Propel Newsletter Archive Page

Fuller’s sees positive trading continue: Fuller’s has reported that its positive trading performance has continued with the company delivering like-for-like sales growth of 5% for the first 16 weeks of its financial year to 19 July 2025. Chief executive Simon Emeny said: “I am delighted with our progress so far this year. Our teams across the business continue to work hard, delivering consistently excellent results and overcoming the challenges in our sector with spirit and determination to maintain our strong momentum. They are the heart of Fuller’s, and I am proud to work alongside them. Today also sees the end of an era for Fuller’s as Michael Turner steps down as chairman after an incredible 47 years with the business. He leaves the company in great shape, and I would like to publicly thank him for his amazing service and contribution. Michael’s vision and drive has taken Fuller’s to new heights, and his legacy is a company with a bright and confident future.” Turner said: “It’s been a wonderful journey, and I am so proud of everything that the team have achieved at Fuller’s during my tenure. The company celebrates 180 years this year and it has never been in a stronger position. It just remains for me to wish Simon and all the team success, satisfaction and enjoyment for the future. I will be watching with anticipation from the stands.” The company’s next trading update will be on 12 November 2025 when the half year results for the 26 weeks to 27 September 2025 will be released.

Jamie Oliver looking for partners for launch in the US: Jamie Oliver has begun looking for partners to help him launch his restaurant business in the US. The chef currently operates 64 restaurants with more than 2,000 employees in more than 20 countries, with more to come. “We just opened in Athens [Greece] and Montenegro, and then our next opening is kind of a cool little pasta bar in Belgrade [Serbia],” Jamie Oliver Group director Ed Loftus told US title Restaurant Hospitality, adding that some 15 restaurants of different concepts are slated to open this year with a total of 20 projects over the next 18 months. “Jamie grew up in his mum and dad’s pub in the middle of the English countryside. Very traditional British fair,” Loftus said. “And pubs are super accessible.” They’re a gathering spot for the communities where they operate, and Oliver wants that feeling to be reflected in his own restaurants, Loftus said, including Jamie Oliver Kitchen, Jamie’s Italian, Jamie Oliver’s Diner, Jamie Oliver’s Pizzeria, and Jamie’s Deli. “The US has got some amazing produce. We’d love to find that produce, get to understand it, and bring it to life in a really exciting way with an authentic British-style menu,” Loftus said. “We want to bring a little bit of Jamie’s childhood to the US – some traditional-ish British food and some of that pub culture. We really want to create little hubs of energy that everyone can come and enjoy.” As for where in the US Oliver would like to open, Loftus said it depends on the partner they find. Although their focus is on New York City, which Oliver visits for work at least twice a year anyway, or California. “That’s where we’d love to be. Who knows where we’ll end up?” Loftis said. The Jamie Oliver Group already has 16 partners, some smaller entrepreneurial companies and others with multinational contracts. “We’re quite flexible,” Loftus said. “There are definitely some business things to consider [such as adequate working capital and experience running restaurants] but really it’s about chemistry. We’re getting married, we’re doing this thing, we want to have a good time. So similar corporate culture is important – focus on hospitality and being a people-forward company, as well as an entrepreneurial spirit. What we want to do in the US is create something unique, something that has a sense of place and a love of food.”

Subway hires former Burger King executive Jonathan Fitzpatrick as new CEO: Subway, the global sandwich chain, which was acquired last year by Roark Capital, has hired former Burger King executive Jonathan Fitzpatrick as its new chief executive. Fitzpatrick, who will join the company on 28 July, has over 20 years of franchising and QSR experience, with past roles including executive vice president and chief brand and operations officer at Burger King. Most recently, he served as president and chief executive of automotive services company Driven Brands, which is also owned by Roark. Driven Brands is the parent company of auto service brands like Meineke Car Care Centers and Maaco. His appointment follows the retirement of John Chidsey at the end of last year, and the appointment of Carrie Walsh as interim chief executive of Subway, which has nearly 37,000 outlets in more than 100 countries. “I’m honoured to lead this iconic brand that has been serving guests around the world for 60 years,” Fitzpatrick said. “Subway has a solid foundation built on decades of providing freshly made, better-for-you options with value and convenience. I’m excited by the opportunity to shape the future of the company, working alongside our valued franchisees and employees to help drive increased sales and franchisee profitability and grow our brand around the world.”

Poolhouse secures a further $1.5m of investment: Poolhouse, the new concept from the founders of Topgolf and World Golf Systems which will launch in London early next year, has secured a further $1.5m (£1.1m) in strategic investment from Emerging, the US-based fund behind F1 Arcade, Flight Club and Batbox. The company said that this latest raise signals a “bold vote of confidence in the brand’s mission to reimagine one of the world’s oldest games, pool”, and brings Emerging’s total backing to its largest concept investment to date. “As an existing investor and a board member, I’ve witnessed first-hand the progress of this great team to draw from best-in-class to deliver something truly special. It is for this reason Emerging chose to increase its investment,” said Mathew Focht, founding managing partner of Emerging. “Poolhouse represents the largest concept investment Emerging has made to date. Over the past year, we have had the opportunity to work closely with Andrew O’Brien (Poolhouse chief executive) and the Jolliffe brothers – visionaries behind Topgolf and Puttshack. Their combined expertise in immersive social entertainment and operational execution uniquely positions them to lead the next wave of innovation. With Poolhouse, they are transforming one of the world’s oldest games into a globally modern social experience. We believe this marks the beginning of a compelling and scalable growth story.” The raise follows Poolhouse’s $34 million seed round earlier this year. The business said it also reflects growing confidence in the brand, as well as “rising demand from value-add partners who recognise Poolhouse’s long-term potential to scale globally and lead the next evolution of social entertainment”. O’Brien said: “Emerging’s increased investment affirms our strategic progress and further strengthens our great partnership. Poolhouse is in a fortunate position to benefit from Emerging’s unique sector insights, and we very much look forward to what lies ahead.” Its London venue is set to open in early 2026 at 100 Liverpool Street, with global expansion to follow through a combination of franchise partnerships and third-party licensing of its proprietary tech platform.

Compass Group to acquire Vermaat Groep in €1.5bn deal: Compass Group has announced that it has agreed to acquire Vermaat Groep, a leading premium food services business in Europe, for approximately €1.5bn. Compass said that Vermaat is a high-performing multi-sector platform which will provide the company with a unique opportunity for further sustainable growth in Europe. It is a market leader in the Netherlands, with a growing presence in Germany and France, all of which are among Compass’ top ten markets. Compass said: “The company is led by an outstanding leadership team which is reflected in its excellent operational track record, delivering a compound annual growth rate of nearly 20% over the last 15 years, and industry leading margins. Its high retention rate reflects the quality of the offer and strong customer relationships. Vermaat is on track to generate sales of circa €700m with a double-digit operating margin in 2025. Following decades of leveraging acquisitions to build a high-growth market leader in North America, Compass is deploying the same successful blueprint in Europe to accelerate sectorisation. This new capability will enable the group to better capitalise on existing opportunities and to continue expanding in Europe, where the total addressable market is worth at least €115bn, with around half still self-operated. The exceptional Vermaat management team will join Compass on completion and will continue operating the business on a standalone basis, whilst leveraging the benefits of being part of a larger group.” In the first full year of ownership, the proposed acquisition is expected to be margin and EPS accretive to Compass Group. Following completion, Compass anticipates its post-acquisition leverage to be around 1.5x net debt to Ebitda at the end of FY26, before deleveraging in FY27. Compass said the strategic acquisition, combined with synergy benefits, is expected to achieve returns ahead of the group’s cost of capital in the medium term, given the high-quality nature of the business, its strong growth profile and ability to create long-term shareholder value. Dominic Blakemore, group chief executive of Compass, said: “We are proud to announce this landmark acquisition. Vermaat is a best-in-class food services business which will significantly strengthen Compass Group’s premium offer across Europe and will provide us with exceptional leadership talent. This strategic acquisition represents a step change in our core markets by creating a strong platform for expansion across Europe.”

Hospitality’s lunchtime lift: Business optimism in the UK’s hospitality and leisure sector has been buoyed as rising after-work footfall and busier lunchtimes boost trade. The Times reports that the Barclays business prosperity report found 41% of hospitality and leisure businesses recorded a rise in post-work footfall compared with last year. Weekday lunch traffic also rose, with 35% of businesses noting busier midday periods, as post-covid return-to-office mandates were tightened. Barclays said the sector was benefiting from a shift to the “experience economy”, where people prioritise spending on events and entertainment over material goods.

Rayner demands tourist tax in clash with Reeves: Angela Rayner is pushing for councils to be given new powers to tax tourists, despite opposition from Rachel Reeves. The Telegraph reports that the deputy prime minister has argued that councils should be given the power to tax visitors’ hotel stays amid a scramble by cash-strapped local authorities to cash in on booming demand. It comes as a record 43 million foreign visits to the UK are expected this year, on top of British families travelling within the country. Treasury officials are opposed to a tourism tax amid fears it would be a fresh blow for hospitality businesses already hit by Labour’s tax raids in last year’s Budget, as well as snuffing out a post-covid revival in visits. The row aligns Rayner with powerful regional mayors, including Sir Sadiq Khan and Andy Burnham. It marks her latest clash with the chancellor after previous disagreements over how to plug a multi-billion-pound fiscal black hole. Councils are lobbying the Treasury to be allowed to charge their own taxes, a power currently reserved by Westminster. Rayner is understood to have pushed for the power to charge tourist taxes to be included in the government’s Devolution Bill, published earlier this month. But the chancellor has ruled out further fiscal devolution, believing that Ms Rayner’s workers’ rights law and the increase in employers’ National Insurance contributions last year have already driven up costs on businesses. Many European cities, including Barcelona, Lisbon, Venice and Amsterdam, charge tourists a tax on the cost of hotel rooms and private rentals, either as a flat rate or percentage of the room charge.

Tourists will ‘spend extra £3.7bn if VAT rebate returns’: The UK economy could gain an extra £3.7 billion a year and create more than 73,000 new jobs if the government reinstated tax-free shopping for overseas visitors, ministers have been told. The Times reports that a new paper from the Association of International Retail (AIR), an independent industry body, has urged the government to reverse the 2021 decision to scrap VAT rebates for tourists – a move widely criticised by business leaders as a “tourist tax”. The submission, delivered to the Department for Culture, Media and Sport, argues that Brexit created a unique chance for Britain to offer tax-free shopping to both non-EU and now EU visitors, unlocking a vast new market of 450 million potential shoppers. “With Britain no longer in the EU, we have the [chance] to become the best place in the world for shopping,” said Derrick Hardman, chair of the AIR. “While the 26 EU countries offer VAT-free shopping to non-EU visitors, including those from the UK, Britain is now in the unique position of being the only major European country where this attraction could also be offered to all 450 million EU residents. In addition to levelling the playing field with our EU competitor destinations who all offer VAT refunds to non-EU visitors, Britain [could] create a whole new, shopping-led EU tourism market.” The call comes just days after Joshua Schulman, Burberry’s chief executive, said the UK could reclaim its status as the world’s top shopping destination if the VAT rebate were reinstated. Unlike its EU rivals, which still offer VAT rebates to tourists, the UK no longer does. This, businesses have argued, makes it less attractive to high-spending visitors. The AIR’s report warns that tourists are being drawn to rival countries. In 2023, UK visitor numbers recovered to 96% of pre-pandemic 2019 levels, while France and Spain surpassed pre-covid numbers, it said. Tourist spending in the UK hit 92% of 2019 levels, against 110% in France and 106% in Spain. The paper estimates that EU visitors alone could generate £3.65 billion in additional spend annually if they had access to VAT-free shopping. A policy change would particularly benefit regional economies, the AIR notes. About half of EU visitor spending in the UK is outside London, and many regional airports primarily serve European travellers.

Sam Ryder backs Greene King Pubs’ initiative on live music: Greene King Pubs has appointed musician Sam Ryder as its “head of gigs” as part of a live music campaign. As part of the role, Ryder will surprise customers at one Greene King pub for a one-off headline performance. He will be among nearly 800 acts playing in pubs across the UK all on one day (8 August). A Greene King Pubs survey found that 40% missed out on live music last year due to high ticket prices. In addition, more than a third remain unaware of live music events in their local area. The pubs chain is launching Greene King Untapped, a nationwide search sponsored by Jack Daniel’s and Coca-Cola for grassroots talent. Greene King Untapped’s winner will win a performance slot at the Pub In The Park 2026 festival, along with a £10,000 cash prize and a recording session at Metropolis Studios. Ryder told MusicWeek: “Playing in pubs and smaller venues was where it all started for me, with intimate venues, borrowed PA systems and a handful of pub-goers who might become fans. Grassroots music is at the heartbeat of the scene and those early gigs shaped who I am as an artist. These spaces allow live music to be an experience available to everyone, that’s why they’re so important, and I’m stoked to be a part of the team helping to keep that alive!” Greene King Untapped is part of Live at Your Local, where 870 pubs will be hosting music-themed events across the UK this summer. To further support grassroots music, Greene King has teamed up with Jack Daniel’s and Coca-Cola to support the Music Venue Trust. For every Jack Daniel’s and Coca-Cola purchased, 10p will be donated to the Trust, funding community projects and initiatives that nurture emerging talent across the country. Zoe Bowley, managing director at Greene King Pubs, said: “Through this campaign, in partnership with Sam, we’re committed to broadening and maintaining access to free live music, and giving new artists a real chance to shine. Pubs have long been the heartland of grassroots music, a place where emerging talent takes root, stars are born, and communities come together. It’s where British people do what they do best: connect, celebrate, and create lasting memories.”