10/05/2023 08:47:00
Pubs, bars and other hospitality venues are in store for an estimated boost of £1bn this month, according to trade body UKHospitality. The combination of the King's Coronation, Eurovision and three bank holidays has contributed to the analysis. Pub & Bar reports that the bumper month comes at a crucial time for an industry that is contending with a significant increase in energy costs, record food and drink inflation, continued staffing shortages and a fresh set of rail strikes.
Greene King delivered a strong operational performance in FY2022 despite challenging trading conditions, as strategic progress continues for the pubco. The performance was driven by strategic delivery and business transformation. Greene King's revenue rose by 62.2% to £2,176m versus a prior period of £1,342m, with revenue growth across all five divisions, reports Morning Advertiser. Furthermore, an adjusted operating profit of £192.6m, compared to a previous period of £18.6m, was delivered, with statutory operating profit of £249.2m, compared to the prior period of £63.8m.
Britain has suffered a net decline of 4,593 licensed premises in the last year to March 2023, the new Hospitality Market Monitor from CGA by NIQ and AlixPartners shows. The drop is equivalent to 4.3% of the licensed sector since March 2022, and an average of 12.6 closures a day. However, net closures slowed to 756 venues in the first three months of this year - a quarter-on-quarter drop of 0.7%, and equivalent to 8.4 closures a day. The Caterer reports that independent businesses have borne the brunt of closures with a 5.9% drop in numbers over the last 12 months, while managed groups achieved growth of 1.5% in the same period, including 0.3% in the first three months of 2023.
Heineken is pumping £40m into almost a quarter of its sites in its pub estate - Star Pubs & Bars - this year. Some 570 pubs will receive the cash injection with 100 of these planned for major makeovers averaging £200,000 and creating an estimated 600 new jobs, advises Morning Advertiser. The investment will focus on neighbourhood locals, which make up almost three quarters (70%) of Heineken's 2,400-strong estate.
Sunday's warmer weather may have helped the hospitality industry to enjoy a bumper Coronation weekend, a pub chain has said. The City Pub Group said that after an "anaemic" Saturday, sales on Sunday had been "really, really strong". Extended pub opening hours had been expected to provide a £104m boost to the sector, according to the Centre for Economics and Business Research. Trade group UK Hospitality said it was a weekend of two halves reports BBC News.
South London pizza chain Mamma Dough has been bought out of administration. EG Radius reports that the chain collapsed just before Christmas, citing soaring cost inflation, energy bills and the cost-of-living crisis.