RedCat Pub Company has added two new sites to its expanding portfolio. The Caterer reports that both properties have been acquired from Berkeley Inns Limited. It comes after RedCat announced its acquisition of the Pheasant hotel and Blakeney Manor this June. Since the company launched in February 2021 RedCat has acquired over 100 pubs and pub hotels, with its hotel estate now amounting to over 1,200 rooms.
Secretary of State for Business, Energy and Industrial Strategy Kwasi Kwarteng last Wednesday announced the Recovery Loan Scheme was to be extended for a further two years in an effort to support businesses grappling with rising costs across the board, advises Morning Advertiser. Originally launched in April 2021, the scheme, which was tasked with helping firms of any size access loans to aid recovery from the pandemic, gives lenders a government-backed guarantee against the outstanding balance of the facility.
The number of restaurants falling into insolvency has increased by more than 60% in the past year amid worker shortages and the cost of living crisis, which has forced customers to cut back on spending, advises The Guardian. New data from the accountancy firm UHY Hacker Young showed that 1,406 restaurants in the UK closed their doors in the 12 months to May, up 64% on the previous year.
Changes making it easier and cheaper for hospitality operators to get pavement licences are to be extended past September and made permanent next spring, the government has announced. This will allow businesses to continue to offer these services while the government works towards making the changes permanent in the Levelling Up and Regeneration Bill, reports The Caterer.
Two of the UK's leading pub operators have warned that high inflation and the cost of living crisis are likely to hurt their business for the long term, the Financial Times reports. The warning from Fuller's came despite an improvement in trading while M&B reported a 0.9% increase in like for like sales in the 13 weeks to July 16th.
Fulham Shore has reported revenue of £82.7m for the year ending 27 March, an increase of 20.6% from £68.6m for the year ended 29 March 2020 and up 105% on last year's figures. Big Hospitality reports that the group also reported an operating profit of £6.7m, compared with a loss of £4.8m in 2021, and profit before tax of £3.9m against a loss of £7.5m the previous year. Its EBITDA was £19.5m, up from £8.7m in 2021.
Heinz is making its first foray into the UK's virtual restaurant market with the launch of 'Heinz Brekkie'. The company has teamed up with operating partner Lean Kitchen Network to create and launch the virtual restaurant via Uber Eats in London reports The Caterer.