Red Oak Taverns secures £42m debt package from OakNorth
Nationwide pub operator, Red Oak Taverns has secured a refinance and acquisition package from OakNorth. With a portfolio of 161 leased and tenanted pubs, as well as several managed and franchised venues, across the UK, the £42m package will refinance existing debt and also act as stand-by financing for future acquisitions. Fleurets advised OakNorth.
The high street to be saved by bars, pubs and restaurants
A recently released study by the Portman Group and the Local Government Information Unit has indicated that 92% of council senior officials and political decision makers surveyed believe that the high street can be saved by night-time economy. Furthermore, The Morning Advertiser reported that over 74% highlighted the development of their night-time economy as important or a key priority.
Pachamama set to launch Shoreditch restaurant
Pachamama Group is set to launch its third London restaurant on Thursday 1st November. With existing sites, Chicama in Chelsea and Pachamama in Marylebone, the group's new addition will be called Pachamama East and be located in Great Eastern Street, Shoreditch. As reported by Propel Info, the 85-cover site will be split across two floors.
Robinsons Brewery reports 4.2% turnover increase
Pub and Bar Magazine has reported that Robinsons Brewery has seen a 4.2% increase in turnover, to £71.2m, for the year ending 31st December 2017. However, profit before tax fell to £3.1m, a 19% reduction. Currently owning over 260 pubs, the brewer spent roughly £9.7m in 2017 on refurbishments and also disposed of 27 pubs.
EasyHotel announces strong year-end results
EasyHotel has reported that, for the year ending 30th September 2018, they witnessed a 42% boost to its portfolio, having opened five new hotels to now total 620 rooms. The new hotels are situated in Sheffield, Leeds, Newcastle, Liverpool and Barcelona. The Caterer reports that EasyHotel are due to add a further 297 rooms across four sites, including one in Reading. Furthermore, the company reported a 25% increase in total system sales and a 12% increase in like-for-like revenue across its franchised portfolio.
Backed by private equity firm Livingbridge, Bistrot Pierre has opened a new restaurant in Coventry, marking the company's 24th site, reports Propel Info. With existing West Midland restaurants in Birmingham, Stratford-upon-Avon, Kidderminster, Leamington Spa and Mere Green; the new Coventry unit is situated on the first floor of the new Cathedral Lane development.