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Newswire - 9 August


RedCat acquires 'most famous British inn'

Redcat Pub Company, the investment vehicle founded by former Greene King boss Rooney Anand, has acquired a trio of pubs in the south west of England. The acquisition is on top of recent purchases such as two venues from Berkeley Inns, sites in the New Forest and two properties in Norfolk. Morning Advertiser reports that its latest additions mean the number of pub hotels owned by Redcat subsidiary The Coaching Inn Group is now at 32.

Further business failures 'inevitable' without Government support as interest rates rise

Trade body UKHospitality says further business failures are 'inevitable' without additional Government support amid warnings of a looming recession and energy prices rising further, reports Big Hospitality. The Bank of England announced last week that it would be raising interest rates from 1.25% to 1.75% - the single largest increase since 1995, with inflation increasing to above 13% amid warnings of a long recession that will last through 2023. Meanwhile, there were warnings from analysts that household energy bills could reach £4,200 a year by January. Kate Nicholls, chief executive at UKHospitality, says the double whammy of forecasts is further evidence that the Government must act decisively to bolster the plummeting confidence of hospitality businesses.

Red Oak Taverns secures £110m loan

Red Oak Taverns has secured a six-year, £110m whole loan, which has been facilitated by Excellion Capital, the boutique investment and advisory firm. Operating 208 primarily leased and tenanted pubs across the UK, the new debt facility refinances Red Oak's existing debt and provides fresh capital to drive its future growth plans, advises Pub & Bar. Just under half of the loan (£50m) serves as an acquisition facility to drive the purchase of new assets and new investment, including capital expenditure.

One in five nightclubs closed over the past three years

One in five nightclubs in Britain have closed over the past three years after the sector was badly hit during the Covid-19 pandemic and other economic pressures. Figures shared by the Night Time Industries Association trade body revealed there are only 1,130 nightclubs left in England, Wales and Scotland. This is a 20% drop since the first lockdown in March 2020, advises The Guardian.

Hotel occupancy rebound drives rates to record levels in Q2

Improved hotel demand has driven average daily rates (ADR) and revenue per available room (revpar) to record highs as hoteliers increase their pricing to reflect rising occupancy levels and inflationary costs, reports The Caterer. Transactions have slowed down amid increased economic uncertainty and the rising cost of capital in Q2, with investment volumes totalling £1.2b, albeit it was still the strongest Q2 since £1.9b was recorded in 2018. This was significantly influenced by the £420m purchase of the majority shareholding in the owner of Point A hotels by Tristan Capital Partners at the beginning of Q2 2022.

And Finally...

Karen's Diner, a restaurant group famous for its rude staff who insult customers, is planning further expansion in the UK. First launched in Australia, Karen's will open a restaurant at Birmingham's Grand Central shopping centre in September and is also looking for other UK locations, reports The Caterer.