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Fri 7th Jan 2022 - Propel Friday News Briefing

Story of the Day:

Upham Inns in discussions on securing new finance, exploring growth opportunities: Upham Inns, the Hampshire-based operator, has said it is actively exploring opportunities for growth and is in “positive discussions to achieve capital finance for both expansionary and new site acquisitions in the near future”. It comes as the premium pub group, which operates 15 pubs across southern England, said it had achieved “significant positive momentum” in its business turnaround strategy. Posting accounts for year ended 31 March 2021, the company said that inevitably given the scale of covid disruption, with the business closed for 33 of the available 52 weeks, sales and profit performance was weakened, with a group level loss recorded of £2.145m. However, it said that Ebitda in the key four-month trading period of June to September 2020 significantly outperformed the 2019 period. The company said: “The positive momentum with our business turnaround continues into 2021/2. For the six-month period from June-November 2021, with no lockdown restrictions, total like-for-like net sales versus 2019 were up 31%. December trading was inevitably impacted by the new wave of Omicron but still retained positive sales momentum, despite over a third of meal bookings cancelled as guests were more cautious about eating out after the medical advice in early December to work from home and reduce socialising.” Over the past 18 months, Upham Inns have completed investments on five of their core businesses, with a sixth currently closed for refurbishment and due to reopen in mid-February. It said that all the re-developments to date are “showing strong sales uplift and investment paybacks within a year”. Kevin Todd, executive chairman, added: “We are delighted with the continued progress in our business turnaround. Despite all the market challenges we have endured over the past two years, the business is now back on track to deliver a great guest experience and positive shareholder returns. At every level of the business our teams have performed fantastically, and we are now seeing the results of their collective achievements with continued market outperformance. We are now actively exploring the opportunities for growth and are in positive discussions to achieve capital finance for both expansionary and new site acquisitions in the near future.” Upham operates village inns in affluent rural locations and its fledgling Harpers Steakhouse format in suburban locations. Most businesses have boutique bedrooms integral to the business, trading as Charming Bedrooms.

Industry News: 

Full speaker schedule for Restaurant Marketer and Innovator this month unveiled: The full speaker schedule has been unveiled for the Restaurant Marketer & Innovator event held later this month. Click here to view the full schedule. Operators taking part include: The Alchemist, Coco di Mama, Vapiano, Individual Restaurant Company, Anglian Country inns, Compass, Dishoom, BrewDog, Elior UK, Punch, Greene King, Just Eat, TGI Fridays, Big Mamma Group, Gamechangers Hospitality Investments, Lane7, Mission Mars, Wing Shack, London Cocktail Club, Incipio Group, Kerb Food, PPHE Group, Hilton, Pho, Ennismore, Eataly, Pizza Pilgrims, Le Pain Quotidien, Bone Daddies Group, YO!, Rum Kitchen, New World Trading Company and Arc Inspirations. One day operator price is £345 plus VAT, two-day operator price is £575 plus VAT. One day supplier rate is £445 plus VAT, two-day supplier rate is £795 plus VAT. Email to book.

Next edition of definitive sector profitability guide shows damage done by pandemic: The next edition of the Propel’s Turnover & Profits Blue Book, which is updated monthly for Premium subscribers, shows the full damage done to the sector by the pandemic. It features 321 companies making a combined loss of £8.17bn compared to 186 companies in profit – making a combined £797m. Losses now outstrip profits in the sector ten times over.  The next Blue Book will feature more than 500 companies when it is published on Friday 14 January at midday. The next edition shows the pandemic’s effect on the sector, with 321 companies making a combined loss of just over £8bn. Total turnover of the 500 biggest sector companies stands at £28.5bn. The Blue Book, which is produced in association with Mapal Group, provides a five-year overview of turnover and profit, ranking companies according to turnover, pre-tax profit and profit conversion. It also provides details of directors’ earnings and highest paid directors. Premium subscribers also receive two other databases – the New Openings Database, produced in association with StarStock, and the Multi-Site Operators Database, produced in association with Virgate, which are also updated each month. Companies can now have an unlimited number of people receive access to Propel Premium for a year for £895 plus VAT – whether they are an operator or a supplier. The single subscription rate is £445 plus VAT for operators and £545 plus VAT for suppliers. Email to sign up. Subscribers also receive access to Propel’s library of lockdown videos and Friday Wrap interviews and now also have access to a curated video library of the sector’s finest leaders and entrepreneurs, offering their insights on running outstanding businesses in the sector. Premium subscribers also receive their morning newsletter 11 hours early, at 7pm the evening before our 6am send-out, regular video content and regular exclusive columns from Propel group editor Mark Wingett, who this week will look at the year ahead and the succession play at Greggs. 

Welsh hospitality leader fears ‘wave of job losses and looming bankruptcies’ as revellers travel to England for nights out: Wales is facing a “wave of job losses and looming bankruptcies” as people cross the border to England for a less restriction-heavy night out, the head of a leading hospitality group has warned. Bruno Nunes, who owns several nightclubs, restaurants and bars in Swansea and Cardiff, says the Welsh government’s support package of £120m, which was initially just half that figure, is still not enough. Welsh nightclubs have been shut since late December, while table service remains in place for indoor venues like restaurants and bars. “The damage that the closure of nightclubs and restrictions in hospitality has caused is acute and will be met with a wave of job losses and looming bankruptcies in businesses that have suffered the most since the start of the pandemic,” Nunes, chief executive of the Creative Hospitality Group, told ITV News. “Like all my peers in the hospitality sector, I find it galling to see so many people pile onto trains heading for England to celebrate New Year’s Eve with no restrictions. Each weekend that follows with restrictions still in place in Wales will see a further mass exodus of young people who could have been spending their money in Wales, but instead are contributing to the English economy. From my own business perspective, I may be entitled to £90,000 across the nine weeks. This won’t even cover my staff wage, rent and loan repayment costs for a single week. We need more support, we need more clarity, and most importantly, we need the evidence that shows why our sector has been targeted so harshly.” The Welsh government said last month that it would review its new restrictions weekly, and its next covid review is expected on Friday (7 January). Earlier this week, UKHospitality Cymru called for an immediate increase in financial support and lifting of trade restrictions in Wales.

Job of the day: An entrepreneurial hospitality brand is looking to appoint a head of recruitment in Bristol. A COREcruitment spokesman said: “This role will lead the talent attraction strategy, influencing senior stakeholders and ensuring purpose, vision, values and goals are at the forefront when attracting and appointing new staff in UK and Europe. The head of recruitment will be accountable for reporting on key metrics and analytics, driving the D&I agenda as well as coaching and influencing stakeholders to raise the profile of talent diversity. You will provide hands on recruitment advice and support to senior leaders in their role of hiring manager to recruit specialists and leaders into their teams. You will need to work in a cross-functional way, act as a recruitment expert, advising other teams, ensure country specific recruitment legislation is followed and develop internal pipeline and progression pathways. The ideal candidate will be able to demonstrate experience in a similar role, driving a talent acquisition strategy across the UK (and Europe preferably) and have an autonomous work style with a solution focused mindset. This is a great opportunity, based in Bristol, paying up to £70,000.” If you are interested in discussing this further, please get in touch with

Company News: 

Blackwell – when it comes to consolidation, we will look at every opportunity: Graham Blackwell, chief executive of Ten Entertainment Group, said the in terms of future sector consolidation the bowling operator “will look at every opportunity”. He told Propel: “We would be foolish not to. We want to invest our capital in the best opportunities possible, but to put our eggs into one basket would be foolhardy. What we try and do is identify multiple opportunities and evaluate them; inject that capital where we see the best return and best value for money for our customers and best return for our shareholders. So, I think everything is on the table.” Talking after the group’s latest trading update, Blackwell said the business kept more momentum than expected coming out of the summer, allowing it to have a good run to the end of the year, and to look ahead to the next 12 months with “plenty of optimism”. He said: “We had predicted a strong summer because of staycations but were most pleased by how that demand kept up a really good pace for the rest of the year. It meant we still had a good December despite worries about Omicron, and that’s clearly shown from the fact we had our second strongest week ever between Christmas and new year. Bookings for January are looking good as well, so we are looking ahead with plenty of optimism.” Blackwell said the business had seen a softening in sales in the lead up to Christmas as corporates cancelled mid-week festive bookings. But weekend bookings, traditionally family-led, had remained static. Blackwell said: “The work we put in during the year paid off, and a combination of steady prices and safety messages helped the company see the significant sales surge in the week beginning 27 December.” He said the business intends to keep its pricing “as low as we can for as long as we can”, and that promotions will be geared towards families as they face a cost-of-living squeeze.” He added the company was particularly pleased by the progress of its F&B offer. Blackwell said: “What has come on leaps and bounds, and what we are really pleased with, is the food and bar element of the business. This has significantly moved ahead, aided by the introduction of table service. That has continued to work well for us.”

Freehold of Hampstead pub sells for record yield of 2.9%: Property company Genius1Group has reported it has acquired the freehold of the Wells Tavern in Hampstead on behalf of a private client fund with a record net investment yield of 2.9%. Brandon Elmon, of Genius1Group, told Propel: “Freehold pubs in Hampstead village are like unicorns. We’re all heard of them historically – but the market has never actually seen one. There is a wall of money chasing trophy assets, with demand compressing yields further and further.” The pub is let at £98,000 per annum with a review outstanding and four years remaining on the lease.  Elmon added: “We’ve since received offers well over the price we paid – the fund we represented is seeking additional assets in strong locations, from leafy M25 suburbs to prime West End.”

Young’s adds 14-bedroom Berkshire pub to portfolio: London pub operator Young’s has acquired The Pheasant near Hungerford, Berkshire, from Jack Greenall, a scion of the Greenall Whitley brewing family, for an undisclosed sum, Propel has learned. Greenall, whose uncle is Lord Daresbury, took on The Pheasant in 2016. He also operates The Surprise in London’s Chelsea. Brendan Brammer, acquisition manager for Young’s, said: “First out of the blocks for 2022, Young’s are delighted to have acquired the freehold of the Pheasant, in the racing community of Lambourn, Berkshire, for our premium managed estate. Comprising a beautiful pub and dining room with gardens and 14 boutique spec bedrooms to add to our growing accommodation portfolio, this is a very welcome addition to the family.” Last November, Young’s acquired the award-winning The Bull at Ditchling, East Sussex, for an undisclosed sum. The winner of the Great British Pub 2017, The Bull was owned by the Worrall family for more than 18 years, during which time it transformed a once bankrupt tenancy into a “beautiful and much-loved freehold operation”. On taking part in any M&A, Young’s chief executive Patrick Dardis told Propel last year: “We will be looking to not reduce the batting average of the quality of our estate. So, if an opportunity comes up of any size that matches or improves the quality of our estate, we will certainly be interested. We have the firepower. We are not looking to chase numbers. We are no longer looking back but looking forward with enthusiasm.” Paul Tallentyre at DCL acted on The Pheasant deal.

Newcastle-based operator takes on third lease with Star Pubs & Bars for 20th site overall: Newcastle-based leisure firm Vaulkhard Leisure has taken on a lease for The Diamond pub in Ponteland, which it had been running on a temporary agreement since 2018, to bring its estate to 20 pubs, bars and cafes. A joint £350,000 investment with Heineked-owned Star Pubs & Bars will give the pub, which has 12 en-suite letting rooms and a function room, a new lease of life, including a covered timber pergola, heated decking, gas firepit and fleece-covered benches for outdoor socialising. The Diamond is Vaulkhard’s third lease with Star Pubs & Bars, the others being Swarley’s in Newcastle’s Groat Market and Staith House on the Fish Quay in North Shields. Director Ollie Vaulkhard said: “While covid has been a challenge for all, it has also presented lots of opportunities, which we’ll continue to take. We have moved away from late night venues to those with broader appeal and will continue to invest and grow in the region. Unlike other parts of the country, we saw strong performance in Newcastle city centre from April 2021, especially mid-week. Because we don’t have the same proportion of commuters, the city didn’t lose its workforce. Even though some people did work from home, they continued to come into the city for leisure.” Jeremy Scott, investment manager at Star Pubs & Bars, added: “Vaulkhard Leisure have years of experience and a great reputation for running quality pubs, bars and cafes in the north east. The upgrade will improve the comfort for customers and bring the pub up to date. By the time The Diamond reopens, hopefully the airport will be operating to capacity, making it an ideal location for a stopover as well as great place to socialise.” As well as 15 pubs and bars, Vaulkhard also operates several Blakes Coffee & Kitchen and Central Bean coffee shop sites.

Pre-tax losses at Hakkasan Group widen to just under $80m: Hakkasan Group saw pre-tax losses widen to $79.5m in 2020 against a loss of $36.6m in 2019, as the international restaurant and nightclub operator felt the full impact of covid restrictions. Turnover in the year to the end of 2020 stood at $73.4m, down from $283.9m in 2019, during 12 months that the business described as a period of restructuring within its owned-branded portfolio and corporate offices. The group streamlined its portfolio, with the closure of certain underperforming venues during the 12 months. No owned venues were developed nor opened during the year. During 2020, the group re-evaluated its restaurant portfolio and chose to close two owned and one managed Hakkasan locations; one owned Yauatcha location; one managed Sake No Hana site and one managed Ling Ling location. Furthermore, the group converted the Hakkasan Shanghai restaurant from an owned location to a managed partnership. The company said that to offset the sale and closure of certain managed venues, it is actively expanding its white-label management service through various nightlife, daylife and restaurant portfolios with development partners throughout the world. Additional venues are in the pre-development phase and openings are planned for various dates throughout 2022. Hakkasan, which saw its estate decline from 41 sites to 34 during the year, also revealed its US subsidiary had terminated 90% of staff and temporarily reduced base compensation for the remainder, although they continue to receive medical benefits. It said it would look to rehire employees depending on the phased reopening of venues. Planned capital expenditures have been delayed “indefinitely”, while non-essential contracts have been cancelled or amended. During 2020, the business utilised its London kitchens across all sites for takeaway and delivery service and launched a delivery only service for its Mexican-based Casa Calavera brand out of the Sake no Hana site in St James’s, which has subsequently been closed. In addition, various managed restaurants across the globe had been offering a delivery service to alleviate lost revenue which, in turn, impacted the group’s management fee revenue. Last April, Tao Group Hospitality acquired Hakkasan Group, with the newly combined company operating 61 entertainment, dining and nightlife venues in 22 markets across five continents. 

Wellington Pub Co sees revenue decline by £10m due to aid for tenants: Wellington Pub Co, the UK’s largest free-of-tie pub estate with more than 700 tenanted sites, saw its revenues fall by £10m in 2021 due to the support packages offered to its tenants during the pandemic. Revenue was down from £29.8m in 2020 to £19.8m in the financial year ending 31 March 2021, with overall profits down from £12.9m to £1.4m. Several the company’s portfolio of pubs were disposed of during the period at a loss of £2.2m, compared to £3.8m in 2020, while £15.5m worth of additions to its investment property was made, against £7.4m the previous year. The report stated: “The company’s revenue is derived from the management of leased properties, which are predominantly public houses. The shutdown of the hospitality sector throughout the UK for the period March to July 2020 and November 2020 to June 2021 is likely to have a significant impact on the company’s performance going forward. The company has also offered financial support to its tenants, resulting in a decrease in overall revenue compared to prior years. At close of the financial year, the company held significant cash which amounted to £11.74m and a strong net asset position. As the crisis continues to develop through 2021/22, the directors will continue to monitor the situation and continue to coordinate its operational response.”

Launch of e-commerce offering helps Rick Stein negate covid impact on restaurant business: The successful launch of an e-commerce offering, including direct to customer dinner boxes, helped chef Rick Stein’s restaurant business post a pre-tax profit of just under £1m in the year to 3 January 2021. Stein’s business The Seafood Restaurant (Padstow) Limited, which includes 10 restaurants plus a coffee shop, fishmongers, deli and cookery school, post a pre-tax profit of £999,000 in the period compared to £513,000 the previous year, while turnover stood at £14.9m (2019: £17.5m). The company said: “The directors’ response to the impact of covid-19 included restructuring the group by exiting under-performing sites, postponing all non-essential spending and reducing headcount in line with lower revenue expectations; and launching a significant e-commerce offering of direct to customer dinner boxes, an online fishmongers and giftware. The group continues to seek opportunities to grow its e-commerce business and maximise the profitability of the core business. In this context, the 2021 financial year has so far seen the reopening of restaurants and demand for good food and ‘staycations’ has so far seen a rebound in the hospitality industry.” The group’s dinner boxes, Stein’s At Home, cost between £45 and £100 and are filled with ingredients and instructions so people can cook some of the chef’s famous dishes at home. In April 2021, the group received a total of £969,000 in a settlement dispute. However, since there was no expectation the funds would be received as of 3 January 2021, none of the amount was recognised on the group’s balance sheet. Stein’s empire, which he owns with ex-wife Jill, includes The Seafood Restaurant in Padstow as well as sites in Dorset, Hampshire, Wiltshire and Barnes in London.

KFC brings vegan chicken burger back permanently: KFC has announced that its vegan chicken burger is making a return to its menu – this time permanently. The fast-food chain’s Original Recipe Vegan Chicken Burger is now available in all KFC restaurants across the UK for £3.99. The burger includes a Quorn fillet, coated in the chain’s “iconic 11 herbs and spices recipe”. The vegan burger was initially launched in June 2019, when it was called “The Imposter”, and sold out within four days across trial locations in the UK. At the time, KFC said sales of its vegan burger were 500% higher than its classic chicken burger, with one restaurant in London’s Gloucester Road, reportedly selling one burger every minute.

McDonald’s joint venture reports full-year profit driven by drive-thru and delivery sales: South Coast Foods, the McDonald’s joint venture which operates 23 sites across the south of England, posted a pre-tax profit of £1,384,570 in the year to 31 December 2020 (2019: £1,839,460). Turnover dipped to £74,421,875 compared to £86,294,331 the year before. The Grant Cooper-led company, which includes two McDonald’s directors on its board, said: “Upon reopening our restaurants, we initially started with drive thru operations before adding McDelivery and then a takeaway service. With our drive thru estate being 17 of our 23 restaurants, demand at these rose quickly and we were operating at around 80% of previous volumes by the end of August 2020. Our McDelivery service also saw demand rise rapidly. However, our high street restaurants, of which there are six, have not shown the same level of recovery, which is not unexpected given that dining in has not been possible. We are confident customer demand will continue through 2021 and are well placed to deliver with our significant drive-thru estate and McDelivery offering, underpinned by the McDonald’s brand.” In April last year, the company opened a standalone delivery kitchen, at the time McDonald’s second, at Partnership Park in Fratton, Portsmouth.

Rockfish entered new financial year in healthy cash position aided by £3m CBIL: Rockfish, the south west-based seafood restaurant group run by Mitch Tonks, has said it entered its latest financial year in a healthy cash position, in part due to the governments CBIL scheme, and with an active pipeline for new sites. The eight-strong business, which earlier this week launched a new seafood delivery service, said it secured a £3m CBIL last summer. In accounts filed at the start of November 2021, for the year to 30 April 2021, the company saw turnover fall from £9.15m in 2020 to £5.22m, with loss for the period widening from £345,000 to £1.02m, impacted by the business being closed for around seven months of the year. Ebitda for the year stood at minus £233,000, against £289,000 in 2020. Commenting on trading after restrictions were lifted last July, the company said: “The group has had a very successful summer, with all sites delivering numbers well ahead of previous years, despite having to deal with wider environmental issues, labour shortages, as well as staff having to isolate from contracting covid. At the time of audit sign off, the group are in a very healthy cash position and has an active pipeline for new sites. The group has built a leading brand, which the directors believe will endure the current issues facing the hospitality sector.” Rockfish is also on course to expand its restaurant estate, with openings in Sidmouth and Salcombe planned. It said it has also exchanged on another site, with the location to be announced “once formally completed”.

Rowe’s Cornish Bakers posts record profit during pandemic: Rowe’s Cornish Bakers, the Falmouth-based baker which boasts more than 20 UK bakery shops and two production sites, posted record profits during the pandemic. According to accounts filed at Companies House, in the year ending 3 July 2021, Rowe’s delivered a record pre-tax profit of £1,401,230, with overall annual sales recovering to pre-pandemic levels. This compares to £429,913 the previous year and £681,394 in 2019. According to the company, this was driven by a restructure of its production departments and retail estates as customer demand increased throughout the year. This resulted in a year-on-year £1,114,769 (17.1%) increase in gross profit, an 8.8% reduction in staff costs and 22.6% fall in headcount, achieved on a broadly similar turnover (£22,095,603 compared to £21,758,703 in 2020 and £22,570,864 in 2019). The company also made “maximum use” of government job retention and business support schemes. It stated: “The 2022 FY has started strongly, with first quarter results delivering continued gross and net profit growth. Potential supply chain and capacity issues have been mitigated through a combination of margin focused operational planning improvements alongside price increases in both our wholesale and retail divisions. Our latest 2022 forecasts show we are on track to deliver a further upward step change in our profitability.”

Arc Inspirations launches plant-based menus for Veganuary:  Leeds-based multi-site operator Arc Inspirations has launched dedicated plant-based menus across its 18 venues to champion Veganuary 2022. The vegan-friendly dishes will be available in all the Box, Manahatta and Banyan sites across northern England throughout January. Box’s menu features a “not dog” and meat-free meatball pizza from Moving Mountains, who specialise in meat substitutes, and vegan desserts including a Biscoff brownie topped with salted caramel dairy-free ice cream. Manahatta’s menu will feature burgers from Beyond Meat, with plant-based cheese and chipotle mayonnaise, and BBQ nachos topped with vegan cheese, spicy jalapenos and zesty salsa. Banyan’s menu, meanwhile, will include a tofu revitalise bowl with butternut squash, red and golden beets, avocado and quinoa. This will sit alongside a meatless meatball melt topped with melted vegan cheese and spicy marinara sauce, and a South Indian curry featuring an array of vegetables spices. Chief executive Martin Wolstencroft said: “We’ve always championed vegan dishes on our menus, and we recognise the importance of providing plant-based options for our guests. We wanted to take it one step further by creating our first ever vegan dedicated menu to kick off the new year. It’s important for us to cater to all of our audiences, and we’ll be continuing to listen to the demands of our customers to further innovate our menu choices.” Arc Inspirations plans further expansion this year, with deals for new sites close to completion in cities in the north and Midlands. This follows the opening of two flagship sites – a 7,000 square-foot Manahatta in Birmingham and an 8,000 square-foot Box in Manchester – at the tail end of last year.

Richard Corrigan reports £1.4m loss after pandemic slashed turnover by 75%: Chef Richard Corrigan has reported a pre-tax loss of £1,429,946 in the year end ended 31 December 2020 after enforced closures saw turnover drop 75% to £2,753,641 (2019: increase of 4% to £11,038,213). The company stated: “The group has access to a CBIL loan which is held within a separate company owned by the shareholders and is holding cash of £1.3m on behalf of the group to use as and when it requires it. The group was able to reopen all of its businesses in 2021 as soon as practical and has seen all operations trade reasonably well, despite ongoing challenges around footfall and tourism in central London and the extended restrictions in place in Ireland, which eased later than London.”

The Breakfast Club operator reports positive Ebitda despite turnover halving: Catsteps Cafes, owners of all-day dining concept The Breakfast Club, has reported positive Ebitda despite seeing its turnover more than halved in the year to 31 March 2021. According to accounts filed at Companies House, the company’s turnover during the period dropped by 51.8% to £7.6m, from £15.8m the year before. However, group Editda was down by a much smaller margin, to £606,034 from £787,394. Restaurant Ebitda, meanwhile, was down to £218,971 from £2,226,644, with a pre-tax loss of £1,227,568 compared to £290,167 in 2020. The company was able to mitigate its losses through government grants, CBIL scheme and rent concessions and even managed a record sales month in August 2020. It also took its first steps into delivery during the pandemic, operating all its sites as delivery kitchens, and in February 2021 opened its debut dark kitchen, in Chiswick. It opened its 13th The Breakfast Club site, in Chelmsford, in November, and is actively seeking further expansion. “While there is a level of uncertainty about future trade levels brought on by covid-19, the aim of the business is to grow in the coming years and open further sites,” the company stated.

Lake District Hotels maintains profits despite 45% drop in turnover: Lake District Hotels has reported a slight decline in pre-tax profit to £3,765,685 (year before: £3,853,99) in the year ended 31 March 2021, despite turnover declining 45% to £10,660,946. The company stated: “Due to a total period of seven months of no activity, a decline in performance was expected. However, the company has achieved a very healthy operating profit of £3.8m (2020: £3.85m). During the summer of 2020, the hotels benefited from a surge in UK staycations, particularly in the Lake District, and business was exceptional.” The company reported it had decreased spend on repairs by £1.13m, adding: “The company remains in a strong financial position, with net assets of £48.8m, which is an increase of 6.7% on 2020.”  It also reported an increase in video conferencing for staff meetings to reduce the need to travel between sites. The company’s estate includes Inn on the Lake at Glenridding and Lodore Falls Hotel and Spa at Derwentwater.

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