14/07/2020
The Chancellors mini budget
VAT cut from 20% to 5% on accommodation, visitor attractions, cinemas & hospitality sales of food & non-alcoholic drinks from 13 July to 12 January. £1,000 for each furloughed employee taken back on and retained until January 21. Discounts on meals (with non-alcoholic drinks) in August of 50% up to a maximum of £10 per head on Mondays, Tuesdays and Wednesdays. UKHospitality Chief executive Kate Nicholls said "Customer confidence is key to our sector's revival and our ability to help Britain's economic recovery. Applying every precaution to provide safe venues will count for nothing if customers aren't coming through our doors."
Wendy's preparing for UK launch
The third-largest quick service restaurant chain in the US, has started building its team ahead of a proposed UK launch early next year. The Company has appointed Michael Clarke and Rhodri Jones as UK real estate manager. They are understood to be searching for sites in the UK to "kick-start a broader expansion plan across Europe".
Trade levels since lockdown vary
S4 Labour say like-for-like sales were down 33.6%. with drink sales doing better at 17.8% decline with a 51.7% decline in food sales.
Barclaycard say total value of transactions across the hospitality, leisure and entertainment sector was down 45% compared.
Hug Industries reported a 37% decline but added that London lagged 35% behind the rest of England on the first weekend of trading post lock-down.
Zipwire in Liverpool given the go ahead
Zip World has been given permission by Liverpool City Council to install two lines between the top of St Johns Beacon to the summit of Central Library. Specially designed platforms will be installed that will lead to people zipping 500 metres across the city centre while 450 feet in the air.
Majority of Vapiano UK units acquired out of administration
The administrators concluded two transactions. The first the sale of three London restaurants - in Great Portland Street, Bankside and Tower Bridge - to UK VAP, a subsidiary of Love & Food Restaurant Holdings. The second a site in Manchester sold to Minhoco 56, a subsidiary of Cairn Hotels Group.
Notable new acquisitions included:
High Spirits Leisure Group - Purchased their 8th site, The Fulling Mill in Ambleside. The four-storey building will feature dining on two floors and a bar downstairs.
Oxygen 56 - Has exchanged on The Castle in the village of Outwood in a deal brokered by Fleurets.
Lake District operators take on second site: Joshua Macauley and Chris Moss have acquired The Duke Of Cumberland in Kendal.
Bike & Boot Inns to open debut site - Former Devonshire Hotels & Restaurants managing director Simon Rhatigan and wine merchant and restaurateur Simon Kershaw will open the 65 bed former Mount Hotel in Scarborough on Monday, 20 July following a complete overhaul and rebrand,
Southside new venture to open in Manchester - Lyndon Higginson, director and co-founder of crazy golf operator Junkyard Golf, has launched a late-night bar and restaurant in Withington. Southside specialises in tequila and tacos.
Buying local trend to continue:
New research by Mastercard shows Brits will continue buying local as the lock-down is lifted. Local independents have seen the biggest bounce during lock-down, with the mini boom expected to grow. The company's survey found more than two-thirds (69%) of respondents will actively try to spend money in their community post-lockdown to help independent operators bounce back.
And Finally...Fleurets Create New Lease Restructuring Team
Leisure Property Specialist Fleurets have created a new Lease Restructuring Team, which will be led by Philip Smith, Divisional Director. Graeme Bunn, Managing Director said "We have a very experienced team at Fleurets who understand trade related property and can help both landlords and tenants navigate the current choppy water to achieve an equitable resolution. This move will provide focus for the vital restructuring work that needs to be undertaken in the months and years ahead". Click here to email Phil, should you need any advice in this regard.