05/12/2023 10:11:00
The government has set out plans to extend licensing hours for the semi-finals and final of the men's Euro 2024 championships next year, should England, Wales or Scotland reach the final stages of the tournament. Pub & Bar reports that in a public consultation, the government has proposed that pub licensing hours in England and Wales should be extended from 11pm to 1am if any of the UK nations remaining in the tournament reach the latter two rounds in Germany, where Euro 2024 is being held. The home secretary has the power to extend licensing hours for occasions of exceptional international, national or local significance.
Young's has acquired the Tattenham Corner site in Epsom Downs from Whitbread, advises The Caterer. Previously operating as a Beefeater, the site will be refurbished to join Young's collection of premium pubs in the area, including the Bear in Oxshott and the Chequers at Walton on the Hill. The 8,000 sq. ft. pub has 220 covers over two floors and overlooks Epsom racecourse in Surrey. The acquisition takes Young's pub portfolio to 232 sites following the recent acquisition of the Crooked Billet in Clapton, along with four sites acquired from Marston's.
Shareholders of The Restaurant Group (TRG) have formally approved its sale to private equity company Apollo Global Management for £506m. In total, 93.5% of shareholders by value voted in favour of the cash acquisition of the restaurant group, which includes restaurant brands Wagamama and Barburrito, and pub group Brunning & Price. Following approval, the sale is expected to complete on 21 December. The cash deal will see the group become a privately-owned company and values each of the company's shares at 65p, reports the Restaurant.
Mitchells & Butlers (M&B) has reported financial results for the year ended 30 September 2023 (FY23), with like-for-like (lfl) sales growth of 9.1% against FY22. The pub, bar, and restaurant operator reported record outperformance against the market, with strong lfl performance across all brands. Total revenue was £2,503m against £2,208m the previous year. Morning Advertiser advises operating profit was £98m (FY22: £124m), impacted by property portfolio valuation movements and £52m of government support in FY22, with adjusted operating profit increasing 17.6% net of government support. M&B further reported net debt is reduced to £1,170m from £1,198m, excluding £463m of IFRS-16 lease liabilities. It refinanced its revolving credit facility to July 2026 and increased it by £50m to £200m.
The government has been urged to consider a national and mandatory short-term let registration scheme to provide "vital protections" for guests. It comes after the publication of a report on short-term lets and the visitor economy from the All-Party Parliamentary Group (APPG) for Hospitality and Tourism, which stressed it is "essential" for each short-term let to meet the same standards as the wider accommodation sector, reports The Caterer. The APPG advised the government to establish a national set of aggregated data on short-term lets in England; to allow local authorities to enforce compliance of registered short-term lets with existing legislation; and to collect comprehensive data, including property information, through the scheme.
Inflation as measured by the CGA Prestige Foodservice Price Index (FPI) decreased for the fifth consecutive month in October, dipping below 20% year-on-year at 16.7% - its lowest level since August 2022. There remains however a marked contrast between FPI and the measure of supermarket pricing (CPI) which is now rising at roughly half the rate (8.5%) year-on-year, advises Caterer Licensee Hotelier News. October also marked the first month-on-month fall in FPI since September 2021. In October, FPI saw just one category (Oils & Fats) perform below 10% inflation at 4.0%, but this was in stark contrast to Vegetables where inflation remained extremely high at 30%. Overall, inflation within FPI has fallen 6.2% pts since its peak of 22.9% (YOY) in December 2022.
Hall and Woodhouse has been supporting Dorset's care leavers with workshops and job opportunities, advises the BBC.