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Thu 7th Jul 2022 - C&C Group reports net revenue 6% ahead of pre-covid levels as Ralph Findlay prepares to take over as chair
C&C Group reports net revenue 6% ahead of pre-covid levels as Ralph Findlay prepares to take over as chair: C&C Group has reported a solid trading performance in the early part of its current financial year with net revenue 6% ahead of pre-covid levels for the four months to 30 June 2022. The company stated: “Notwithstanding this, the group continues to operate in a challenging inflationary environment and remains vigilant on the potential impacts of this on both our cost base and the pressures being faced by consumers, which could impact future demand. We have a significant proportion of our manufacturing input costs fixed for FY2023 and will continue to proactively manage our cost base, while assessing any necessary price increases to recover inflation pressure across the business as the year progresses. Reflecting the continued recovery in trading and the group’s inherent cash generative characteristics, net debt to adjusted Ebitda, at 30 June 2022, fell to approximately 2.4 times. This represents a significant improvement from 3.4 times reported at 28 February 2022. The group is on track to exit its waiver period in the second half of FY2023, achieve its leverage ratio target of less than 2.0 times and assuming current trading conditions continue, return capital to shareholders in due course. C&C holds its annual general meeting (AGM) today (Thursday, 7 July). Following four years as chair of C&C Group and ten years on the board, Stewart Gilliland is not seeking re-election and will be succeeded by Ralph Findlay, subject to shareholder approval, at the conclusion of the AGM.” Findlay, chair designate of C&C Group, said: “I would like thank Stewart for his commitment and stewardship of C&C, during which time the group has transformed into the leading final-mile distributor to the on-trade in the UK and Ireland, while navigating the business through the most challenging period in our industry’s history. The group has iconic brands, a leading distribution network and a strong capital structure to sustain its future growth ambitions. I look forward to playing a role in driving the future success of the business for all our stakeholders including customers, consumers, employees and shareholders.”

One day to go before next edition of The New Openings Database release, to show details on 371 new sites, 19,100-word report included: The next edition of The New Openings Database, which is produced in association with StarStock, will show the details of 371 newly announced site openings and upcoming launches for Premium subscribers when it is published tomorrow (Friday, 8 July), at midday. The database shows the details of which company has opened a site or its plans to open one in the future. It will have details on what type of site it is and its location. There will also be a website link to the businesses so you can find out more about them. It is published on a monthly basis. The next edition of the database features expanding restaurant and cafe brands, niche cuisine, and growing experiential concepts. Premium subscribers will also receive a 19,100-word report on the new additions to the database. Premium subscribers also receive access to three other databases – the Propel Multi-Site Database, which is produced in association with Virgate; the Turnover & Profits Blue Book, which is produced in association with Mapal Group; and the UK Food and Beverage Franchisor Database. 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 jo.charity@propelinfo.com to upgrade your subscription. 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. Premium subscribers will also be given exclusive access to five videos, which will also be sent out tomorrow, at 9am. They will feature Mario Aleppo, founder of the fast-growing pizza franchise Fireaway; James Hacon, global chief marketing officer of Mapal Group; Graeme Smith, managing director at AlixPartners; Alan Laughlin, chief executive of Vapiano; and Sarah Willingham, founder of Nightcap.

Sykes Holiday Cottages reports record profits as it benefits from staycation boom, loses £12.4m in cancelled bookings: Holiday property rental business Sykes Holiday Cottages has reported record profits as it benefited from the staycation boom. Newly-filed accounts showed the business lost £12.4m worth of sales in the year to 30 September 2021 due to cancelled bookings because of the covid-19 pandemic. The company posted revenue of £86.4m, up from £70.1m the year before. Pre-tax profits surged to a record £30.1m, up from £5.9m the previous year. The business received £686,000 in government support through the Coronavirus Job Retention Scheme (2020: £1.6m). Sykes, which is backed by Vitruvian Partners, acquired Best of Suffolk and Abersoch Quality Homes during the period. The trade and assets of Traditional Lakeland Cottages, Heart of the Lakes, Lake District Lodge Holidays, Printcater and Rock Estates (Cornwall), were also transferred to the business. Since the end of its financial year, Sykes has also acquired Northumbria Coast and Country Cottages, Large Holiday Houses and Lyme Bay Holidays. The trade and assets of Character Cottage Holidays was also bought in December 2021. A report accompanying the accounts stated: “The directors are satisfied with the trading performance and will continue to develop the existing activities of the company. The company has continued to see the year being affected by covid-19, although to a lesser extent than in the previous financial year.”

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