Propel Newsletter Archive Page

Young’s like-for-likes sales up 5.6%: Young’s has said that the strong trading momentum announced in its AGM trading update on the 9 July 2025 continued through the summer, with like-for-like sales up 5.6% and total sales up 5.3% in the period. The company said that this performance reflects healthy demand for its premium, individual and well invested pubs, supported by the ongoing sunny weather as customers continued to enjoy its gardens, riverside locations and outdoor spaces. It said it also demonstrates the success and impact of several recent investment schemes in its estate ahead of the summer period. It said: “In line with our strategy, we continue to invest in schemes that deliver genuine growth and the ongoing evolution of our premium estate. Investments during the period also included several former City Pub sites such as Daly’s Wine Bar, Bow Street Tavern and the Old Firehouse, all completed ahead of the autumn and busy festive periods. We are encouraged by this sustained positive momentum and will deliver in line with expectations for the half year. We also remain confident in expectations for the rest of the year, despite ongoing external pressures, including recent industrial action on the London underground network.” Simon Dodd, chief executive of Young’s, said: “It is fantastic to be reporting another strong trading period for Young’s. This performance is all thanks to our brilliant teams who continue to delight our customers across our well invested pubs, against a backdrop of prolonged warm weather in the UK. We enter the autumn in a strong position and expect to maintain the momentum into the all-important Christmas trading period, giving us confidence in the remainder of the year.”

Premium Club subscribers to receive next Who’s Who of UK Hospitality and videos from this month’s Propel Multi-Club Conference on Friday: The next Who’s Who of UK Hospitality will be released to Premium Club subscribers on Friday (19 September), at midday. Another 80 companies have been added to the database, which now features 1,113 companies. This month’s edition will also include 114 updated entries. 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 Club subscribers will also receive all the videos from this month’s Propel Multi-Club Conference on Friday, at 9am. They include Caroline Ottoy, managing director of specialty coffee concept WatchHouse, who talks about the brand’s continued growth in the UK amidst an increasingly competitive category, its move into the US and its plans for further international expansion. Premium Club subscribers also receive access to five other databases: the Turnover & Profits Blue Book, the Multi-Site Database, the New Openings Database, the UK Food and Beverage Franchisor Database and the UK Food and Beverage Franchisee Database. All Premium Club subscribers will be offered a 20% discount on tickets to Propel paid-for events and discounts on specialist sector reports. Operators that are Premium Club subscribers are also able to send up to four members of staff to each of our four Multi-Club Conferences for free. Premium Club subscribers receive their daily Propel Info newsletter 11 hours earlier than standard subscribers, at 7pm the evening before. They also receive videos of presentations at eight Propel conference events two weeks after they are held. This represents around 100 videos of industry insight over the course of the year. Premium Club subscribers also receive exclusive opinion columns every Friday at 5pm, which include the thoughts of Propel group editor Mark Wingett and a host of industry leaders from across the sector. A Premium Club subscription costs an annual sum of £495 plus VAT for operators and £595 plus VAT for suppliers. Companies can now have an unlimited number of people receive access to Premium Club for a year for £995 plus VAT – whether they are an operator or supplier. Email kai.kirkman@propelinfo.com today to sign up.

Full-year losses narrow at Leon, but working from home impacts sales: Natural fast food brand Leon saw its pre-tax losses narrow in 2024, despite the impact of train and tube strikes and the working-from-home trend, and reiterated that trading has started to settle post-covid. The 79-strong business, which is owned by Asda, reported a pre-tax loss of £8,484,832 in the year to 31 December 2024 (2023: £19,587,309) with turnover of £62,451,975 (2023: £64,906,310). Adjusted Ebitda stood at negative £600,000 against negative Ebitda of £7.8m in the previous year. The company said: “Throughout 2024, the business saw continued recovery from covid-19. Weekly sales and footfall to our restaurants improved weekly, although the year remained challenging. The UK economy was challenging throughout 2024, with its impacts felt across consumer spending. This again led to inflationary pressures, particularly seen with electricity costs and cost of sales. Within the year, we have continued to actively control our cost base and have seen a significant reduction year on year. Industrial action, particularly rail and tube strikes, further affected the business, given the location of many Leon restaurants to transport hubs, resulted in lower footfall and sales on strike days. Furthermore, the working-from-home trend has impacted many Leon restaurants, particularly ones based in office centric locations, and these have seen a slower recovery. Management remains confident that sales will continue to recover, and this is supported by continual improvement seen throughout 2025. The net liability position at the end of the financial period totalled £30,336,099 (2023: net liability £21,958,452). Trading has started to settle post-covid. Management continues to review the existing estate performance, and explore new formats and opportunities.”

Fund managers shun UK as exodus hits record high: The UK stock market has suffered its biggest investor exodus for more than two decades as fund managers increasingly treat Britain like an emerging economy, analysts at a leading investment bank have warned. The Times reports that a closely watched survey of international fund managers conducted by Bank of America, the Wall Street group, found they have significantly cut their holdings of London-listed shares this month, with investor allocations to UK equities dropping sharply in what was the biggest monthly shift away from British stocks since April 2004. This matched the heaviest such decline on record and took allocations to British equities to their lowest level since March last year, said Elyas Galou, an investment strategist at the bank. “UK assets are the most unloved assets right now,” he said. “Investors are now almost considering the UK as if it were an emerging economy.” Galou said that international investors “don’t like the fundamentals of the UK economy, very weak productivity growth, very high inflation”. He added that there was “a lot of angst around the UK budget” and that “the debt trajectory feels unsustainable”.

Hedonistic nightclub Tramp to open huge new Mayfair wellness centre: For decades it was a by-word for hedonistic excess, a louche Mayfair nightspot where A-listers partied till dawn, rock stars swung from the chandeliers and George Best once picked a fight with Michael Caine. How times have changed. The Standard reports that the latest incarnation of the notorious night spot Tramp is set to be a 16,000 sq ft calming temple of wellness called Tramp Health due to open on Grosvenor Square next spring. Tramp’s current owner, nightclub veteran Luca Maggiora, whose previous ventures include Luxx, also in Mayfair, revealed the plans in an Instagram post in which he said: “Today is a big day for me and for Tramp, both as a member club and as a brand. It marks the beginning of something incredible: a wellbeing and fitness club for conscious living opening in spring 2026 in Mayfair’s most prestigious location Tramp Health. There are many people to thank, but above all, I want to thank Qatari Diar for believing in my vision and giving me one of the best spaces I could have asked for in London.” Tramp Health defines itself on Instagram with the words “Assess. Nourish, Move, Restore. Strengthen, Belong” but no detail has been revealed yet on its facilities or membership fees. The new wellness centre is believed to be attached to the five-star Chancery Rosewood hotel in the former US embassy building at 30 Grosvenor Square.