10/10/2017
AEW UK Real Return Fund acquires leisure site in Altrincham
Property investor AEW UK Real Return Fund has acquired a leisure site in Altrincham for £4.4m, according to Paul Charity at Propel Info. The site is 23,282 sq ft in size and houses The Restaurant Group's brands Chiquito and Frankie and Benny's, alongside a six-screen Vue cinema.
New World Trading Company announces 33% sales increase
As reported by Pub and Bar magazine, The New World Trading Company has released its annual results, announcing a 33% increase in sales to £40.1m for the year end 31 March 2017. Furthermore, NWTC reported an adjusted operating profit increase of 41% to 5.1m. Success has been attributed to like-for-like sales as well as the expansion of its property portfolio, for which NWTC opened three new Botanist sites. The New World Trading Company has also recently announced the launch of a new brand, The Florist, which will debut in Bristol in 2018.
Malmaison signs development agreement for Bournemouth hotel
Malmaison Hotel du Vin has signed a development agreement to build a 100-bed Malmaison hotel in Bournemouth according to Boutique Hotelier. The hotel will be situated on Bath Road and construction is due to begin in 2018. Furthermore, the hotel will host Chez Mal Bar and Brasserie as well as Malmaison's meeting and events concept Work + Play.
CG Restaurants announces a 3.6% increase in turnover
CG Restaurants Holdings, owner of Dirty Martini, has announced a 3.6% increase in turnover, to £19,931,151 for the year ending 31 December 2016, according to Propel Info. EBITDA fell 54% which was attributed to two new openings late on in the year, which had high pre-opening costs.
New KFC sites in Essex
KFC franchisee J&J Restaurants has added two new restaurants to its portfolio. The new sites are in Chelmsford and Colchester; and there are plans for the next three years to open an additional four units in the Essex region. Propel Info stated that KFC UK reported a rise in turnover last month, to £479.8m and like-for-like sales increased by 1.4%. KFC UK intends to convert 94% of sites to franchise by the end of 2018.
And Finally...
James McCulloch, owner of The Harcourt in Marylebone and Former Racine chef patron Henry Harris have three new pub projects planned for London. Pub and Bar magazine reported that The Three Cranes is located in the City and is scheduled to open in November, The Truscott Arms in Maida Vale will open in February 2018 as well as The Coach & Horses in Clerkenwell which will launch in January. The freehold for The Coach & Horses was acquired through Fleurets in 2016.