10/10/2023 09:18:00
New research has found that the number of community-owned pubs in the UK has increased by 62.6% over the last five years. Community pubs involve people coming together to form a new democratic business where people, often local, can own a stake in the business and where the pub is run for the benefit of the local community. Pub & Bar reports that the growth of this ownership model is a silver lining to the increase in failed businesses across the on-trade, resulting in record closures in the wider industry. The research is from a new report from trade body Co-operatives UK, which shows that the cost-of-living crisis is driving the growth of democratic businesses like co-operatives, mutuals, credit unions and building societies, as communities look for alternative finance options to help at a time of financial crisis.
The Heartwood Collection has snapped up two further pubs with rooms as part of its ambitious expansion. The group, formerly named Brasserie Bar Co, has acquired the Rope & Anchor in Emsworth Hampshire and the Coat & Bear in Newbury, Berkshire. It will see a further 69 bedrooms added to the Heartwood Inns estate and forms part of the company's plan to grow to over 60 inns and brasseries by June 2027, with a portfolio of over 500 bedrooms, advises The Caterer. "The acquisition of these two fantastic sites serves to underline our ambition as a group and the momentum we are building," said Richard Ferrier, managing director at Heartwood Collection. "It's an incredibly exciting time for us with 2024 set to be a transformational one for the group."
Stonegate Pub Co. is working on options to raise new debt against 1,000 pubs, according to people familiar with the situation, as plans to sell off the portfolio have so far been unsuccessful. Britain's biggest pub chain, owned by private equity firm TDR Capital, is proposing splitting off the group of about 1,000 outlets into a special-purpose vehicle and using it to raise debt from outside parties, reports BNN Bloomberg. Stonegate, which would manage the vehicle, has appointed EastDil Securities and Barclays to canvass offers, according to the people. Stonegate, which has about 4,500 pubs, needs the cash to pay down existing debt, acquired through years of rapid expansion since it was created in 2010.
JD Wetherspoon has credited a surge in sales and reduction in costs for its first annual profit since the COVID pandemic, advises Sky News. The value pub and hotel chain, which trades from 826 sites across the UK and Ireland, reported profit before tax for the year to the end of July of £42.6m. That compared to a loss of just over £30m during the previous 12 months. Like-for-like sales rose by 12.7% and total sales by 10.6% to £1.92bn. Food sales were a major factor behind the revenue rise while bar sales were up 9%.
Longbow Bars & Restaurants, the Peak District-based business led by Rob Hattersley, has taken the lease of The Ashford Arms in Ashford-in-the-Water, reports Pub & Bar.