14/03/2023 09:58:00
The Restaurant Group (TRG) is to offload a further 35 sites from its leisure estate and has posted widening losses as it looks to face down pressure from activist investors. In the group's full year 2022 results, TRG reports that sales growth across its leisure estate, which encompasses the Frankie & Benny's and Chiquito brands, remained flat and was 5% behind the market. However, it has also hailed 'robust trading' across its Wagamama, pubs and concessions arms, which saw like-for-like sales out-perform their respective market benchmarks, reports Big Hospitality.
Independent hotel owner KE Hotels has purchased the 148-bedroom Hotel Indigo Newcastle for an undisclosed sum, advises The Caterer. It will be the third UK property under the KE Hotels portfolio, which includes Marriott Moxy Hotel Manchester City and Linton Lodge hotel in Oxford. Hotel Indigo Newcastle opened in June 2012 following its conversion from a four-storey office building. It features a ground floor bar, restaurant area, health and fitness centre, and a car park with 102 spaces. It is run as part of a franchise agreement with Intercontinental Hotels Group.
Marston's PLC is unloading 61 freehold pubs in England and Wales from the national pub company's estate. The assets, which are a selection of Marston's non-core properties, include a mix of leased, tenanted, retail and managed pubs, and are available to purchase individually, in small groups or as a group package, reports Pub & Bar.
The bosses of 155 UK hospitality businesses have signed a letter to Chancellor Jeremy Hunt, calling on him to bring in reforms to planning, licensing and business rates, among other changes they said would "unshackle" the sector. Evening Standard report that the letter - signed by companies including Wetherspoons, IHG, the Restaurant Group and Mitchells & Butlers -said that inflation, and particularly high energy costs, has prevented the sector from truly recovering from the Covid-19 pandemic.
More than two thirds of pubs and bars are reporting the cost of drinks and food they buy rose in January versus December but fewer than one in three has admitted to passing these costs on to customers, reports Morning Advertiser. According to the Office for National Statistics (ONS) 69.4% of businesses in the 'food and drink services' sector, which includes pubs, bars and other hospitality sites, have said their outgoing have risen but only 29.2% have said they have passed those costs on to customers.
Dodo Pub Co has announced the newest addition to its growing family with the takeover of the Cross Hands in Fishponds, Bristol, taking its portfolio to seven. The All Inn, as the pub will be renamed, will be the first foray for the Dodo Pub Co into the Bristol hospitality scene, advises Hospitality & Catering News.
Star Pubs & Bars has invested over £60,000 in marketing support for the King's Coronation reports Pub & Bar.