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Morning Briefing for pub, restaurant and food wervice operators

Fri 30th Jun 2023 - Starbucks’ largest UK franchisee reaches 100-store landmark
Starbucks’ largest UK franchisee reaches 100-store landmark: Starbucks’ first and largest UK franchisee, 23.5 Degrees, has reached the 100-store landmark with an opening at Tame Leisure Park in Tamworth, Staffordshire. It comes just over a decade after 23.5 Degrees, led by managing director Mark Hepburn, opened its first Starbucks store in Liphook, Hampshire, in February 2013. It has long stated ambitions to triple its estate to 300 stores by 2027 and has a strong pipeline of approved stores. The company said it has so far invested more than £35m in the UK economy through building and buying stores. It now has more than 1,785 partners working in store, with more than half its managers having been promoted from such positions. Hepburn, who has previously worked in franchising with Burger King and KFC, said: “In just ten years we have built this company from one store to 100 and are excited to have reached such a major milestone in our company’s history. We’re able to move fast on great new sites. Furthermore, our use of modular design and build enables our landlords to have our stores trading faster. We’re keeping our foot on the gas and will continue to create spaces that foster connection, build bridges between communities, and champion the values that define us – aiming to reach 300 stores in the next four years. As we celebrate the opening of our 100th store, we look to the future with optimism and remain steadfast in our commitment to innovation, diversity and social responsibility. We could not have achieved our success and 100 stores across the UK without our investors, contractors and Starbucks itself. Most importantly, I’d like to thank our partners who have delivered day in and day out to ensure we continue to serve our customers and build the business.” In January, 23.5 Degrees reported turnover increased to £74,979,078 for the year ending 31 August 2022 compared with £66,716,851 the previous year, while pre-tax profit was down to £8,057,651 from £10,004,677. The company said over the past 12 months, its pipeline of new stores has increased to 50 from a base of 25-30 in previous years, with a focus on drive-thrus. It is actively seeking both freehold and leasehold drive-thru opportunities on main arterial routes, close to major retail destinations or on large industrial estates. These should be able to be designed into three standard sized units –1,500, 1,800 and 2,200 square feet – and can either be modular or traditionally built.  It will also consider retail park and drive-to destinations, as well as high street units in prominent high footfall locations with a minimum size of 1,500 square feet. 23.5 Degrees currently has the rights to develop in Oxfordshire, Berkshire, Hampshire, Wiltshire, Cambridgeshire, Norfolk, Hertfordshire, Essex, Dorset, Norfolk, Suffolk, Nottinghamshire, Leicestershire, Staffordshire, Lancashire, Yorkshire, Cumbria and Northumberland. 23.5 Degrees features in Propel’s Turnover & Profits Blue Book. Its turnover of £74,979,078 in the year to 31 August 2022 is the 92nd highest in the database. Its pre-tax profit of £8,057,651 is the 66th highest in the database. The Blue Book ranks companies by turnover, profit and profit conversion, listing directors’ earnings for the past five years. Companies can now have an unlimited number of people receive access to Propel Premium for a year for £995 plus VAT – whether they are an operator or a supplier. The single subscription rate is £495 plus VAT for operators and £595 plus VAT for suppliers. Email to upgrade your subscription.

Red Oak acquires two Everards pubs: Red Oak Taverns, the national pub operator founded by Aaron Brown and Mark Grunnell in 2011, has acquired two pubs from Leicestershire brewer and retailer Everards. It has exchanged contracts on The Croft in Wednesbury and The Bulls Head in Clipston, near Market Harborough. The Croft is an established community pub while The Bulls Head has been operated by tenants Stephen and Helen Foster, who will be leaving the pub on completion of the sale. Graeme Bunn, property and acquisitions director for Red Oak Taverns said: “We are delighted to secure two more great pubs to add to our growing estate and we are looking forward to welcoming the pubs to Red Oak. With the departure of Stephen and Helen at the Bulls Head, we are seeking a new tenant to take over this wonderful thriving village pub and build on their hard work.” Red Oak has completed six acquisitions so far this year and continues to seek out and secure business opportunities on an individual and package basis.

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