31/05/2023 08:42:00
Hospitality turnover in the last year was 14.7% down compared to pre-pandemic levels, when accounting for inflation. The latest findings come from the UKHospitality Quarterly Tracker, in association with CGA. The revenue generated in the last 12 months was 4.1% above what was seen pre-pandemic, demonstrating strong consumer demand. However, this is still falling significantly below the like-for-like sales required to keep up with inflation, advises Pub & Bar. The tracker also shows that the sector's turnover contracted by 0.3% in Q1 this year, compared to Q1 in 2022. "Unfortunately, these figures no longer come as a surprise and simply reinforce the chronic nature of the pressure hospitality is under due to inflation," says UKHospitality chief executive Kate Nicholls.
Sacha Lord has said he is finalising a plan to help hospitality businesses recover hidden commissions paid to brokers by energy companies. The night-time economy adviser from Greater Manchester announced on Twitter on 26 May that he has engaged JMW Solicitors, the same law firm he used to force the Government to drop the 10pm curfew and 'substantial meal' rule back in 2021 and was working on a strategy to help operators 'claw back money' they had paid 'under duress', reports the Restaurant.
The average cost of a pint of draught lager increased by 11% in the year to April 2023, figures from the Office For National Statistics (ONS) have revealed. Released on Wednesday 24 May, the data showed draught larger prices has soared by 46p (11%) year-on-year in April this year, from £4.08 in April 2022 to £4.54. Month-on-Month draught larger costs saw a rise of 0.8% from £4.50 in March this year. Morning Advertiser reports that draught bitter prices also increased in the year to April 2023, from £3.50 in the equivalent period last year to £3.77.
Revenue across the Young's estate was up 19.4% in its last financial year, totalling at £368.9m, advises Pub & Bar. As the Simon Dodd-led business announced its preliminary results for the 53 weeks ended 3 April 2023, managed pub like-for-like revenue was up by 12.9% on a 52-week basis. Despite facing considerable cost headwinds and prior year Covid one-offs, which included the reduced VAT rate (£12.3m) and business rates relief (£6m), adjusted profit before tax was up 8.1% to £45.2m, and adjusted operating profit up 1.9% to £52.4m.
Inception Group, which operates bar brands such as Mr Fogg's, Control Room B and Cahoots, has received a £6.7m loan from OakNorth Bank to aid expansion, reports The Caterer. It also received refinance and expansion support from OakNorth in January 2018 and throughout the pandemic.
Eighteen properties in the Coast and Country Hotel Collection have been put up for sale. The leisure-focused hotels are spread across England, Scotland and Wales and are available to purchase individually, advises The Caterer.