28/11/2017
Beer duty freeze announced in Autumn Budget
Philip Hammond, Chancellor of the Exchequer, announced Parliament's Autumn Budget on 22 November, part of which includes a freeze in beer duty. The Morning Advertiser reports that there will be a freeze on all alcohol duties, as opposed to a RPI increase as originally planned. A new duty band will be introduced in 2019, from 6.7% to 7.5% ABV, intended to target high-strength, cheap white ciders. The freeze is estimated to have cost the Government almost £1.2bn by 2023.
The Vurger Co. launches Spitalfields pop-up
The Vurger Co., plant-based burger company, has launched a Spitalfields pop-up, operating from the 22nd November for a month. Eat Out Magazine announced that the site will also be the first company to serve LA's Canyon Coffee alongside its 100% plant-based menu.
Fuller's announce results
According to Pub and Bar magazine, Fuller's has announced its interim results for the 26 weeks ended 30th September 2017. Pre-tax profits were reported to enjoy a 4% increase to £23.8m, whilst managed like-for-like sales saw a 3.6% increase. Accommodation like-for-like sales increased by 8% and tenanted sector like-for-like profit grew by 3%. Revenue saw a 6% increase to £209.3m, and EBITDA rose to £37.6m, a 4% increase.
18% reduction in hotel insolvencies
The Caterer has reported that UK hotel insolvencies have seen an 18% reduction due to the fall in the value of sterling, which has experienced a 10% to 13% loss of value against the dollar and euro since the Brexit referendum. The reduced value of the pound has attracted more inbound tourism as well as encouraged the staycation trend. The Office for National Statistics reports a 9% increase in international visitors over the past six months. Accountancy firm Moore Stephens revealed that only 1% of hotels are now at risk of becoming insolvent.
ETM revenue increases by 12%
ETM is a 12-strong bar and restaurant group, including the likes of the Botanist. The Caterer has reported that, for the year ending 29th February 2017, the group's revenue has surged by 12% and also witnessed an 11.6% increase in turnover to £18.2m, from £16.3m in 2016. This has been attributed to substantial investment in the company's infrastructure.
And Finally...
Wahaca, the Mexican restaurant brand, has opened a test kitchen in Shoreditch, according to Paul Charity at Propel Info. The experimental restaurant, situated in Tabernacle Street, will develop new recipes before being rolled out nationally. Wahaca will be collaborating with El Blanco Niño in producing traditional tortilla, made from non-genetically modified corn which is also naturally gluten-free. The 120-cover restaurant is spread over two levels and features an open kitchen.