08/01/2018
Beds & Bars reports a successful 2017
Beds & Bars, the backpacker bar and hostel operator has announced a like-for-like sales increase of 5% to £47.7m from April 2016 to March 2017, according to The Morning Advertiser. Furthermore, according to the company, gross margin was maintained at above 80% and EBITDA increased to £4.47m, a 9% rise, irrespective of "political, social and economical obstacles hitting the businesses hard". Beds & Bars released £6.5m in funds by selling its Covent Garden unit; this capital was invested into the extension and refurbishment of their flagship hostel in Borough High Street, the Village.
Molson Coors acquires Aspall
Brewing company, Molson Coors has acquired Aspall Cyder Limited according to Pub and Bar Magazine. Aspall will continue to operate from Cyder House in Aspall, Suffolk, whilst MolsonCoors intends to establish a global prescence for the business.
Sicilian street food site opens in Leeds
The creators of Culto Italian Kitchen in Leeds have launched a new restaurant concept offering Sicilian street food, reports Propel Info. Poco, which translates from Italian as "little", has opened on Kirkstall Road in Leeds and offers pizza served by the slice, pasta to go as well as giant arancini risotto balls.
Record festive trading for Be At One
Pub and Bar Magazine has reported that Be At One saw a 12.6% increase in like-for-like sales during December, which saw total sales exceed £5m for the first time in the cocktail bar group's history, selling 500,000 cocktails throughout the festive period. Be At One's Birmingham site proved to be the highest achiever with like-for-like sales of +49% for this period.
Gantry Group to open Hilton in Stratford
Hilton has signed a franchise agreement with the London Gantry to open a new hotel in Stratford under its Curio Collection. The joint venture between the Gantry Group, Black Friar Holdings and a £1.1bn institutional investor, will feature 285 bedrooms as well as bar and restaurant spaces, reports The Caterer. Intended to open in 2020, this hotel will mark the group's third Curio hotel in the UK, following last year's openings of Trafalgar St James hotel and Lincoln Plaza, which will open later this year.
And Finally...
As reported by Eat Out Magazine, Kricket, the modern Indian restaurant currently located in Soho, is set for expansion. Kricket's 3,600 sq ft second site will be at the Television Centre, White City and, due to open this summer, will be able to cater for 140 covers.