12/12/2023 10:02:00
Pryzm Plymouth will close for good after a final New Year's Eve party as the cost-of-living crisis squeezes student budgets. The Devon-based venue is operated by Rekom UK, the UK's largest nightclub operator. It is the city's largest club. The venue in Barbican Leisure Park will go out with a bang with a closing New Year's Eve party on 31 December. Speaking to The Morning Advertiser, Russell Quelch, Rekom's UK executive country director, said: "Following landlord negotiations we have been unable to reach an agreement that allows us to manage a long-term sustainable business in the current location. Unfortunately, as the town has developed the location has become further and further away from the city late night circuit. Along with the current cost of living, guest simply don't want to spend their hard-earned money moving between drinking circuits on a nighttime basis."
Pub company Marston's has revealed it has moved away from securing city centre pubs, where demand remains volatile, reports The Caterer. In its preliminary results for the 52 weeks ended 30 September 2023, the group reported like-for-like sales had increased by 10.1% compared to 2022, while underlying profit before tax rose to £35.5m from £27.7m following "a year of focusing on the core estate". Marston's said its "well-positioned, predominantly freehold pub estate, with limited exposure to city centres" led to positive momentum in food and drink spend per head, which rose by 8.1% and 8.6% respectively. The group also trialled a franchise-style model for its food-led managed pubs, which resulted in sales growth significantly exceeding that of the broader food business.
Various Eateries has confirmed it is in advanced stages of conducting a potential fundraising of up to £12m. The Restaurant reports that the Hugh Osmond-backed group, which owns the Coppa Club, Noci and Tavolino Bar & Kitchen brands, is also looking into a potential debt for equity conversion. Various Eateries currently has an estate of c.16 sites and a market cap of £24m. The announcement to the London Stock Exchange comes after Sky News reported Various Eateries was looking to tap investors for cash to fund expansion.
Greene King CEO Nick Mackenzie has been elected the new chairman of the British Beer and Pub Association (BBPA), advises Pub & Bar. Having served as vice-chair since late 2020, Mackenzie now replaces St Austell Brewery CEO Kevin Georgel as BBPA chairman, who had held the position since 2021. "I would like to pay tribute to our outgoing chairman Kevin Georgel for his eight years of service on the board of the BBPA, and especially for his work in the last two years as our chairman," says Emma McClarkin, chief executive of the BBPA. "He has provided invaluable support to the BBPA's work in that time, all while taking St Austell Brewery to new heights of success at the same time. I am very pleased that Nick Mackenzie has today become the new chairman of the BBPA. His leadership of Greene King over the last four years, and his time as vice-chair, confirms to me that he will help lead Britain's beer and pub sector to new heights as the BBPA continues to fight for our nation's brewers and pubs."
One of Britain's biggest casual dining operators is to begin testing buyers' appetite for a deal next year in a move that could see chains such as Ask and Coco di Mama changing hands. Sky News has learnt that Azzurri Group, which is owned by Towerbrook Capital Partners, has begun talks with investment bankers about an auction that would launch sometime next year. Azzurri operates around 220 sites across the UK, employing thousands of people. It also owns the Zizzi chain, and recently acquired Boojum, an Irish-based restaurant concept.
A recent survey has unveiled promising prospects for the UK hospitality sector this festive season. Caterer Licensee Hotelier News advises that the survey conducted by tonics and mixer brand, Double Dutch, sheds light on the nation's inclination to splurge on Christmas parties, with an estimated £7.4 billion expected to be spent this year - a significant threefold increase compared to the previous year. Brits are embracing the spirit of the season, planning to spend up to £200 on their festive outings. This increased spending provides a welcomed boost to the hospitality industry, which has faced its fair share of challenges in recent years.
Pubs and bars which show live sport now know which broadcasters have secured live Premier League coverage until 2029. In the first Premier League tender process for its rights since 2018, Sky Business has been awarded four of the five packages reports Pub & Bar.