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Morning Briefing for pub, restaurant and food wervice operators

Fri 7th Dec 2018 - Propel Friday News Briefing

Story of the Day:

Patty & Bun in talks over further London sites, ‘new project’ to launch outside capital next year: Joe Grossman, founder of better burger brand Patty & Bun, has told Propel the company is in discussions over further London sites and is working on a new project – described as “Patty & Bun with a twist” – outside the capital that it plans to launch next year. Grossman said the company has had an “amazing year”, with strong operating site Ebitda along with a “fair amount” of depreciation due to new sites and growth. The company opened three sites in 2018 – its first outside the capital, in Brighton, as well as two in London – in White City at the former BBC headquarters and in London Bridge. It now operates nine standalone sites along with five concessions and an events business, while it plans to expand its delivery capabilities. Grossman said: “The past year has been amazing – in a challenging environment. We’ve grown a lot, learnt a lot and have lined up some really interesting opportunities for the coming year. All the new sites have hit the ground running, which is great to see, while the other sites continue to build maturity into their local environments. Obviously with the current environment a little uncertain we’re being very selective with new sites and waiting for the right opportunities that fit with the ‘Patty ideals’ and have the right attributes. We’re growing for the right reasons, not just for growth’s sake. We’re currently in further discussions for a few London spots while working on a very exciting project outside London we hope to launch early-to-mid 2019. It’s a Patty & Bun but with a twist – that’s all I can say at this stage. Alongside that we’re actively expanding the delivery side of the business as we look to build on the growing demand and continual expansion of the delivery market – 2019 will obviously bring a fresh set of obstacles like every year does but, equally, fresh opportunities. We want to keep growing the brand with the same attention to detail, culture and continual push to improve we’ve always had and can’t wait to continue to build the brand in London and regionally.”

Industry News:

New speakers join Restaurant Marketer & Innovator line-up: New speakers have been added to the line-up for the Restaurant Marketer & Innovator European Summit, which is returning for its second year. The two-day event, a partnership between Propel and Think Hospitality, will feature more than 40 speakers with a unique blend of senior marketers, business leaders and entrepreneurs. The new speaker additions are Ailish O’Brien, industry manager for Google, who will be interviewed by Wisetiger managing director Andy Shaw about the latest developments at Google and technological trends relevant to the restaurant industry. Meanwhile, Estonian multi-site restaurateur Martti Siimann, founder of the Baltic’s best restaurant NOA, will join the concept development panel. Tickets for the two-day conference, which will take place on 16 and 17 January at One Moorgate Place, London, cost £575 for operators and £845 for suppliers. Group ticket packages are available when purchasing three tickets or more. Tickets can be purchased by emailing Anne Steele, of Propel, at anne.steele@propelinfo.com or calling her on 01444 817691.

One in five Brits check restaurant social feeds and websites before opting to visit: More than one in five Brits (22%) check a restaurant’s social media accounts and online menu before deciding whether to visit, according to new research by Barclaycard. The poll of 2,000 UK adults, who had dined out in the past year, found 15% rule out visiting restaurants that fail to offer an online menu or social media channels. That figure rises to one-third (33%) of 18 to 24-year-olds. Social accounts are most used to read restaurant reviews (23%), followed by checking the appearance of dishes (21%), considering what to order in advance (18%) and seeing how the food is presented (11%). Barclaycard said more than 100 million pictures have been tagged on Instagram accompanied by the hashtag #foodie, while more than two-fifths (41%) of respondents admit posting pictures of their meal on social media. The trend is most prevalent among younger generations, with almost one-quarter (24%) of 25 to 34-year-olds regularly posting food pictures online. The top reasons why millennials fill social feeds with images and text about food are to recommend a restaurant to friends and followers (42%) and to show off the experience they’ve enjoyed (26%). To enhance Instagram photos, almost one-fifth (18%) of respondents want to see restaurants introduce table-top light filters to improve their pictures, a figure that rises to more than one-quarter (28%) of millennials. The Food For Thought study also found 91% of diners often fail to recognise items on restaurant menus, while 25% are too embarrassed to ask. Barclaycard said it had developed a prototype app – Transplater – that displays images of unfamiliar ingredients alongside descriptions. Barclaycard Payment Solutions director Kirsty Morris said: “Simply being active on social media is no longer enough for restaurateurs, they also need to consider the quality of their content to avoid missing out on potential customers. Not only are diners using social as a research tool to decide where to eat, they are also integrating it into every part of their experience. Whether taking pictures of meals, checking reviews or wanting to book directly from restaurants’ Instagram or Facebook accounts, there’s clearly a new social order for eating out.”

BBPA – mandatory calorie labelling on menus will be ‘hugely detrimental’ to pubs and do ‘very little to change consumer behaviour’: Mandatory calorie labelling on menus will be “hugely detrimental” to pubs and do “very little to change consumer behaviour”, the British Beer & Pub Association (BBPA) has argued. In its response to the Department for Health and Social Care (DHSC) consultation on mandatory calorie labelling for the out-of-home sector, the BBPA said such measures would be “extremely costly” and disproportionately affect smaller pubs, which would struggle to implement proposed changes. It added pubs had already undertaken a variety of voluntary measures to help consumers make healthy choices, including identifying lower-calorie options on menus and providing full nutritional information on websites. The BBPA also cited recent studies in the US and UK in which mandatory calorie labelling was shown to make “no clear difference to calories consumed”. BBPA chief executive Brigid Simmonds said: “Mandatory calorie labelling will be hugely detrimental for pubs and we would urge DHSC to look at more collaborative ways to work with the sector. Many pubs voluntarily choose to provide information about the food they serve to help customers make healthy choices. The overwhelming evidence suggests forcing pubs to display calorie content would have no tangible impact on behaviour. Calorie labelling will be prohibitively expensive for the sector, in particular the vast majority of pubs that are small businesses. Considering the cost burden pubs already face from beer duty, business rates, VAT and staffing costs, mandatory calorie labelling could be another nail in the coffin for many. Should mandatory measures be imposed, we would urge exemptions for smaller businesses such as pubs.”

Full-service restaurants in US start to see ‘bounce back in fortunes’ following turnaround efforts: Full-service restaurants in the US are starting to see a “bounce back in fortunes”, according to new research. Insights firm Technomic said the segment – and casual dining in particular – had faced numerous challenges during the past several years but cautious optimism was emerging as some turnaround efforts gained traction. Technomic’s Future Of FSR Consumer Trend Report found that while the category wasn’t “out of the woods”, increased emphasis on value, off-premise sales, alcohol and memorable away-from-home experiences was helping the category move in the right direction. More than half (53%) of consumers said they visited traditional casual dining restaurants at least once a month, while almost two-fifths (38%) of families said they were more likely to visit a chain than an independent. More than half (51%) of upscale casual dining restaurant consumers said they visited these restaurants to celebrate special occasions. Charles Winship, senior research analyst at Technomic, said: “Following a year in which the total unit count for top 500 casual dining chains declined 1.5%, some brands are starting to see positive signs at unit level. As the segment’s turnaround continues, efforts will turn to cultivating sustainable, long-term growth strategies that avoid the issues which led to casual dining’s downturn to begin with, such as weak value propositions, oversupply of restaurants and failing to evolve with consumer dining habits.”

PizzaExpress founder Peter Boizot dies at 89: PizzaExpress founder Peter Boizot has died at the age of 89. After leaving school and before joining the army, Boizot was an au pair for a family in Florence, where he discovered his love of pizza. He opened his first restaurant in 1965 and there are now more than 470 PizzaExpress restaurants across the world. Boizot was born in 1929 in Peterborough and went to school in the city before going to Cambridge University. His sister, Clementine Allen, said he took on his first premises on a peppercorn rent, imported an oven and sold slices of pizza wrapped in napkins. More premises quickly followed and he worked with Italian designer Enzo Apicella to develop the chain’s look. Boizot was a jazz lover and he set up the PizzaExpress Jazz Club in the basement of one of his restaurants in 1969. PizzaExpress managing director Zoe Bowley said: “We will miss him dearly. He launched a culinary revolution with the first PizzaExpress in 1965, introducing delicious pizza and casual dining to the UK inspired by his travels in Italy.” Boizot, who became a vegetarian at the age of six, sold PizzaExpress for £15m in 1993 but remained president. PizzaExpress was sold to Chinese private equity firm Hony Capital for £900m in 2014. Last month, Boizot received a lifetime achievement award in recognition for his services to the Italian food industry at the Pizza, Pasta & Italian Food Association’s Papa Awards.

UK hotels see consistent growth nationwide as regions boom: Hotels across the UK have seen consistent growth during the first nine months of 2018 – particularly in the regions, according to new data from Expedia Group. Analysis showed demand for UK hotels has been strong, with many UK regions seeing double-digit growth. While London enjoyed the strongest demand among tourists, with almost 40% of inbound travellers, other locations also witnessed increased visitor numbers. International and domestic demand for Essex and Bath saw 25% year-on-year growth, while demand for Cambridge was up 30%. Other notable regional winners included Chester (more than 25%), Southampton (more than 20%) and Dorset (almost 20%). Edinburgh kept its spot as the second most popular destination by market share for tourists visiting the UK, while Scotland’s Highlands and Islands saw the biggest year-on-year booking growth, up more than 20%. Hoteliers traditionally benefit from the Christmas and New Year period, with London and Edinburgh the most popular destinations in the fourth quarter of 2017, while Manchester, Birmingham, Liverpool and Glasgow were also among the top ten. Bath – up about 10% year-on-year – and Edinburgh – up almost 15% – were the bright spots when it came to average daily rate. For the UK as a whole, in the first nine months of 2018 hoteliers continued to experience growth from overseas visitors, with the US the top international market as demand grew almost 45% year-on-year. While demand remained buoyant from traditionally strong visitor markets such as Germany, Canada, Australia and France, some of the fastest-growing markets included Brazil, Spain, Switzerland and Ireland. A strong increase in online demand was driven by visitors from across the globe but significantly from the US (up 35% year-on-year), Germany (up 40%) and Canada (up almost 30%).

Funding programme for community-owned pubs gets £2.2m boost: A programme for community-run pubs has been extended after receiving £2.2m of new funding. The extension will become active from summer 2019, with further details announced in the spring. The initiative will build on the success of the More Than A Pub (MTAP) programme – the three-year initiative established to support community ownership of pubs in England. It is jointly funded by independent think-tank Power To Change and the government and is led by the Plunkett Foundation with support from organisations including the Campaign For Real Ale, Pub Is The Hub, and the British Beer and Pub Association. Since 2016, MTAP has supported 190 communities and helped 26 pubs open under community ownership. Power To Change chief executive Vidhya Alakeson said: “The MTAP programme we have run with Plunkett has been an enormous success so it was a natural decision for us to continue to support this thriving and much-loved sector.”

Company News:

Electric Star acquires Bellingham pub as it heads south for sixth site, £4m lottery-funded revamp to add cinema, theatre and cafe: Pub operator Electric Star, founded by Rob Star, has acquired The Fellowship in Bellingham for its sixth site in the capital and first in south east London. Electric Star will work with Phoenix Community Housing (PCH), which has been granted £4m by the Heritage Lottery Fund to restore the grade II-listed pub in Randlesdown Road. The pub will reopen early next year as The Fellowship and Star to also feature a cinema, theatre, cafe and rehearsal space. Built in the 1920s, the pub was part of a post-First World War “homes for heroes” development aimed at easing inner city overcrowding. Heavyweight boxer Henry Cooper used the pub as a training base before his legendary fight with Muhammad Ali, then Cassius Clay, in 1963, while musicians such as Fleetwood Mac and Eric Clapton have played gigs at the venue’s theatre. Rob Star said: “I am really excited to finally open a site south of the river. The Fellowship has such an amazing history and we are really excited about working with Phoenix to restore this beautiful pub to its former glory and making it an asset the whole community can enjoy.” PCH chief executive Jim Ripley added: “The project will create 70 jobs and at least 45 apprenticeships over the next 15 years and volunteering opportunities for local people.” Electric Star’s other pubs are The Star of Bethnal Green, Heathcote and Star in Leytonstone, Leyton Star, Star by Hackney Downs, and Star of Kings in King’s Cross. Savills acted for the landlord on The Fellowship deal. 

The Good Life Eatery launches in Notting Hill for fifth venue, looks to head east and add two sites in 2019: West London-based health food cafe concept The Good Life Eatery has opened its fifth site, in Notting Hill. The company, founded in 2013 by Yasmine Larizadeh and Shirin Kouros, has opened the 1,000 square foot venue in Blenheim Crescent, creating 20 jobs. Larizadeh told Propel: “I have wanted to open a site in Notting Hill since we started but for a number of reasons it hasn’t worked out. I’m delighted we’ve finally achieved that ambition.” She said the company was looking to open two sites in 2019 and aiming to head east in the capital. She added: “I have been starting to scope out locations such as Shoreditch and Canary Wharf because I think they could work well for us. We are also looking to open a central production kitchen that could serve new sites in the east of London as well as our existing ones in the west.” Larizadeh said trading was currently going “amazingly” and was “incomparable to last year”. She added: “We have had a good first few days in Notting Hill and all the other sites are doing very well.” The Good Life Eatery pioneers “delicious, real eating” using a diverse range of locally sourced food that “accommodates every dietary need”. Its other sites are in Belgravia, Chelsea, Marylebone and St John’s Wood.

Yum! Brands outlines Pizza Hut, Taco Bell and KFC strategies: Yum! Brands has outlined its strategy for Pizza Hut, Taco Bell and KFC. Plans for Taco Bell include ramping up international growth, adding kiosks to stores by the end of 2019, and rolling out more innovative and value-focused menu items. Taco Bell International president Liz Williams said the brand, which has almost 500 global units, would focus new growth on Brazil, Russia, India and China. Those countries, she said, had the potential to add 1,000 stores per market. Yum! Brands’ plans for KFC are for it to be a disruptor on value by adding more limited-time offers and adding more digital channels such as click-and-collect pick-up sites and kiosks. It will introduce 50 limited-time offers around the world in the next year, reports Nation’s Restaurant News. Taking advantage of growing consumer interest in fried chicken, Yum! Brands said KFC’s menu would become more “in tune” with regional food trends, while marketing would emphasise the brand’s authenticity. In terms of growth, KFC plans to open one store every five hours, Yum! Brands said. It added that Pizza Hut had made “great strides” in improving customer satisfaction scores and delivery times but still had a “long recovery road ahead”. To become more “distinctive”, Pizza Hut plans to focus on menu innovation in 2019 and increase its small-format “Delco” restaurants. The company has built 600 delivery and takeaway-focused Delcos in the past 12 months. In the US, the company is also experimenting with fast-casual Delcos – smaller-footprint stores with some dine-in capacity. Internationally, new growth will also focus on the Delco design as the company shifts away from dine-in. “That’s the model that works,” said Pizza Hut International president Vipul Chawla.

Arc Inspirations withdraws plan to bring Manahatta brand to Newcastle: Arc Inspirations, the Leeds-based operator of a number of fast-growing brands, has withdrawn plans to bring its Manahatta concept to Newcastle. The company lodged an application with the city council to open the brand inside a former Allied Irish Bank building in Collingwood Street. However the site is within an identified area of cumulative impact and, following discussions with police and the council, Arc Inspirations has decided to withdraw the proposal. Earlier this week, Arc Inspirations secured an alcohol licence to open a Banyan Bar & Kitchen at a Jamie’s Italian site in the city centre that will close in January. It will be Arc Inspirations’ first venue in the north east. Chief executive Martin Wolstencroft said: “As a responsible, professional operator we value strong and positive working relationships with police, licensing authorities and local communities. After consulting closely with these groups and having listened to their concerns about cumulative impact in the wider area, we have proactively decided to take the decision to withdraw our application to open a Manahatta in Collingwood Street, Newcastle. We remain committed to growth and implementing our cluster model strategy of operating our brands. We have lots of exciting opportunities for growth and we’re delighted to be opening the doors to our first site in the city, Banyan Bar & Kitchen, next year.”

Giggling Squid lines up former CAU site in Leamington: Giggling Squid, the Thai tapas brand founded by Andy and Pranee Laurillard and backed by BGF, is lining up a site in Leamington, Warwickshire. The company has secured a premises licence to open a venue in Satchwell Court at a unit previously occupied by CAU, reports the Kenilworth Weekly News. The restaurant shut earlier this year when parent company Gaucho went into administration leading to the closure of all 22 CAU sites. Giggling Squid, which was founded in 2002, currently has 29 restaurants in locations including Reigate, Chichester, Windsor and Cheltenham. In 2015 it secured £6.4m of funding from BGF, formerly the Business Growth Fund, which has a 29% stake in the business. The Laurillards own about 67%. Management, including chairman Simon Kossoff, owns the rest. In the year to March 31 2018, Giggling Squid lifted underlying earnings before one-offs by 54% to £3.28m, with turnover up 29% to £23.7m.

MOD Pizza opens Leicester site, ninth UK venue: Fast casual artisan pizza brand MOD Pizza has opened a site in Leicester, its ninth UK venue. The company has opened the restaurant at the Highcross shopping centre in a unit previously occupied by The Restaurant Group brand Chimichanga, which closed in August. MOD’s pizzas and salads feature fresh-pressed dough and signature sauces. Customers create their own pizza, choosing any combination from more than 30 toppings, or choose from a menu of MOD classics. Pizzas are hand-fired at 300C in minutes, while salads are hand-tossed for each customer. The menu is rounded out with soft drinks and hand-spun milkshakes. MOD Pizza launched in the UK in 2016 and has sites including London’s Leicester Square, Nottingham and Gateshead.

Chestnut Group gets consent to rebuild listed Cambridgeshire pub destroyed by fire: East Anglian-based pub company The Chestnut Group has been granted listed building consent to rebuild Cambridgeshire pub The Blackbirds Inn. The pub in Woodditton has been closed since a devastating fire in March. Work will now begin next month ahead of a reopening in autumn 2019. The Chestnut Group will work closely with local planners and the conservation officer to rebuild the site. Philip Turner, who founded the company in 2012, said: “I am so pleased we can move forward with our plans to renovate and reopen The Blackbirds Inn. I’d like to thank our loyal guests and local community for bearing with us and we look forward to welcoming them back next year.” In August, The Chestnut Group acquired two Suffolk coastal pubs to take its estate to seven. Turner said at the time: “With properties near Cambridge, Newmarket, Sudbury and in Bury St Edmunds, it was a natural progression to look to the coast to truly encompass all aspects of East Anglia.”

Signorelli and Figo sign for sites at Stratford scheme: East London bakery Signorelli and Italian restaurant Figo have signed for sites at the new International Quarter London development in Stratford. Signorelli and Figo will take 1,146 square foot and 3,024 square foot spaces respectively, joining recently opened ramen specialist Tonkotsu and Pret A Manger. Figo, founded by Tony Manconi, is an expansion of his Bella Vita in Hackney’s Broadway Market. Meanwhile, it will be a second site for Signorelli, with owner Alberto Rosmini having opened his existing venue in the East Village in Stratford three years ago. The new additions are scheduled to open in the coming months and will be located in or around Endeavour Square – the new public space at the heart of International Quarter London. The scheme is a £2.4bn joint venture between Lendlease and LCR. Lendlease head of retail Guy Thomas said: “The addition of popular local operators such as Signorelli and Figo alongside national brands showcases Lendlease’s long-term commitment to creating diverse destinations that establish a sense of community and place.” Nash Bond and CF Commercial represented International Quarter London, RSR properties acted on behalf of Signorelli, while Figo represented itself.

Milton Pubs and Taverns shuts Leeds site as it continues to shrink portfolio: Milton Pubs and Taverns, the company formed by real estate investment firm Aprirose when it acquired 73 pubs from Mitchells & Butlers (M&B) last year, has shut a site in Leeds. The company has closed the Barley Mow in the Bramley area of the city. It is one of several Milton Pubs and Taverns-branded sites across the country that have shut in recent weeks due to “changing trading conditions and a review of the portfolio”. Aprirose took over five pubs in Leeds when it acquired the sites from M&B, with the Barley Mow joined by the Victoria Hotel and Shenanigans in the city centre, Vesper Gate in Kirkstall and The True Briton in Meanwood. The Barley Mow had been advertised for sale before its closure but a buyer couldn’t be found and it remains on the market. The other four Milton pubs are still trading as normal. An Aprirose spokesman told the Yorkshire Post: “The pubs in Leeds will continue to trade as going concerns, with the exception of the Barley Mow. Regrettably, after we were unable to find a buyer for the business it has closed. It is unfortunate for the loyal, dedicated staff and customers but we believe it still offers a good opportunity for the right investor and is up for sale.”

Modern European grill Flame & Fire launches in Ealing: Modern European grill restaurant Flame & Fire has launched in Ealing, west London. As well as the main 26-cover restaurant, the South Ealing Road venue features two bars, including one in a 120-capacity function room. There is also a ten-cover VIP room, which has its own record player and vinyl for guests to choose from or bring their own. Head chef Osman Kocadag has created a menu featuring dishes cooked on an open-flame grill alongside “European-themed seafood and salad”. Dishes include rack of lamb with garlic mash, green beans and red wine sauce; and vegan kofte with peppers, couscous and butternut squash. There is also a steak board to share as well as fish and chicken dishes.

Nando’s opens three restaurants across England on same day: Nando’s has opened three restaurants across England on the same day. Venues launched in Bromley in Kent, Yeovil in Somerset and the Rushden Lakes development in Northamptonshire on Wednesday (5 December). The 110-cover site in Bromley is part of a landmark £90m development in the town centre, with the opening creating 43 jobs. PizzaExpress and a Vue cinema also opened at the scheme this week. Nando’s is the second restaurant to open at Rushden Lakes’ new West Terrace leisure extension following better burger brand Five Guys. They will be joined by TGI Friday’s, Azzurri Group-owned Zizzi, and The Restaurant Group-owned brands Frankie & Benny’s and Chiquito. Meanwhile, Nando’s Yeovil restaurant has opened in South Western Terrace between a Beefeater restaurant and Kaspa’s dessert parlour. Nando’s operates almost 350 restaurants in the UK. 

Gail’s Bakery opens Wokingham venue: Gail’s Bakery, which is backed by sector investor Luke Johnson, has opened a site in Wokingham, Berkshire. The company has opened the outlet in Peach Road. Gail’s Bakery was founded in 2005 when Ran Avidan, Tom Molnar, who is chief executive, and Emma King opened its first site in Hampstead. It currently has 43 sites.

Picturehouse to make Kent debut with Ashford launch: Picturehouse Cinemas, the UK’s largest independent cinema operator, is to open its first site in Kent with a site in Ashford. The company will open the venue at the Elwick Place complex on Saturday, 15 December. It will feature six screens as well as a restaurant, bar and cafe. Picturehouse joint managing director Clare Binns told Insider Media: “We are delighted to bring a neighbourhood cinema to Ashford. We’re working hard to become the hub for those who want to see the best films from around the world.” The cinema forms part of the phased opening of Elwick Place, which will also include a Travelodge. A number of independent operators are also next year 2019. Gerry Clarkson, leader of Ashford Borough Council, said: “This is the first time Picturehouse has invested in Kent and I’m delighted the borough continues to be a draw for the very best commercial enterprises.”

RSA House sees busiest month of year as CH&CO reinvigorates F&B offer: Central London venue RSA House has said November was its busiest month of the year following the launch of “enlightenment coffee house” Rawthmells and the reopening of its historic Vaults. CH&Co Group operates the food offering at the venue in John Adam Street, near St James’s, which hosted 127 events and 6,749 delegates during the month. RSA House sales and marketing manager Emma Gaymer said: “We are delighted the relaunch of the Vaults and opening of Rawthmells has had such a positive impact on our pipeline of events.” Regarding the concept behind Rawthmells, RSA House chief executive Matthew Taylor said: “Our vision is for the coffee house to be a place where individuals become part of a greater movement for social change. We want it to be a natural home for anyone who wants to change the world, enabling people to connect, share knowledge, collaborate and build new communities to tackle the social challenges of our time.” Originally river-front warehouses, the Vaults offer interconnecting spaces to host parties and weddings. 

Four hotels to open at new £180m Manchester hotel district by 2021: Four hotels are set to open at the new £180m hotel district near Manchester airport by 2021 – creating 1,200 beds and 500 jobs. Two Hilton hotels, a Holiday Inn and an Ibis Budget will open with overseas cash behind at least one of the projects after a London and Moscow-based real estate consultancy brokered a £4m investment into Hilton Hotels on behalf of a Russian businessman. Founded in 2012 by Alisa Zotimova, AZ Real Estate property consultancy specialises in advising primarily Russian-speaking clients to invest in UK property. Zotimova told the Manchester Evening News: “With an increasingly transient generation and globalised business environment, hotels are fast becoming some of the most reliable assets for investors with long-term potential. They represent an excellent opportunity in areas with guaranteed high footfall and the combination of Manchester’s rapid growth and £1bn airport master plan look set to make this a highly successful transaction. The investment serves as further evidence of overseas investors increasingly looking beyond the confines of the capital’s residential asset class when it comes to portfolio expansion. The regions, particularly Manchester, Birmingham and Leeds, are fast-becoming some of the UK’s most attractive and sustainable investment destinations as vast regeneration projects take shape.”

Zonal scoops Scottish Family Business of the Year award: Hospitality management solutions company Zonal has been voted The Herald Scottish Family Business of the Year. The awards, which are in their seventh year, celebrate Scotland’s most successful family businesses. Zonal chief executive Stuart McLean said: “This recognition is testament to the Zonal team, which shares a true passion for the business.” The Herald Scottish Family Business Awards, in association with Business Gateway, celebrate the diverse, dynamic and innovative family sector and the contribution those companies make to the economy and the communities in which they operate.

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