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Patisserie Valerie makes a loss but reports period of ‘stabilisation and move towards growth’ as it sells first three franchises: Patisserie Valerie, which is backed by Irish private equity firm Causeway Capital, made a loss in the nine months to 31 December 2024 but reported a period of “stabilisation and move towards growth”. The company, having adjusted its reporting period, saw a pre-tax profit of £3,696,099 in the year to 31 March 2024 turn into a loss of £1,409,251 in the nine months to 31 December 2024. Listed under exceptional items, the figure for year to 31 March 2024 included £7,900,773 income from a waived shareholder interest loan plus expenditure of £864,581 from store closures and £243,587 from redundancy/restructure costs. The figure for the nine months to 31 December 2024 included income of £264,267 from profit on disposal of stores, plus expenditure of £89,674 on redundancy/restructure costs, business interruption claim expenses and funding restructure fees. The profit on disposal of stores relates to the company beginning its franchising process. Propel revealed last year that Patisserie Valerie was looking to build back its estate through franchising. The company said: “During the year, the group started the process of franchising the stores operated by CakeCo11652 and three were sold. As part of the agreement, the stores fixtures and fittings were sold for a profit of £264,267.” Turnover of £20,349,578 in the year to 31 March 2024 included £9,029,822 from discontinued operations (£11,319,756 without). Of this, £11,115,047 came from retail sales, £5,334,870 from online sales and £3,899,661 from wholesale sales. In the nine months to 31 December 2024, the company’s turnover was £12,321,563. Of this, £4,434,089 came from retail sales, £4,588,619 from online sales, £3,223,855 from wholesale sales and £75,000 from franchise fees. The company’s Ebitda (pre-exceptionals) for the period was £51,000 (year to 31 March 2024: £155,000). The group forecasts for the 12-month period to 31 December 2026 shows Ebitda of £0.8m and a net loss before tax of £2m. Post year-end, the company also repaid a £1.25m loan and gained £750,000 from a covid settlement. It said: “At the year, end the group was in the process of filing a business interruption claim with its insurers in relation to covid-19. Post year end, the group has agreed and received a settlement of £750,000, which will be recognised at the point the agreement was signed. Subsequent to the year end, the group has repaid its £1.25m loan facility to external lenders, utilising the business interruptions insurance claim relating to covid-19 along with a working capital facility from its online retailer, which is repaid from future sales receipts.” Director Dermot McMahon said: “The financial year ended 29 December 2024 was one of stabilization and move towards growth. Building on the previous year’s foundation, the company has taken significant steps to simplify operations, improve efficiency, and reposition the brand for long-term, sustainable growth. The group continues to focus on developing new opportunities for more people to enjoy Patisserie Valerie handmade cakes and pastries. This will be done by creating new, convenient ways for customers to buy across all three channels and by introducing new handmade products for different occasions. The directors are focussed on several priorities in order to drive value creation within the group. Ecommerce growth: building on the success of the established D2C channel by broadening the range of products and digital channels to attract new customers, increase frequency of purchase and average order value. Franchise expansion: working with experienced franchise partners to open patisseries in new locations relevant for our brand. Wholesale diversification: expanding supply of our lovingly handmade products to hospitality and retail accounts on a branded and own label basis.” In October 2025, Patisserie Valerie launched a new grab-and-go model, with the first location opening at 63a High Street in Uxbridge, north west London. The site is a second London store and sixth overall for a brand which once had a 200-strong estate before collapsing into administration in 2019. Causeway Capital paid £5m for almost 100 Patisserie Valerie cafes that same year before merging it with its Bakers & Baristas business the following year.

Various Eateries marketing director Madeleine Phillips among speakers at 2026 Restaurant Marketer & Innovator European Summit, open for bookings: Madeleine Phillips, marketing director at Various Eateries, will be among the speakers at the 2026 Restaurant Marketer & Innovator European Summit. Phillips will share her approach to defining a marketing ecosystem that drives alignment, maximises stakeholder buy-in and prepares for the future. She will reveal how she brings boards, investors and teams on the journey, including how artificial intelligence is changing discovery and decision-making. Restaurant Marketer & Innovator European Summit is returning for its eighth edition, and tickets are on sale. The event is a partnership between Propel and Think Hospitality, aiming to build a community, promote the sharing of ideas, recognise talent and define the future of eating out. Bookings are open for the two-day conference as the centrepiece of the January event series, taking place on 20 and 21 January at Hilton Bankside in London. A bigger venue allows for a dual-stage format, meaning more content than ever before. The conference will focus on technology, marcomms strategies, proposition, brand building, the latest market insights, digital developments and diversification of revenue streams. It is designed for customer focused chief executives, senior marketers, technology and innovation teams, as well as investors wanting to better understand the latest marketing, innovation and development opportunities to build market share and grow. For the full speaker schedule, click here. A one-day ticket for operators is £320 plus VAT while a two-day ticket is £575 plus VAT. Supplier tickets are £950 plus VAT for the two days. Propel Premium Club subscribers receive a 20% discount. To book, email: rmi@propelinfo.com.

Time Out Group looking to raise £8m, takes ‘decisive action’ following drop in Ebitda and sees ‘material improvement’: Time Out Group has said it is looking to raise £8m and has taken “decisive action” following a drop in Ebitda in the year to 30 June 2024 – and has seen a “material improvement” post year end. The company said: “Time Out Group is raising approximately £8.0m through a firm placing, conditional placing, and retail offer at an issue price of 8.0 pence per new ordinary share, representing a discount to the previous closing price. This capital raising, alongside a debt-to-equity conversion of £4.9m, aims to fund working capital, expansion into new markets, and technology investments. Major shareholders, including Oakley Capital Investments and Lombard Odier Asset Management, are participating, and the transactions are subject to shareholder approval at a general meeting. In addition, the company is launching a separate retail offer to existing and new retail investors in the UK via RetailBook. Completion of the conditional placing, the retail offer and the debt for equity conversion will be conditional upon, among other things, the approval by the company’s shareholders of certain resolutions to be proposed at a general meeting of the company. The new ordinary shares to be issued pursuant to the transactions will represent approximately 45.6% of the existing ordinary shares. This does not include the number of retail offer shares to be issued pursuant to the retail offer as that is currently unknown.” It comes as the group reported revenue of £73.2m the year to 30 June 2024 (2024: £103.1m, comparative using current accounting policy: £78.7m). Market revenue growth was up 9% to £46.7m, including the benefit of new openings in Porto and Barcelona. Media revenue declined 26% to £26.6m. Adjusted Ebitda was £7.1m (2024: £12.4m), including £10.7m from markets (2024 £12m) and a loss of £1.1m from media (2024: profit of £5.3m). Operating loss was £49.7m (2024: £0.4m loss), including £35.1m of non-cash impairment of certain market assets and media goodwill, and £9.2m of exceptional items relating to restructuring and non-recurring items. Operational highlights included the opening of markets in Barcelona, Bahrain and Osaka Markets, with Budapest and Manhattan opening in the first half of 2026. The group now has a portfolio of 13 open markets; seven owned and operated and six management agreements. Vancouver and Abu Dhabi will open during the second half of 2026, while Prague and Riyadh are committed openings under development, “with a strong pipeline of further opportunities”. Chief executive Chris Ohlund said: “Following three consecutive years of improving Ebitda, in FY25 the media industry experienced a number of challenges which resulted in a lower Ebitda. We have taken decisive action and as a result have seen a material improvement in performance since the financial year end. The changes will result in a stronger and more focused business, positioning Time Out for a return to profitable growth. The Time Out brand continues to have multiple growth avenues and significant global potential, offering a unique proposition, both for our audience and for our commercial partners. Whilst our financial performance was below our internal targets, Time Out continues to be trusted and relevant as we inspire and enable growing numbers of people every month to experience the best of the city. We are confident that actions taken are swift and appropriate and we remain focused on executing our growth strategy.”

FCA urged to extend covid insurance claims for hospitality firms: Thousands of hospitality businesses risk losing their right to claim covid-related insurance compensation unless the financial regulator intervenes to extend a looming deadline, industry leaders have warned. In an open letter to the Financial Conduct Authority (FCA), Stewarts, the disputes firm, alongside big hospitality industry organisations representing more than 155,000 businesses, call on the watchdog to require insurers to extend the business interruption (BI) claims deadline by two years. Most covid BI schemes in England and Wales, which allowed companies to borrow up to £5m from participating banks, are due to lapse in March next year under standard six-year limitation rules, reports The Times. However, Stewarts, which has represented successful policyholders in a series of test cases, estimates that fewer than 50,000 claims have been accepted by insurers out of an estimated 370,000 policies that could qualify for BI compensation, and argued the imminent expiry date will mean a majority of unsettled claims will become time-barred, leaving thousands of hospitality businesses out of pocket. Unless the claims window is extended, the groups warned, unresolved claims could trigger significant volumes of litigation from policyholders who can “bear the cost and risk of issuing proceedings” and would place “undue strain on public resources”. Signatories of the letter include UKHospitality, the British Beer & Pub Association, the Music Venue Trust, the Association for Indoor Play and Gamechangers, an organisation representing the competitive socialising industry. They also argued in the letter that a large number of small and medium-sized businesses would be prevented from claiming compensation to which they are legally entitled and may not have the resources to take their own legal action. The groups urged the FCA to act, which would “avoid unjust avoidance of policy coverage for policyholders who throughout have acted responsibly and in good faith”. Aaron le Marquer, head of policyholder disputes at Stewarts, said: “It is vital that adequate time is now allowed for the latest court decisions to be implemented. In February 2026, the Supreme Court will decide whether insurers were entitled to take the benefit of furlough payments received by policyholders, and we are asking insurers to commit to following the Supreme Court’s decision regardless of whether claims would otherwise have been time-barred.” Stewards and signatories of the letter are urging the FCA to issue guidance to the insurance industry no later than January 20 next year, requiring insurers to continue paying valid claims for two more years following the expiration date in March. The additional time, Stewarts said, would allow for much-needed clarity on several issues that continue to be disputed in covid BI policyholder cases, including the treatment of furlough payments, a topic that will be decided in the Bath Racecourse Supreme Court hearing in February.

‘I’m not hiring untrained 18 year olds any more – their pay is too high’: Rachel Reeves promised young people that they would no longer be paid less because of their age. Now, many won’t be paid at all. Hospitality bosses have warned that the chancellor’s minimum wage increase, paired with Labour’s upcoming employment rights reforms, have made taking on younger, untrained workers too expensive and too much of a risk. Andrew Beale, an eighth-generation owner of two hotels under Beale Hotels, told The Telegraph: “On the surface it sounds like a good thing, helping young people. But the effect on young people is coming to roost now, and it’s really tough on them. Why would we take on an untrained 18-year-old when the pay is now so great for that untrained person? The pay for a trained person is also [high], but at least they’re trained and likely to hang around for longer In hospitality, we have a lot of entry-level jobs; we take on a lot of young people. They don’t stay for very long, but we give them opportunities and their first job. Then they go on to university or wherever they might go. The main decision [by hospitality bosses] is to stop hiring full stop. All the companies I know, all the hotels are on hiring freezes. Last December I was forced to reduce all my 120 staff’s salaries by 15%, which we did by reducing hours. I myself took a 35% pay cut. We’ve had to reduce cleaning and housekeeping strictly to a request basis. Someone staying three nights may not get their sheets changed every day, that’s the standard in hospitality now.” Jerry Kunkler, publican at the Moonrakers Inn in Pewsey, Wiltshire, since 1981, says the minimum wage increase has also left him unwilling to take a risk on younger, untrained workers. Kunkler said: “That Budget. What she’s done is very craftily hiked prices. You’re looking at a 30p increase on a £5 pint. It’s becoming unaffordable and the poor landlords and landladies are taking a risk even being behind the bar. When Christmas is out of the way, we’ll see people throwing in their keys. We’ll see who says that’s it, game over. People make fun of me; I don’t put the toilet lights on until someone goes upstairs to the toilet because of the electricity costs.” The government announced plans to offer graduates who claim benefits work experience in bars and on building sites. as Labour grapples with youth unemployment. Beale called the scheme “nonsense”, telling The Telegraph: “My message is, butt out. What hospitality wants is to be left alone.” Kunkler also hit out at the scheme, adding: “I don’t understand how the government is saying they’re going to get 200,000 people at that age in work. How can you get them into work when there are no jobs?”