17/06/2025 09:47:00
Stonegate is set to cut a number of jobs as bosses move to streamline the debt-ridden firm following Rachel Reeves's tax crackdown. The company, which runs more than 4,000 pubs across the UK including the Craft Union brand, are expected to cut 150 jobs across its head office and central functions, according to The Telegraph. It is understood no decision has yet been made on the exact number of roles under threat. Jobs in its pubs and bars will not be affected, and no pubs will close as a result of the restructuring. Despite growing revenues in recent years, it reported pre-tax losses of £257m and £214m in 2023 and 2024 respectively as interest payments on its debts pushed it into the red. A Stonegate spokesman said the planned cuts were partly due to a shift away from managed pubs towards leased and tenanted pubs.
Revenue and profits at Fuller's are both in strong positions, Pub & Bar. In its financial results for the 52 weeks to 29 March 2025, revenue was up 4.8% to £376.3m, with like-for-like sales up 5.2% against a decent prior year. Adjusted profit before tax increased by 32% to £27m. During the period, food sales increased by 4.8%, with drinks up 5.3%. Accommodation like-for-likes were up 5.4%. Over the year, Fuller's invested £28m in the existing estate, including 14 transformational. The group completed the sale of 37 non-core tenanted pubs to Admiral Taverns for £18.3m; sold The Mad Hatter for a total consideration of £20m; and acquired Lovely Pubs - seven pubs in Warwickshire and Worcestershire villages for £22.5m.
Timothy Taylor & Co. has reported a turnover increase of 6%, from £32.9m to £35m, for the year ended 30 September 2024 as sales of its brands into the market improved on the prior year. The brewer and pub operator achieved a gross profit of £19.4m for the year - a 9.5% increase on the same period in 2023, according to its latest accounts. Operating profit increased from £1.7m to £2.2m, with profit before tax of £2.7m - up from £0.5m the prior year, says The Morning Advertiser. The business said it had invested in its skill base, which had increased people related costs by £0.9m over the period, but that it had created greater resilience within the business, in terms of operations, "which has been required to support the rising levels of demand for our beer."
Travelodge has begun construction of an 80-room hotel in Douglas, its first on the Isle of Man, advises Hotel Owner. The development forms part of a wider mixed-use scheme led by Tevir Group, which also includes two Grade-A office buildings aimed at supporting local economic growth. Due to open in spring 2027, the hotel is expected to create 27 jobs and contribute to the Isle of Man government's tourism strategy to add 500 new hotel rooms by 2032.
Tax increases and the rise in the minimum wage have cost each UK pub about £14,000 on average, according to the latest figures, reports The Independent. The impact of rises in national insurance contributions, the national minimum wage, business rates for some companies and packaging taxes have wiped out the equivalent of 12 days of pubs' turnover, the British Beer and Pub Association (BBPA) said. It has urged the Government to overhaul the current business rates system of property tax in order to help offset recent cost increases. The Labour Government has said it plans to reform the current business rates system, and in March said it will publish an interim report on this during the summer.
Quick service restaurant chain SushiDog has received a third-round investment from Middleton Enterprises as it looks to nationwide and potentially international expansion. The brand, known for its large rolls, poké bowls and salads, has received £1.3m to accelerate the next phase of its growth, with an aim to increase the rate of openings and expand the chain to 40 sites over the next five years, writes Catering Today.
Greene King has scrapped plans to sell its Venture Hotels arm and will continue operating the division, reports The Morning Advertiser.