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Shaftesbury – estates ‘performing well’, ‘high demand’ from F&B operators: Central London landlord Shaftesbury has reported its estates are “performing well” with “high demand” from food and beverage operators. The company said 2025 had been an active year for food and beverage leasing with 37 lettings and renewals completed with a rental value of £8.7m, 15.7% ahead of December 2024 estimated rental value (ERV), and 27.3% ahead of previous passing rents. A total of 30 rent reviews, representing £10.5m of rental value, were concluded at an average uplift of 6.1% above previous passing rents. Shaftesbury stated: “Despite ongoing macroeconomic and geopolitical uncertainty, the West End continues to perform well, with high footfall, sales growth, limited vacancy and a strong leasing pipeline. Our West End food and beverage portfolio welcomed 24 new dining concepts, reflecting the continued appeal of our districts to both independent operators and international entrants. The new arrivals span a range of cuisines, formats and price points, offering a wide variety of experiences across our predominantly pedestrian-centric destinations. The food and beverage portfolio extends to nearly 400 units. There were a small number of failures and sales moderated in certain restaurants in the first half 2025; however trading levels improved in the second half, with particularly strong performance from bars and differentiated restaurants. Going out remains a priority for consumers with prime areas in demand. Health-conscious menus and wellness-led concepts continue to see strong consumer interest. Leasing demand has resulted in available space being filled quickly with just 0.5% of the food and beverage portfolio available to let. There continues to be strong performance from our Soho portfolio. Chinatown continues to attract strong interest from operators looking to establish a presence in one of the West End’s most distinctive, high-footfall dining destinations. Both local and international restaurateurs regard the district as a preferred location, benefiting from its high footfall, loyal customer base and unique cultural resonance. Interest in Chinatown, especially from new international entrants, is positive, with active demand from existing customers.” Chief executive Ian Hawksworth said: “We are pleased to report another excellent year, delivering growth in rental income, earnings, dividends, property valuation and net tangible assets per share. Our West End estates continue to perform, with vibrant destinations supported by high occupancy, footfall and customer sales. Leasing demand remains strong, with 434 transactions completed during the year at 10% ahead of December 2024 ERV. Portfolio valuations increased by 6.6% and we enter 2026 with a strong leasing pipeline across our destinations. The investment in Covent Garden by a leading global real estate investor, NBIM, further underlines the quality and long-term appeal of our portfolio. With enhanced liquidity and a strong balance sheet, we are well-positioned to pursue accretive opportunities and grow assets under management.”

Premium Club subscribers to receive updated Multi-Site Database with 3,536 operators and 19 new companies on Friday: Premium Club subscribers will receive the updated Multi-Site Database on Friday (27 February), at noon. The next Propel Multi-Site Database provides details of 3,536 multi-site operators and is searchable in seven main segments. The database features 1,021 (29%) casual dining operators, 805 (23%) pub and bar operators, 626 (18%) cafe bakery operators, 499 (14%) quick service restaurant (QSR) operators, 290 (8%) hotel operators, 238 (7%) experiential leisure operators and 55 (2%) fine dining operators. The database is updated each month, and this edition includes 19 new companies. The database includes new companies in the QSR sector such as Liverpool street food and cocktails concept The Bus Yard, Midlands Nashville hot chicken concept Hotville, and Yayas, the Glasgow-based German doner kebab and peri peri chicken concept. Premium Club subscribers also receive access to five additional databases: the New Openings Database, the Turnover & Profits Blue Book, the UK Food and Beverage Franchisor Database, the UK Food and Beverage Franchisee Database and the Who’s Who of UK Hospitality. 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 chief operating officer – editorial, 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.

Diageo lowers sales forecast for second time in four months and cuts dividend: Guinness maker Diageo has lowered its annual sales forecast for the second time in almost four months and cut its dividend. The company, which also makes Johnnie Walker whisky, said it now expects 2026 organic sales to fall 2%-3%, compared with its earlier forecast of flat to slightly lower sales. The company pointed to tariff-related uncertainty in the United States, slowing demand in China, fragile global consumer sentiment, and evolving drinking preferences among some consumers. New chief executive Sir Dave Lewis pledged to “act more decisively” to turn around the struggling drinks giant as it reported sliding sales and profits. Diageo cut its dividend from 103.5 cents per share to a minimum of 50 cents per share. Sir Dave added the changes would create “financial flexibility” for Diageo “to act more decisively to enhance its competitiveness” and broaden its portfolio. It came as the group reported a 4% fall in net sales to $10.5bn for the six months ending 31 December 2025. Diageo said tariffs were partly responsible for a 1.2% decline in operating profit, which fell to $3.1bn. Sir Dave, who arrived in January, said: “Our performance in the first half of fiscal 2026 was mixed. Only several weeks in I can already see significant opportunities for Diageo to act more decisively to enhance its competitiveness and broaden the portfolio offering leading to higher growth. Accordingly, the board has taken the difficult decision to reduce the dividend to a more appropriate level which will accelerate the strengthening of our balance sheet. We are confident that this is the right action which will ensure that Diageo can reinforce its position as the leading international spirits business and drive stronger shareholder value over the coming years. I am encouraged by the depth of the passion and pride that our people have for our brands across the business. This will be invaluable given the significant work ahead.”

Which Wich debut Welsh site performing ‘exceptionally’, set to add more locations to pipeline: US hot customisable sandwich brand Which Wich has said its debut Welsh location is performing “exceptionally” and it is set to add more locations to its pipeline. Which Wich opened at Cardiff’s St David’s shopping last month – its first in partnership with franchisee Breaking Brands – joining its two locations in London. Which Wich has already said it plans to open five more stores in 2026, with a second Welsh site, at Cardiff Bus Interchange, mooted for this spring. Giving an update, the brand said: “From new openings to major projects in motion, Which Wich UK is stepping confidently into the next phase of growth as we power through 2026. Our St David’s Cardiff location, operated by experienced franchise group Breaking Brands Management, is open and it’s off to a fantastic start. Early performance has been exceptional, with great customer engagement and strong sales figures. It’s another strong validation of the brand’s positioning in high-footfall, premium retail environments. This year, Which Wich UK will be opening five additional stores nationwide, with further locations about to be added to the pipeline. These upcoming openings reflect our strong momentum and commitment to expanding the brand across key cities and regions, bringing Which Wich closer to even more customers.”