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Morning Briefing for pub, restaurant and food wervice operators

Thu 9th May 2019 - Update: Cote results, Time Out Market Miami and Diageo
Cote reports sales growth although adjusted Ebitda down: The parent company of the 93-strong French brasserie chain Cote has reported a 4% increase in revenue to £146.3m in the year to 29 July 2018. However, adjusted Ebitda was down to £17.9m from £19.6m the year before. Five new Cote sites were opened in the year although the company decided to discontinue its Jackson & Rye and Limeyard brands during the year because of ‘challenging market conditions’. The company stated: “In the light of an extremely challenging trading environment the directors are very satisfied with the performance of the business. In a year that has seen widespread closures across the sector, the directors are pleased that the main brand, Cote, continues to deliver sales growth and remains committed to investing in opening new restaurants. With the outlook for the sector as uncertain as it is, the directors have nonetheless undertaken a whole portfolio site review which has led to the conclusion that the timing is not right to expand beyond the core Cote brand. Consequently, the Jackson & Rye and Limeyard businesses have been discontinued. The directors have also identified that one of the more recent Cote openings is not meeting expectations which consequently has been impaired and disposal was made of a further restaurant.” The accounts of the parent company state that goodwill on the acquisition of Cote was £159.7m and a cumulative impairment of £62.8m has been recognised against this. The goodwill recognised on the acquisition of Jackson & Rye and Limeyard was £2.5m and an impairment of £2.5m has been recognised against this. 

Time Out Market Miami opens today: Time Out Group, the global media and entertainment business, has reported that Time Out Market Miami opens to the public today with a culinary line-up featuring some of the city’s best chefs. The company stated: “Located just off South Beach’s famous Lincoln Road, at 1601 Drexel Avenue, Time Out Market Miami brings the best of the city under one roof: its best chefs, drinks and cultural experiences, based on the editorial curation Time Out has always been known for. Across 18,000 sq ft, there are 18 eateries, a demonstration kitchen, three bars and space to showcase local culture. The first Time Out Market opened in 2014 in Lisbon as the world’s first food and cultural market. In 2018, Time Out Market Lisbon saw a record 3.9 million visitors, making it Portugal’s most popular attraction. With eight new sites in the pipeline, the group is in the process of rolling out this successful format globally: in addition to Miami, Time Out Markets will also open throughout 2019 in New York (Q2), Boston (Q2), Chicago (Q3) and Montréal (Q4); followed by Dubai (2020), London-Waterloo (2021) and Prague (2022). As a result, at the end of 2019 there will be six Time Out Markets in operation, spanning a total of 185,000 square feet, offering almost 4,000 seats and food from 120 of the world’s best chefs.”

Diageo gets go-ahead for Johnnie Walker experience in Edinburgh: Plans to open a “world-class” whisky tourist destination in one of Edinburgh’s most prominent empty buildings have been approved by councillors. Diageo will convert the former House of Fraser building at the west end of Princes Street into the Johnnie Walker whisky experience. It’s part of Diageo’s £150m investment in the Johnnie Walker brand. The Diageo Johnnie Walker whisky experience could create up to 180 new full-time jobs and would include an “immersive visitor experience” across three floors of the vacant building. Under the plans, it will be adapted to provide an events space for staging music, theatre and community events along with a bar academy, while retail space will be created on street level. The building’s iconic cantilevered clock will remain as part of the plans.

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