Propel Newsletter Archive Page

Young’s reports like-for-likes up 6.8%: London pub operator Young’s has reported revenue in the first 13 weeks of its new financial year was up 8.3% in total and 6.8% on a like-for-like basis compared with last year. Speaking ahead of today’s (Thursday, 6 July) annual general meeting (AGM), chairman Stephen Goodyear said: “The key driver behind our performance is continued investment in improving and growing our premium estate, which remains central to our strategy. We are already seeing the benefit from the acquisitions we made last year, which included the Griffin Inn in Fletching, East Sussex. We will also benefit from the significant investments we made in our existing estate, with major projects at the Marquess of Anglesey in Covent Garden; Hare and Hounds in East Sheen; Hort’s Townhouse in Bristol, which reopened in March with an additional 19 bedrooms; and the Clapham North in Clapham, which will be opening in August. More recently we have purchased the freehold interest in The Stag in Belsize Park and exchanged on three premium freehold properties in the south of England. As previously announced, I will be stepping down as non-executive chairman and will retire from the board following the company’s 2024 AGM. I will be succeeded by Steve Cooke, who brings more than 40 years’ corporate experience from his time at Slaughter and May, most recently as senior partner. Steve’s experience will be invaluable as Young’s continues to execute its proven growth strategy. Steve will join the board as a non-executive director on 1 November 2023 before becoming non-executive chairman in July 2024. The board is optimistic for the year ahead, looking forward to the Rugby World Cup this autumn and the warm-up fixtures over the summer. We will continue to invest in the future growth of the business, sticking to our strategy of running premium, differentiated and well-invested pubs and rooms. The strength of our balance sheet leaves us well-placed to make further investments and continue to generate good returns for shareholders over the long term.”

One day to go before the next edition of The New Openings Database release, to show details of 48 new sites, 3,000-word report included: The next edition of The New Openings Database will show the details of 48 newly announced site openings and upcoming launches for Premium subscribers when it is published tomorrow (Friday, 7 July), at midday, including 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, and there will also be a website link to the businesses. The database is published on a monthly basis, and the next edition features growing restaurant and bakery brands, niche cuisine, and expanding experiential concepts. Premium subscribers will also receive a 3,000-word report on the new additions to the database. Premium subscribers are also to receive access to all the videos from this month’s Propel Multi-Club Conference featuring the sector’s finest female leaders and entrepreneurs. Premium subscribers will be sent 11 videos next Friday (14 July) at 9am, where female sector leaders share the lessons they have learned and moving forward. Premium subscribers also receive access to four other databases: the Propel Multi-Site Database, produced in association with Virgate; the Propel Turnover & Profits Blue Book; the UK Food and Beverage Franchisor Database; and the Who’s Who of UK Food and Beverage. 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 jo.charity@propelinfo.com to upgrade your subscription. Premium subscribers are also to be given exclusive access to the recording and slides to Propel Multi-Club Conferences. Premium subscribers also receive their morning newsletter 11 hours early, at 7pm the evening before; regular video content and regular exclusive columns from Propel group editor Mark Wingett.

UK services sector grows at slowest pace in three months: The services sector expanded at its slowest pace in three months in June, but growth remained resilient despite rising interest rates and economic uncertainty weighing on demand, according to a new survey. The S&P Global/CIPS UK services purchasing managers’ index eased to 53.7 last month, down from 55.2 in May, well above the 50 level that indicates growth. Samuel Tombs, at Pantheon Macroeconomics, the consultancy, told The Times: “The recovery in services output lost a little momentum in June, but it still is holding up well in the face of rising interest rates.” Services companies, which includes hospitality and make up more than 80% of the economy, continued to hire as more people looked for work. Staffing levels rose at the fastest pace since last September, although higher wage bills increased costs for businesses and offset falling energy and transport costs. The survey indicated businesses and consumers continued to spend despite inflationary pressures. However, higher interest rates were a having a particular impact on services related to construction and property sales. New business fell to a four-month low in June and Tim Moore, at S&P Global Market Intelligence, said services sectors were showing “renewed signs of fragility in June as rising interest rates and concerns about the UK economic outlook took their toll on customer demand”. He added widespread increases in salary payments offset falling fuel bills and energy prices. John Glen, chief economist at the Chartered Institute of Procurement & Supply, said: “With the UK economy still a hair’s breadth away from recession, companies will be making modest plans for future business this year rather than for the highs experienced in the last few months.”

Five Guys partners with UberEats as it expands delivery channel: Better burger brand Five Guys has launched a partnership with UberEats as it expands its delivery channel. Five Guys is available on the platform in 12 cities across the UK including Birmingham, Cardiff, Edinburgh and London. Paul Hamilton, brand and customer director of Five Guys, said: “Our fresh, made-to-order burgers, fries and shakes have become iconic since we launched in the UK ten years ago. We are excited to partner with UberEats and ensure Five Guys is now available for more of our loyal customers.” Matthew Price, general manager of UK, Ireland & northern Europe at UberEats, added: “Five Guys is one of the most popular food brands in the country, and we are delighted it is joining our platform.” Meanwhile, Five Guys is set to drop the second collection of its merchandise line to coincide with the ten-year UK anniversary. The drop, which includes a reversible bucket hat, sliders, a summer co-ord set, as well as a new hoodie design and t-shirts, was modelled by restaurant staff and shot at one of the farms where Five Guys source its potatoes, paying homage to the brand’s commitment to fresh produce. While the first collection "Arlington 1986" focused on the Americana style that has taken runways by storm, the new "checkerboard" collection is about championing the iconic, instantly recognisable red-and-white checkerboard tiles in all Five Guys restaurants.