Propel Morning Briefing Mast Head CPL Learning Link Paul's Twitter Link Greene King Banner
Morning Briefing Strap Line
Tue 28th Feb 2023 - Update: Various Eateries results, Greggs recognised as UK businesses hit key gender balance target
Various Eateries – trading in line with expectations, pursuing expansion plans ‘at measured pace’ given uncertain outlook: Various Eateries, the Coppa Club operator, has said sales in the first quarter of FY23 “were in line with management expectations” while market conditions are seeing “increasing number of high-quality sites becoming available at extremely attractive rates”. The business, which operates 15 sites under the Coppa Club, Tavolino and Noci concepts, said it was confident of delivering another year of continued progress despite the uncertain outlook for inflationary pressures and ongoing threat of negative impact of train strikes. It added it was growing its pipeline of high-quality sites and intended to pursue expansion plans at a measured pace. Its diverse mix of brands are “aligned to modern consumer needs” and chosen pricing points “leave us well-positioned to navigate a recessionary environment”. Various Eateries said its energy costs were hedged materially from a volume perspective through to summer 2025 while steps have been taken to manage margin pressures including a “comprehensive menu re-engineering exercise”. The company stated: “As we move through the second quarter, it remains difficult to predict with any certainty how this financial year will pan out. A mixed picture in October and November followed by a strong festive period didn’t offer a great deal in terms of themes and patterns, and it is still too early to draw any meaningful conclusions. Beyond Various Eateries, there doesn’t yet seem to be any real consensus in the industry about what to expect, with opinion divided as to whether inflation and interest rates will continue to rise, or whether the solid Christmas many retail businesses enjoyed represented something of a turning point. One thing that is certain is the negative impact of the ongoing train strikes on trading, particularly at our London sites. We saw evidence of this during the year under review and post-period end, and expect them to be detrimental as long as they continue. We shouldn’t let the current economic climate and prospect of further train strikes overshadow the progress we continue to make, and the potential of the group. Our focus for FY23 will be on continued delivery of our strategy. Regardless of what happens to inflation and demand in the short-term, we are building the group for the long-term, and will continue to make decisions, and take actions we believe will ensure sustainable, profitable growth and value creation for shareholders long into the future. We remain on track to open Coppa Club sites in Cardiff, Guildford and Farnham in 2023. A second site for Noci will also open during the year at Battersea Power Station. As we have maintained since initial public offering in September 2020, while it is sad to see our industry peers fall by the wayside, the increasing number of high-quality sites becoming available at extremely attractive rates presents us with a growing opportunity. Our three new publicly confirmed Coppa Club venues are a good illustration of this. It is very unlikely they would have become available had it not been for the pandemic, and certainly not with the lease terms and at the rates we have been able to secure them on. Similarly, we are seeing an influx of fully fitted restaurants coming to the market that fit the criteria for Noci at no premium, giving us excellent strategic flexibility over the rollout. Regarding reduced consumer spending, while obviously not immune to economic downturn, we expect the group to be a beneficiary of the emerging premiumisation trend. As disposable income reduces, we are seeing more and more people choosing quality over quantity and memorable experiences over the everyday. Our brands and venues, engineered around first-class food and destination venues at affordable prices, should continue to prove a popular choice.” It comes as the business reported revenue increased 82% to £40.7m for the 52 weeks ended 2 October 2022 (2021: £22.3m). Adjusted Ebitda was up 193% to £3.5m (2021: £1.2m). Pre-tax losses increased to £7.2m (2021: loss of £3.7m). The business had cash at bank of £9.4m (2021: £19.7m) and net debt of £3.3m (2021: net cash of £7.3m). For the last six months of the financial year (4 April to 2 October 2022), the Coppa estate achieved like-for-like growth of 1% compared with 2019. Its hotels delivered “a steady performance with high occupancy and room rates”. The performance of Tavolino “has also been in line with expectations” and since opening in March last year, Noci “has surpassed expectations both in terms of performance and profile across the capital”. Andy Bassadone, executive chairman of Various Eateries, said: “To have made the progress we have despite the widespread challenges we and many others in the sector have faced is testament to the hard work of our teams and the enduring appeal of our brands, even in times of economic uncertainty. There continues to be a complex picture of industry-wide pressures that make it difficult to predict exactly how the coming months will unfold. Nonetheless, we remain focused on executing our strategy, and are confident that we will emerge strongly once conditions improve.”

Updated Who’s Who of UK Food and Beverage released today, New Openings Database to follow on Friday: The next edition of the Who’s Who of UK Food and Beverage will be sent to Premium subscribers today (Tuesday, 28 February), at midday. It is the first database where full profiles of 650 of the UK’s top food and beverage operators are available in one place. It features more than 170,000 words of content, including 46 updated entries, while 16 new companies have been added. The companies, listed in alphabetical order, will have their most recent results reported as well as broader information around Ebitda, plans and trading style available. The database merges Companies House information, interviews and other public information to provide an easy to reference and exhaustive guide to the sector. Premium subscribers will also receive the next edition of the New Openings Database on Friday (3 March), at midday. It focuses on newly announced openings and upcoming launches in the sector and is updated every month. The next edition also includes a 7,500-word report on the new additions to the database. Premium subscribers also receive access to the Propel Turnover & Profits Blue Book; the Propel Multi-Site Database, which is produced in association with Virgate; 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 to upgrade your subscription. Subscribers also receive access to Propel’s library of 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.

Greggs recognised as UK FTSE 350 firms hit a key gender balance target three years early: Food-to-go retailer Greggs is among the companies leading the way as FTSE 350 firms hit a key gender balance target three years early. The proportion of boardroom jobs held by women at the country’s biggest listed companies increased by nearly three percentage points last year to 40.2%, according to the government-backed FTSE Women Leaders Review. This meant the 40% target was hit three years ahead of the 2025 deadline. Campaigners hailed it a “defining moment” for British business – but called for even more to be done. However, there are just nine female chief executives in the FTSE 100 – and nine companies across the FTSE 350 still have all-male executive committees. Ministers said this underlined the need for further progress despite the 40% target being hit. Just over a decade ago, 152 of FTSE 350 companies had no women on their boards at all. Now there is at least one woman female director at every company in the FTSE 100 and FTSE 250 – which together make up the FTSE 350 – and the vast majority have three or more. Companies such as Greggs, Severn Trent and Vodafone have made particular strides in this area, leading the way with more women than men on their boards, the review said. “With businesses hitting the 40% target for women on boards well ahead of schedule, it is clear that momentum is on their side and a sea change is coming,” the report said. The latest figures put the UK in second place behind France for the best female representation at the top. At France’s 40 biggest public companies, 44% of boardroom jobs are held by women. The UK has opted for voluntary action from companies, but France has imposed strict quotas, which force the largest firms to push for equality in the workplace.

Return to Archive Click Here to Return to the Archive Listing
Punch Taverns Link
Return to Archive Click Here to Return to the Archive Listing
Propel Premium
Quickpad by Pepper Banner
Growth Partners - Find out More Banner
Santa Maria MEXI-GO Banner
Quickpad by Pepper Banner
Contract Furniture Group Banner
Bizimply Banner
BrewDog Black Heart Banner
Heineken Silver Banner
Peppadew Banner
Propel Banner
Quickpad by Pepper Banner
Access Banner
Christie & Co Banner
The Licensees Association Banner
Airship – Toggle Banner
Libeo Banner
COREcruitment Banner
Hospitality Rising Banner
Cynergy Bank Banner
John Gaunt Banner
Zonal Banner
HGEM Banner
Bums on Seats Banner
BrewDog Black Heart Banner