06/02/2018
Central London office block to be converted to hotel
The Caterer magazine has reported that an office block located at 7-8 Martins Place in Charing Cross will be converted into a 136 bedroom hotel. Best Effort Ventures has selected Willmott Dixon Interiors to convert the office building into St Martins Place Hotel, which was designed by EPR Architects. Once converted, the five storey 1950s building will also feature a rooftop bar, restaurant, a retail offering in the basement and the ground floor will retain its current Post Office.
Upham Group sees 25% increase in total sales
Upham Group Plc has witnessed a 25.1% increase in its total sales, taking the figure to £15.6m. Pub and Bar magazine reported the figures, which were published in the company's unaudited results for the year ending 31st December 2017. The pub group with regional brewery also saw an increase of over 100% in trading EBITDA, from £624,000 in 2016 to £1.26m. Profit before tax for 2017 was £0.5m, whereas 2016 resulted in a £1.2m loss. With a current estate of 16 pubs and 159 bedrooms, the Upham Group plan to expand their portfolio.
Lonsdale Capital Partners acquires majority stake in Simmons Bars operator
Propel Info has reported that Lonsdale Capital Partners, a private equity firm has acquired a majority stake in Simmons Bars. The Simmons group has 12 bars spread across central London, with forecasted revenues of circa £10m to the year ending 31st March 2018. OakNorth provided finance to Lonsdale for the acquisition; and the intention is to roll out further Simmons sites with the aid of Lonsdale's growth capital facility.
Construction to start on new Hoxton hotel
Boutique Hotelier reports that the next few months will witness the start of construction on a new hotel in Hoxton, London. The new art'otel, which has been in planning for over eight years, is owned by PPHE Hotel Group, and will feature 350 bedrooms as well as restaurant, spa, gallery and arthouse cinema, all within the 18 storey bronze cylindrical building. This announcement follows the news that PPHE Hotel Group exchanged contracts on the acquisition of the 50% interest from its joint venture partner for £35m. The sale is expected to complete by the end of March.
Pi Woodfired to open in Clapham
Pi Woodfired, the Winchester-based pizza concept, is set to open its second site in Clapham this month, according to Paul Charity at Propel Info. Marking the concepts first move into the capital, the new 85 cover restaurant will be located in Battersea Rise and will showcase a living tree. Founded by Rosie Whaley, the restaurant concept serves 20-inch sharing pizzas. A crowdfunding campaign is currently underway in order to fund three new openings in south London.
And Finally...
Puttshack, the 'super tech' minigolf experience has acquired a second location, the basement of No 1 Poultry in London, reports Pub and Bar magazine. The founders of Topgolf and ping pong concept Bounce launched their first Puttshack site in Westfield back in April. The new £5.5m development site at No 1 Poultry encompasses 21,000 sq ft and is located below WeWork's planned office conversions. Puttshack intend to open another site at intu Lakeside within the next 12 months.