08/08/2023 11:08:00
Multiple operator Yorkshire Pub Stuff is taking the lease on The Major Oak in Arnold, embarking on a joint £325,000 investment with owner Star Pubs & Bars, reports Pub & Bar. The Major Oak is Yorkshire Pub Stuff's sixth long-term lease with Star and brings its estate to 32 pubs. The work will include the creation of a separate bar, a revamped sports room with screens, pool and darts, a lounge that doubles as a function room, and a new kitchen to enable food to be introduced. "In the past, we've funded improvements to the pubs we lease," says Garry Astle, managing director of Yorkshire Pub Stuff. "We have developed a close working relationship with Star and are excited to be building on that by investing together."
The hospitality industry accounted for 10% of administrations in the first six months of 2023 - the fourth highest sector in the UK - according to analysis by Shakespeare Martineau. A total of 759 businesses, 79 of which came from the hospitality industry, filed for administration between 1 January and 30 June, marking a 22% increase compared to 2022, advises the Restaurant. Retail, manufacturing, construction, hospitality and real estate were the worst-hit sectors, accounting for 57% of all administrations, data from The Gazette Official Public Record revealed. Greater London led the way with 25% of the filings, followed by the North West (15%) and South East (11%).
Musician, broadcaster, author and philanthropist, YolanDa Brown OBE DL, alongside music manager and creative entrepreneur Adetokunbo "T" Oyelola have raised a record-breaking £248,148 for music venue and restaurant 'Soul Mama' - the largest ever amount raised by a restaurant on Kickstarter globally. With a wealth of experience in the leisure and hospitality sectors, the co-founders are excited to bring their Soul Mama brand to Islington Square, London, advises Hospitality & Catering News. Opening in late Autumn 2023, the brand-new London-based grassroots music venue and restaurant will bring high-quality cuisine fusing the authentic tastes of Africa, the Caribbean and South America.
Bank of England (BoE) interest rates increase will "exacerbate financial challenges" faced by the sector, according to industry trade bodies. On Thursday (3rd August), the BoE announced interest rates would rise by 0.25% to 5.25%, making the 14th successive rate increase, in a bid to meet inflationary targets, advises the Morning Advertiser. UKHospitality (UKH) chief executive Kate Nicholls said: "Hospitality businesses are particularly exposed to further rate rises, due mainly to the Covid loans many were forced to take out during the pandemic, Yet another rise in interest rates only exacerbates the financial challenges many are grappling with, alongside high energy costs, food and drink inflation and labour shortages."
Just one in 10 Brits feel a pint is "affordable", new research commissioned by the Campaign for Real Ale (CAMRA), has revealed. Morning Advertiser advises that the figures showed of the 2067 British adults surveyed in July this year, almost half (46%) stated pint prices were "fairly unaffordable", while 10% felt they were "very unaffordable".