04/04/2023 08:47:00
A new bill introduced on 29 March is intended to modernise the business rates system by incentivising property improvements and supporting more frequent revaluations. The measures being put forward would review and reform business rates in England, making them "fairer" and "more responsive to changes in the market". The Non-Domestic Rating Bill will introduce more frequent valuations, to take place every three years instead of five. The Caterer reports that it will also provide new business rates improvement relief, so businesses making qualifying building improvements will not face higher business rates bills for 12 months.
Like-for-like sales at The Oakman Group were up 20% compared to its pre-pandemic results in 2018/19, rounding off a strong financial year for the Peter Borg-Neal-led business. Pub & Bar reports that the 40-strong pubco has announced its full year figures for the year ended 3 July 2022, which delivered an EBITDA of £5.4m. While the group opened three new sites during the period, which will have contributed to the sales percentage increase, Borg-Neal attributes the year's overall success to the style of offer from Oakman's pubs.
Now is "not the time" to introduce tourism taxes and place "additional deterrents" on consumers, according to the British Beer & Pub Association (BBPA). This follows news that Manchester is set to become the first city in the UK to impose tax for overnight visitors staying in hotels and holiday accommodation from Saturday 1 April. According to reports earlier this week, visitors will pay an extra £1 charge per night, per room as part of a new scheme, advises Morning Advertiser.
Media and food business Time Out said its failed plans to build a food market in Spitalfields cost £1 million. The media business - which operates markets in Lisbon, Miami, New York, Boston, Chicago, Montreal and Dubai - had planned to create a venue with 12 permanent kitchens on Commercial Street in Spitalfields. But following a six-year-long dispute over planning permission, it scrapped those plans last month, blaming the Tower Hamlets Council's choice to defer its planning decision after rejecting an earlier application and a subsequent appeal, reports the Evening Standard.
Marston's has announced it has successfully secured an amendment and extension of its bank and private placement debt facilities to the end of January 2025. The revised £340m debt facilities are comprised of a £300m revolving credit facility (RCF) with the continued support of all its existing and two new banks, together with a restatement of its current £40m private placement (PP). The RCF replaces the 1,445-strong pub group's existing facility, advises Morning Advertiser. The facility cost is variable, to be determined by the level of leverage or drawings from time to time alongside changes in the SONIA rate.
BrewDog CEO launches Dragons' Den-style competition the Next Unicorn. James Watt, co-founder of BrewDog, is set to pour £5m into three companies as part of the launch of his own Dragons' Den-style investment competition, reports The Caterer.