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Newswire - 8 September

08 September 2020Newswire Topics: Manchester, Pubs & Bars, Restaurants, Valuation
Newswire - 8 September

Football star agrees pre-pack deal to keep Foodwell Manchester

Premier League footballer Danny Drinkwater will remain in control of Foodwell after agreeing a pre-pack deal with administrators. The 9,000 square foot unit includes a deli, fitness studio & restaurant by day and a bar and eating venue by night.

Out Of The Woods Group acquired out of administration

The operator of four pubs in London, has been acquired out of administration by Racon Investments, which comprises a number of directors that were also formerly directors of Out Of The Woods Restaurant Group.

Bermondsey Pub Company

The 65 strong EI Group Managed group will be incorporated into Stonegate Pub Company's managed estate and will be converted into one of Stonegate's existing pub formats. The 300-strong Craft Union group is unaffected by the change. Stonegate Pub Company comprises 1,270 sites within the managed division and 3,200 leased and tenanted businesses.

East Coast Concepts acquired through a pre-pack administration

The 5 strong Manchester-based bar & restaurant group has been acquired by a vehicle led by Naveen Handa of leisure company The Cairn Group. The Neighbourhood and Victors sites in Hale, Alderley Edge, Liverpool, Leeds and Oxford will continue to trade as normal.

Mixed feelings about EOTHO

Neil Gatt, owner of Italian restaurant business Pesto and founder of La Tasca, has told Propel extending the Eat Out To Help Out scheme without government support is "commercial suicide." When the 2008 financial crisis happened, La Tasca had a knee-jerk reaction and embarked on a programme of mass discounting, including such offers as 'all you can eat for a tenner' and '50% off'. These kinds of offers attracted the wrong sort of clientele, alienated loyal customers and, ultimately, sealed the brand's fate."

However, Barclaycard research shows 18% of diners who used the Eat Out To Help Out initiative will return to restaurants they would not have otherwise visited without the incentive. Spending in UK restaurants and fast food outlets was up 34.2% on Mon-Wed in August, compared with July and the number of transactions grew by 33.7%.

Operators who are extending the promotion include: Stonegate, Greene King, Metropolitan Pub Company, Loch Fyne, TGI Friday's, Revolution, Wildwood, Burger & Lobster, JKS Restaurants, Emilia's Crafted Pasta, Island Poke, Stew & Oyster, JD Wetherspoon, Bill's, M&B, Pizza Hut, Franco Manca, Gaucho Grill, Pizza Pilgrims, Darwin & Wallace & others.

Bill's working with advisers on discussions with landlords

The 78 strong restaurant group is working with KPMG on the future shape of its estate and is examining discussions with the company's landlords about the group's future rental terms.

YO! To roll out conveyor belt format after CVA approval

The Japanese food group, is to push on with its "kaiten" conveyor belt format to the rest of its estate, after securing approval for its company voluntary arrangement (CVA), which will see 19 of the brand's 69 UK restaurants close.

And Finally...JD Wetherspoon launch "Stay Out To Help Out" scheme

The Wetherspoon initiative claims its prices on some of the meals and drinks will be cheaper than those available in McDonald's or Domino's Pizza. The meals on offer include an 11-inch margherita pizza with soft drink for £3.99 and a classic six-ounce beef burger (with chips) and soft drink for £3.99.

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Author

Graeme Bunn

Graeme Bunn

Managing Director

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