07/11/2023 09:21:00
Laws governing the relationship between pub owning businesses and the tied tenants who run those pubs won't be changed or improved, the government announced. It comes as the Department for Business and Trade published its response to a statutory review of the Pubs Code for England and Wales - a set of rules governing the relationship between pub-owning businesses and their tied tenants. Consumer group CAMRA wanted to see changes to give tied pub tenants more choice over which beers they offer, including the right to a guest draught beer or cider from local and independent producers instead of having to buy a restricted range of stock at set prices from the pub-owning company, advises Hospitality & Catering News.
Young's continues to grow its presence in London, following the acquisition of freehold pub The Crooked Billet in Clapton, reports Pub & Bar. Joining the 231-strong Young's pub portfolio, The Crooked Billet is a two-storey, 4,500 sq. ft. wet-led pub with an expansive garden in the heart of east London. It is the latest freehold acquisition for the Simon Dodd-led business after it bought The Huntsman of Brockenhurst in September.
Industry leaders have expressed "deep concern" for the future of the sector as interest rates remaining at 5.25% "piles further pressure" on hospitality firms. The Bank of England on Thursday 2 November announced interest rates would remain at 5.25% in a bid to meet its 2% inflation target. At its meeting on Wednesday 1 November, the Monetary Policy Committee voted by a majority of 6-3 to maintain interest rates. Morning Advertiser reports that three members opted to increase rates by 0.25 percentage points to 5.5.%. Moreover, during a live news conference following the announcement, Bank of England governor Andrew Bailey said interest rates would be kept "high enough for long enough to make sure we get inflation to the 2% target". UKHospitality chief executive Kate Nicholls said: "High interest rates pile further pressure on the hospitality sector, particularly for businesses that had to take out loans during the pandemic to survive. Operators are now facing higher repayment costs for such loans, at the same time as trying to fund soaring bills, for energy, food and drink."
The Derby Brewing Company has put its pub arm into administration after struggling with a five-fold increase in energy costs and difficulty repaying Covid debt. The craft brewery said it had been unable to survive an "extremely challenging period" while having to pay back arrears built up during the pandemic to HMRC. It has called in administrators for the seven-strong Real Brewing Pub Company. The Caterer reports that three pubs, the Clubhouse in Derby, the Pig in Lichfield, and the Pointing Dogs in Matlock have closed with immediate effect. Two freehold sites in Derby, the Greyhound and Derby Brewing Tap House, will be sold to clear debts and remain open while being marketed by the administrator. The brewery will continue to operate and its two remaining pubs, the Hole in the Wall in Mickleover and NOTSA in Aston on Trent, will trade under a new pub company.
The GR8 Leisure Group has taken the lease of Penn Central in Poole, bringing its southern-based portfolio to five sites. Led by Nick Warner, GR8 Leisure is renaming the venue 'Bank by Nicholas James', following a £355,000 joint refurbishment with landlord Star Pubs & Bars. GR8 Leisure's other hospitality sites consist of three freeholds and one leased pub, including Nicholas James café and bar in Ashley Cross; The Minster Arms, Wimborne; The Olive Tree in Romsey; and The Rose & Crown in Ascot, advises Pub & Bar. Warner started developing his portfolio of pubs, bars and restaurants 12 years ago.
KPMG research shows consumer intention to cut back on socialising, buying gifts, groceries. Caterer Licensee Hotelier News reports that the scale of Christmas spending cutbacks due to the cost of living is highlighted in new research from KPMG UK - which shows consumer intention to cut back on buying gifts, groceries and socialising. Over 2600 UK consumers were surveyed for KPMG - with the largest percentage (45%) saying that their gift buying budget would be the same as last Christmas. But nearly four in ten (39%) of those polled said that the cost of living meant that they would have a smaller budget to buy gifts this year. A third of consumers (35%) also said that they will be eating and drinking out less this Christmas - broadly the same amount as those who said they will do the same as last year (36%).
Jeremy King is back - with three new London restaurant openings, reports The Times.