06/02/2024 10:33:00
Brakspear is expanding its leased and tenanted estate into Hampshire with the purchase of two pubs in the county from New Dawn Pubs, advises Hospitality & Catering News. The Rose & Crown near Alton and The Royal Exchange near Bordon will join Brakspear's 110-strong L&T estate. Both pubs benefit from idyllic village locations, significant investment and a strong existing trade in food and drink. Fleurets acted on behalf of New Dawn who made the decision to consolidate their business by selling the two pub.
The cocktail and restaurant brand led by Simon Potts has secured a £15m loan in order to roll out new sites and refinance its existing debt. With the new money from OakNorth, The Alchemist is now preparing to open 10 more sites over the next three years, reports Pub & Bar. The business has been backed by private equity firm Palatine since 2015. "Despite the well-known challenges facing the hospitality sector, we take pride in our unwavering commitment of growing our brand across the UK," says Potts. "Looking ahead, we have ambitions to roll out 10 new sites over the next three years, with the funding from OakNorth being a key catalyst for this. With this capital, we will be able to open additional sites and continue bringing our unique cocktail bar and restaurants to more areas of the UK and overseas."
London-based multiple operator Urban Pubs & Bars has reported an upswing in sales and turnover in its latest trading update and is eyeing further growth. Morning Advertiser reports that the group's earnings before interest, taxation, depreciation and amortisation (EBITA) was £6.4m for the financial year ending 30 April 2023 - an 11% improvement against the previous year. Furthermore, like-for-like sales were up 17% and turnover increased by almost 60% to £52.2m for the same period. Over the festive period, the firm's like for like sales were almost a fifth (19%) in December last year. In its previous financial year, the group had made significant investments including acquiring 16 sites meaning the business has more than doubled in the past 24 months and now has a 42-strong estate of pubs, bars and restaurants.
The government is to form a new Small Business Council next month to support SMEs across the UK, advises The Caterer. The Department for Business and Trade (DBT) said the Council would provide a "bespoke forum" for small businesses seeking representation in government. Prime minister Rishi Sunak launched a separate business council to hear the thoughts of sector leaders in July 2023, but did not include any representatives from the hospitality industry. The only members from the food and drink sector were Diageo, which is behind brands including Guinness and Smirnoff, and Sainsbury's. A spokesperson for the DBT told The Caterer the full list of participating members in the new Small Business Council would be released "in due course".
London hotel occupancy overtook pre-pandemic levels for the first time in December 2023, marking a strong end to the year for the industry, according to the RSM Hotels Tracker. The data, which is compiled and produced by Hotstats and analysed by RSM UK, showed occupancy exceeded rates seen in December 2019 from 78.3% to 80% in December 2023; and remained consistent with November last year at 80.6%, says Caterer Licensee Hotelier News. Outside of London, UK occupancy fell from 76.8% in November to 70.1% in December and was almost back to pre-pandemic levels (70.8%). Hoteliers were able to increase their rates during the festive season, with average daily rates (ADR) of occupied rooms up from £223.75 (November) to £234.47 (December) in London; and from £145.25 to £155.62 in the UK.
Proper Pubs has launched its very first mid-market pub concept, advises Pub & Bar. While the community operator division of Admiral Taverns has traditionally focussed on value wet-led sites, the new mid-market concept will feature slightly more premium offers, such as an extensive wine list and craft lager. For its debut, Proper Pubs will open The Ashby Tavern in Hinckley on Thursday 22 February, following a £265,000 refurbishment.
Yum Bug are opening an edible insects restaurant in Finsbury Park, reports Hot Dinners.