire in October 2024 at a passing rent of £127,500 per annum, was reassigned. 39 Steps opened its debut site in Soho in January. The company is named after the “39 steps from bean to cup” used in the coffee-making process. Colliers International advised Carphone Warehouse on the deal, while HDH acted for 39 Steps. Peter Flint, associate director at Colliers, said: “This deal is a mutually beneficial arrangement for Carphone Warehouse and 39 Steps. While this move feeds into Carphone Warehouse’s wider London portfolio strategy, for 39 Steps the new location is an exciting step for the brand’s growth and development in the capital.”

SSP launches ‘micro’ version of Perfect Day coffee shop brand, in Frankfurt: SSP, the operator of food and beverage outlets in travel locations worldwide, has launched a “micro” store in partnership with coffee shop brand Perfect Day, at Frankfurt airport. Located in Terminal 1, Perfect Day Micro is open from 5:30am to 10pm to coincide with the opening hours of the flagship Perfect Day outlet at the airport. Alongside coffee, Perfect Day offers bakery products, fresh drinks, yogurt, salads, paninis and sandwiches. Perfect Day chief executive Dominique Dauster said: “Our range of food and beverages meets the demands of nutrition-conscious consumers who seek an alternative to conventionally produced meals.” Perfect Day’s franchise partnership with SSP began in 2008. SSP director of business development and properties Jan Kamp said: “Following a decade of successful collaboration with Perfect Day, we are now building on this experience. Frankfurt airport benefits from its mix of international brands and regional brands such as Perfect Day, where a passion for excellent coffee is really valued by customers.” SSP Group serves about one million customers a day at its more than 2,500 units. It operates more than 450 brands in over 30 countries.

Stevie Parle signs long-term residency to expand Pastaio into Giant Robot, sixth site in total: Chef Stevie Parle has signed a long-term residency to operate a site for his pasta concept Pastaio at Street Feast’s Giant Robot in Canary Wharf. Pastaio, which launched in Soho a year ago, has taken over a spot previously occupied by Californian concept Pocho in the street food trading space at Crossrail Place. Alongside Pastaio favourites, the menu at the Giant Robot site includes exclusive new dishes such as deep-fried n’duja and mozarella, while the drinks list includes alcoholic slushies such as mulled wine and brandy. Both Pastaio sites have launched a click-and-collect service. Parle told Hot Dinners: “Nobody delivers the holy trinity of food, booze and music with the scale and quality of a Street Feast site. It will be great to see how Canary Wharf responds to some proper pasta.” Parle’s other London restaurants are Rotorino, Craft London, Palatino and Sardine.

Operator of London private members’ club acquires Cotswolds pub: Mother-and-son team Susan Adams and Graham Healy, who have both worked in the hospitality trade for a number of years, have acquired the freehold of The Royal Oak pub in Andoversford, near Cheltenham, off a guide price of £465,000. Adams operates a private members’ club in London while Healy is general manager of a pub in Oxfordshire. The Royal Oak is a three-storey former coaching inn dating to the 17th century. Previous owner Roger Brown has sold the pub to focus on other business interests. Adams and Healy will introduce live music at weekends and promote local brewers, with six to eight ales on tap. Christie & Co director Nicholas Calfe, who handled the sale, said: “Freehold pubs in the Cotswold countryside continue to perform well, acting as hubs for the local community, and are often ideally placed for the high numbers of visitors to the area.”

River Cafe protégé to open restaurant inspired by Japanese and Italian cuisine, in east London: River Cafe protégé Joshua Owens-Baigler is to open a restaurant inspired by Japanese and Italian cuisine, in east London. Owens-Baigler has partnered with former Bocca di Lupo chef Daniele Ceforo to launch Angelina. The 40-cover, 1,200 square foot restaurant will open in February within the new Dalston Lanes development. The eight-plate sharing menu will feature dishes such as unagi risotto with burnt soy butter and dashi. Inspired by Tokyo’s Shinjuku district, drinks will be served from the restaurant’s hidden drinking den, Golden Ga, which will seat six. The drinks menu will feature Japanese and Italian cocktails and wine. Owens-Baigler trained at the River Cafe and cut his teeth with the Bistroteque Group and Hix, becoming bar manager at Bocca Di Lupo before headlining as general manager of Artusi and more recently Zest. He said: “We like the surrealism associated with challenging and poking fun at the way we eat. Saying that, we are respectful of technique and tradition.” Ceforo added: “Angelina is an exciting project for me, working with new Japanese ingredients and techniques that will allow me to showcase my passion and creativity.”

Various Eateries to launch second Above and Below, in Camden on Friday: Various Eateries, which operates Strada and Coppa Club, is to open a second site for its Above and Below cafe bar format, in Camden on Friday (23 November). The company will launch 40 Zero in Parkway following the conversion of its Strada site. It will operate as an all-day cafe that transforms into a bar with regular live music in the evening. The design has been inspired by Camden’s rich history, with the bar made from 1990s cassettes alongside acid-pink sofas. The menu will include hand-stretched, ten-inch sourdough pizza, salads and sharing plates alongside coffee from Grind, negronis and espresso martinis. Chief executive Sue Walter said: “We create relaxed spaces, tailored to the local community. We love bars and we want to do them better than anyone else.” Various Eateries launched the Above and Below concept in February, with 31 Below in Marylebone. This week the company said it was now on a “strong financial footing” and preparing for further expansion.

Indian buffet restaurant opens in former Frankie & Benny’s at Newport shopping centre: An Indian buffet restaurant has opened in a unit previously occupied by The Restaurant Group brand Frankie & Benny’s at the Friars Walk shopping centre in Newport. Ashad Miah, backed by two local businessmen, has launched Tawa – named after an Indian cooking pan – creating 20 jobs. Miah said the restaurant brought a new offering to the city centre, with traditional and modern Indian food served buffet-style from 11am to 11pm. Tawa offers 18 main dishes, with seven side dishes and a selection of starters and desserts. Miah told the South Wales Argus: “There is Portuguese, Italian, French and Mexican food among the restaurants at Friars Walk and I always thought, where is the Indian restaurant? We don’t think we will be competition for the other restaurants – more like creating a food hub for the people of Newport.”

Douglas Jack – Ei Group net debt to continue falling by more than £100m before share buybacks and potential commercial estate sale: Peel Hunt leisure analyst Douglas Jack has said he estimates Ei Group’s net debt will continue to fall by more than £100m in the new financial year, even before share buybacks and the potential disposal of the commercial estate. Issuing a ‘Buy’ note on the shares with a target price of 205p following the company’s full-year results, Jack said: “Pub Partnership’s like-for-like net income rose 1.2%, having risen 1.8% in the second half, with favourable supply-demand dynamics for wet-led pubs complemented by good weather and the Fifa World Cup in the second half (bringing a £2m additional profit benefit). Average net income per pub rose 2.3% to £81,400 aided by disposal activity (174 pubs for £66m of proceeds; for 11 times EV/Ebitda). Ei Group’s initiatives to drive pub profitability included better-targeted growth capex (£19m on 322 growth-orientated schemes; delivering an average return on investment of 19%). To date, 1,194 Market Rent Only (MRO) trigger events have resulted in only 27 pubs moving to a free-of-tie outcome but the shift in negotiating power has resulted in like-for-like net income of just 0.2% in the 1,194 pubs that have had MRO trigger events versus 1.2% for the entire estate (3,718 pubs). Managed estate like-for-like sales rose 7.1%, with the sites benefiting from a strong conversion programme. Increasing scale economies helped managed Ebitda margins rise 220 basis points to 18.4%, bucking the wider sector trend. The 355-strong managed estate added 99 outlets, all converted from Pub Partnerships. The company expects to convert 110 to 125 pubs to managed per annum, with returns continuing to exceed 20%. The commercial lease estate now has 412 properties generating £29m of annualised rental income. The estate, all of which are on Retail Price Index-linked leases, generated 8.2% growth in average net income (to £72,300) in 2018. These sites are likely to be sold in 2019E, generating material debt reduction and equity value creation. We forecast net debt continuing to fall by more than £100m in 2019E before share buybacks. This is also before the possible disposal of the commercial lease estate. We estimate 9.5 times EV/Ebitda in 2019E. The commercial lease estate disposal would equate to 205p per share, which is our target price. The company’s net asset value per share is now £3.34 (up from £3.13 in 2018).”

Australian fitness franchise F45 secures first sites in Bath and Bristol: Australian fitness franchise F45 has secured debut sites in Bath and Bristol. A 3,657 square foot venue will open in Bath before the end of the year, while the 2,200 square foot Bristol site will launch in early January. F45 operates more than 1,200 venues across the Asia-Pacific region, the Middle East, North America and Europe, making it one of the fastest-growing fitness franchises in the world. Its 100,000 members take part in team-based fitness workouts, with technology a key element of F45’s business model. Chris O’Mahony, retail and leisure director at Savills Bristol, which secured the leases, said: “We are pleased to have secured the first sites for F45 in the region. Both locations are within strong cities and benefit from prominent city centre locations with strong catchments of residents and professionals.” In 2016, F45 instructed Savills to secure at least 50 sites in the UK following the success of its first venue at London Bridge.        

Onsite launches newspaper and magazine package for operators: Onsite Promotions has launched a series of newspaper and magazine packages across the UK for operators. The entry-level package features five national newspapers, 11 weekly magazines and 11 monthly magazines. The Mail, Mirror, Star, I and Express are the papers included. They are delivered daily and include the weekend editions with all the supplements. Hello, OK, the Spectator, Rugby, Racing and Cricket papers are among the weekly magazines delivered while the monthly titles include Cosmopolitan, Marie Claire and FourFourTwo. Onsite said the newspaper and magazine packages, which were “significantly” below the cost of either buying them or having them delivered, allowed operators to offer a range of media to their customers. The company added it believed offering such a package was a first for the industry. For further details and prices, visit

Marston’s to open new-build pub in Bradford on Monday: Marston’s will open its latest new-build pub, in Bradford next week. The company will launch the Flying Squirrel on Monday (26 November) at the new Quora Retail Park in Lidget Green. The name is a nod to the area’s history as the pub has been built on land previously owned by Scott Motorcycle Company, which manufactured the Flying Squirrel motorbike between 1926 and the outbreak of the Second World War. Pub manager Tim Smith told the Telegraph & Argus: “A lot of work has gone into making sure the pub is ready for opening and we’re looking forward to welcoming our new customers.”

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