01/08/2023 10:00:00
The Peach Pubs portfolio has performed strongly for Revolution Bars Group, as the predominantly late-night operator posts its pre-close trading update, reports Pub & Bar. For the year ended 2 July 2023, Peach Pubs, which Revolution acquired last year for £16.5m, have continued to trade strongly, with full year like-for-like sales 14% ahead of pre-Covid. Overall group like-for-likes were down 8.7% vs pre-Covid, as trading in Revolution's late-night bars proved difficult with younger guests who are struggling financially in the current economic climate. However, the operator of 68 bars and 21 pubs is buoyed by its bookings ahead of Christmas, which are up 24.7%. With a positive contribution from Peach Pubs, the group is expected to deliver an EBITDA of £6.6m.
The Government is to end the automatic, pandemic-era provision for hospitality venues to sell alcohol for off-site consumption, in a move that's been described as 'disappointing' by the sector. The decision, which will also halt the increased number of temporary event notices (TENs) permitted, follows a consultation on whether to make permanent the alcohol licensing provisions in the Business and Planning Act 2020 (BPA) or to return to the pre-Covid provisions in the Licensing Act 2003, advises the Restaurant. Trade body UKHospitality (UKH), which has been a strong proponent of both measures being made permanent, voiced its dismay over the decision.
Mitchells & Butlers (M&B) believes it will "continue to outperform the sector" after reporting like-for-like (lfl) sales in the year to date were up 8.9% versus last year. The managed operator of pubs and restaurants including All Bar One, Nicholson's, O'Neill's, Harvester and Toby Cavery, also recorded total sales growth of 10.5% after the third quarter of the company's financial year (FY23) ending 22 July 2023. Morning Advertiser reports that in the year to date, its food sales are 7.9% up and drink is 10.7% up versus the same 43-week period of FY22.
North west pub operator Blind Tiger Inns is preparing to open two new sites, taking the business to 20 venues. The two new pubs, The Argyll & Sutherland at Eastham and the Towneley Arms Hotel in Longridge, are both Star Pubs & Bars venues, advises Pub & Bar. Each will undergo joint refurbishments, totalling £340,000, before opening under Blind Tiger's management. Nineteen out of the 20 pubs in Blind Tiger's portfolio are Star leases.
Ofgem has set out plans to crack down on rogue energy suppliers and brokers and make it easier for businesses to complain about their behaviour. The energy market regulator has published a major review of the non-domestic gas and electricity market following months of complaints from businesses. It has called for hidden fees paid to energy brokers to be disclosed to businesses of all sizes, rather than just smaller firms, amid growing anger that such payments may have inflated customers' bills. The Caterer reports that Ofgem has asked the government to give it the direct power to regulate brokers and allow businesses to resolve disputes through a redress scheme.
KFC are opening an omakase restaurant in Waterloo - for one day only, reports Hot Dinners.