08/05/2024 09:47:00
There are "glimmers of hope" appearing for the pub, bar and hospitality sector, according to the CEO of UKHospitality Kate Nicholls. Speaking at the Arena 2024 Savoy Lecture at the Savoy hotel in London, Nicholls delivered a sector update in which she expressed positivity that the challenges the hospitality sector has faced were potentially "coming to an end", with a more positive and predictable economic environment in sight, reports Pub & Bar. "It's never been harder to turn that top line revenue into a bottom-line profit," she said, acknowledging that increases in food, water and electricity costs, and the cost-of-living crisis, were having "a real, continued impact" on businesses. However, she offered reasons for optimism, including the rebounding of global travel and signs of recovery in business, meetings and events, and a projected increase in consumer spend over the coming months, with socialising and eating and drinking out still a priority for consumers.
Heineken UK has revealed plans to inject £39m into upgrading and reopening sites its Star Pubs & Bars tenanted and leased estate. Morning Advertiser says that more than 600 pubs, accounting for almost a quarter of the firm's 2,400 strong estate, are set to benefit from the investment, with 94 of the makeovers costing on average £200,000 each. In addition, work will also be undertaken to reopen 62 long-term closed pubs throughout 2024, taking a total number of sites reopened since the start of 2023 to 156. As well as this, the move has been predicted to create 1,075 new jobs within communities.
The UK's leading nightlife company has separated from its owner, the Danish REKOM Group, and launched under a new name. Under the control of its main lender, REKOM UK will now be renamed NEOS Hospitality and led by chief executive officer Russell Quelch, reports Pub & Bar. Chairman Peter Marks and the existing management team will continue in their current roles. "We are excited to embark on this new chapter," says Quelch. "The team has laid a solid foundation and, together with our new owner, we are committed to further developing and growing the business and achieving success across the UK." The 24 venues within the NEOS estate include Heidi's Bier Bar, Proud Mary and Bar & Beyond. The business says that day-to-day operations will not be affected by the change in ownership. Earlier this year, REKOM UK completed a pre-pack administration, resulting in the closure of 17 venues.
Revolution Bars Group has confirmed speculation that it has met with rival bar chain Nightcap about a possible deal for the business, advises The Caterer. Revolution, which is proposing to close almost a quarter of its 80 sites through restructuring, said it had held an "exploratory meeting" which considered "a range of possible transactions". Nightcap is led by Sarah Willingham, a former investor on BBC's Dragon's Den, and operates the Dirty Martini, Cocktail Club and Piano Works brands. "There can be no certainty that any firm offer will be made for Revolution Bars Group, nor as to the terms on which any firm offer might be made," Revolution said in an announcement this morning. Nightcap said in an update it was assessing "a number of possible options", including taking on certain Revolution sites, assets, or brands. It said its evaluation was at an early stage and should not be taken as a "firm intention" to make an offer for the business.
Iconic London eateries, The Ivy, is set to open in Liverpool, with a bid to open a branch in Castle Street's former Bank of England building. London-based Troia (UK) Restaurants has submitted a planning application to Liverpool City Council to bring the brand to Liverpool, advises Caterer Licensee Hotelier News. The new site would complement two other Ivy sites already established in Manchester. Documents submitted to Liverpool Council have confirmed the brand intends to install signage and menu boards synonymous with the high end dining establishment. Plans to convert the former bank into a new dining venue were signed off by Liverpool Council's planning committee in August 2023 with conjecture over who would take over the location. The proposals are bringing the site back to life having been left vacant for almost 20 years.
Greene King has revealed plans to shut down operations at its Bury St Edmunds brewery after 200 years to "futureproof" the business for generations to come, reports Morning Advertiser.