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Mon 11th Jul 2022 - Update: Hostmore and Domino’s
Fridays operator reports trading in line with expectations: Hostmore has reported trading at Fridays, the cocktail-led bar and restaurant brand, 63rd+1st, and the fast casual dining brand Fridays and Go, in line with expectations. The company stated: “Guidance for the full year remains unchanged, with like-for-like revenues for the period since 23 May 2022 in line with the expectations set out in the trading update issued on 26 May 2022. Organic growth continues in line with previously stated plans of the group, with the recent opening of the fourth 63rd+1st restaurant, in Edinburgh, on 7 July 2022. On 5 July 2022, the group extended its primary banking facilities for an additional 12 months to 1 October 2024. The terms include an increase in the value of the Revolving Credit Facility to £30m from £25m in support of the group’s capital allocation policy” Robert B. Cook, Hostmore’s chief executive officer, said: “More than one million customers visited our brands during June, and I am grateful to all our valued and loyal customers for their ongoing support despite the financial challenges currently faced by consumers. Additionally, the consistently high guest opinion scores recorded reflect the phenomenal effort of our teams to ensure every customer visit is a valued occasion. Our new 63rd+1st store on Frederick Street in Edinburgh has opened with the fanfare it deserves and we are encouraged by the feedback so far. We expect the store to trade well through the summer as Edinburgh hosts its annual Military Tattoo and International Fringe Festival. The new bank facility extension provides us with greater flexibility to pursue growth opportunities which we are working hard and at pace to deliver.” 

Next edition of Turnover & Profits Blue Book to feature almost 600 companies: The next edition of Propel’s Turnover & Profits Blue Book, which is updated monthly for Premium subscribers, will feature 590 companies. Premium subscribers will receive the latest edition of the Blue Book, which is produced in association with Mapal Group, on Friday (15 July), at midday. The Blue Book shows the effects of the pandemic, with total losses of £5.9bn being reported by 344 companies. However, a further 246 sector companies are still reporting total profits of £1.2bn. Total turnover of the 590 companies is £28.6bn. The Blue Book, which is updated every month, provides an insight into UK operator turnover and profitability over five years, profit conversion and directors’ earnings. Premium subscribers also receive 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. Premium subscribers also now have access to the UK Food and Beverage Franchisor Database, which is an exhaustive guide to the companies offering a food and beverage franchise in the UK and will be updated every two months. 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 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.

Domino’s hires former Just East FD: Domino’s Pizza Group has hired Edward Jamieson as chief financial officer – he is expected to join in October 2022. The company stated: “Edward brings unrivalled experience as a senior leader in the consumer, digital, and food sectors. He has most recently served as regional finance director UK and Ireland at Just Eat Takeaway plc, successfully leading the business through significant growth and major change over the last four years. He joined Just Eat as UK finance director in 2018 and, in addition to playing a pivotal role in negotiating exclusive supplier arrangements with many high street restaurant brands, Edward also transformed the way Just Eat uses business intelligence and analytics to make data-led decisions. His leadership in this area supported the UK business to grow revenue by circa 300% over the past four years. Prior to Just Eat, Edward gained multinational experience with senior finance roles in prominent, consumer-facing, digitally led businesses, including Amazon and Diageo. He also led an international finance team at Aggreko Plc where he gained significant commercial and operational experience. Edward will replace the current interim chief financial officer, David Surdeau, who joined Domino’s in November 2021.” Matt Shattock, chairman, said: “We are delighted to have attracted a chief financial officer of Edward’s calibre to Domino’s. He brings a great blend of senior financial experience and a background in big consumer, digitally led brands which is exactly what we need to continue growing the Domino’s business. With Edward further strengthening our excellent Leadership Team, and a clear strategy for the future in place, I’m confident we can continue to deliver strong results, delight our customers, and support our world-class franchisees. I’d also like to thank David Surdeau for his great commitment and support during his time as interim chief financial officer. David will be with us until November to ensure an orderly transition.” Edward Jamieson said: “I am excited to be joining Domino’s, which is an iconic brand, much-loved by customers, with lots of potential for continued growth. I look forward to getting started, working with the board, and supporting the Leadership Team to grow the business and ensure Domino’s continues to deliver for customers, colleagues, franchisees, and shareholders.”

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