03/07/2025 12:46:00
Oakman Group has filed a notice of intention to appoint administrators, as it looks to complete a sale of the remainder of its business, Propel has learned. "Oakman would like to stress that the company is not in administration, and this is a necessary procedural step which provides the business with temporary protection from creditor action. This protection allows us to preserve and protect value while we work closely with our advisors towards completing a sale of the business." PwC, has brought circa 20 of its remaining leasehold sites to the market. It is thought the package, which is being marketed under the name Project Zeus, has a combined valuation of circa £15m-£20m.
The Ivy Collection has reported a fall in profits as owner Richard Caring looks to sell off the business as part of a £1b deal. The casual dining chain, which operates around 40 UK restaurants, saw pre-tax profits drop to £32.2m in the 12 months to 5 January 2025, down from £39.5m, reports The Caterer. Revenue rose from £314.7m to a record £327.1m, while adjusted EBITDA also increased from £57.5m to £61.9m. The Ivy Collection opened a further five restaurants during the year and made plans for further expansion. Director Chris Robinson said it showed a "strong foundation" for future expansion. "The business plans to increase market share with additional sites, develop its menu offering and uphold customer service levels in the next 12 months".
The group has bought the 40-room Warwick Arms hotel to form part of the Coaching Inn Group, the 35-strong group of historic hotels acquired by RedCat in 2021. RedCat has not purchased any new pubs or hotels since August 2022 amid a transitional 12 months for the business that saw its 10-site leased pubs division enter administration last year, says The Caterer. A £61m refinancing deal was secured to stabilise the group last summer and the company plans to invest up to £12m into its estate this year. RedCat was reportedly in talks to buy Greene King's Venture Hotels business for £90m, but the deal is understood not to have moved forward.
Sri Lankan street food operator The Coconut Tree has been placed on the market after the company voluntary arrangement (CVA) it was subject to recently failed, Propel has learned. It is understood that purchasers are sought for the seven-strong company, which was founded in 2016 by five Sri Lankan friends living in Cheltenham.
Domaine 16, in Cheltenham, survived the pandemic but will offer its last service to customers and close. Owner, Stephanie Ronssin said "I invested all my money and the reason for closing is I don't have any more money to invest.", writes BBC News. Unfortunately, for the last two years, the margins have been reduced and reduced and the cost of utilities and food have gone through the roof, so basically we're making enough just to be at zero. You don't want to put your prices too high because you still want customers in, so it's a vicious circle," Pak-Wai Hung of 288 Bar and Wok, said his business had experienced its "worst three months in 20 years. It's not sustainable mentally or financially. You pay your landlord, pay your VAT, pay your staff and whatever's left you pay yourself. We're getting to the point where I'm earning less than the pot washer."
64% of Tenants said the pub-owning business handled negotiations fairly when dealing with their rent review. Only 22% said they disagreed reports Morning Advertiser. The survey also revealed that Tenants of Admiral & Greene King were the most satisfied with ratings of 79% and 78% respectively.
A new report by Pub & Bar has revealed that consumers are no longer just drinking less, but drinking differently. According to KAM Insight, a more flexible, dynamic drinking culture is emerging, with a growing number of consumers swapping, mixing and pacing their drink choices depending on the occasion. Instead, they are weaving together full-strength, mid-strength and alcohol-free options to suit the moment.