31/10/2023 11:16:00
British pub giant Marston's is aiming to grow its food-led franchised pub estate to 50 venues in the 2024 financial year, as the group also looks to continue generating income through its non-core pub disposal programme. The group has trialled its franchise-style model in 19 of its food-led managed pubs to complement the 714 wet-led pubs operating under this model. According to Food Service Equipment Journal, sales growth in these pubs significantly exceeding that of its broader food business during the 52 weeks to 30 September 2023, the company said.
Star Pubs & Bars has completed its biggest single investment in the UK this year with a £1.4m upgrade of The Unicorn in Cardiff. Having been closed for five years, The Unicorn has been transformed into a Just Add Talent managed operator pub, reports Pub & Bar. The revamped site now has a garden room with sharing tables and chef's table for dining with bi-fold doors onto the terrace, a lounge/dining area and a locals' bar. Outside there's a choice of seating on the new terrace and at picnic tables and benches in the garden. "We're delighted to have brought The Unicorn back to life - it's now a stunning pub inside and out and is our flagship pub in Wales," says Lawson Mountstevens, managing director of Star Pubs & Bars. "With so much housing on its doorstep, local offices and a retail park nearby and no other pubs in the vicinity, the area is crying out for a pub like The Unicorn, which offers something for everyone."
Pizza Express is considering a surprise move to gatecrash a takeover of The Restaurant Group (TRG), the London-listed company which owns Wagamama. Sky News has learnt that Pizza Express is at the preliminary stages of evaluating whether to make a rival offer for TRG, which this month agreed to be bought by Apollo Global Management for just over £500m. City sources cautioned last Wednesday that there was no guarantee Pizza Express would proceed with a formal offer to TRG's board, chaired by Ken Hanna. One of the sources said there had only been initial contact between the two sides to date, and that the public disclosure of its interest could prompt it to walk away. Other potential counterbidders are also said to be examining whether to make offers. Pizza Express is controlled by a group of debt funds including Bain Capital Credit and Cyrus Capital Partners, which took ownership in 2020.
Hilton is set to replace its 404-bedroom London Olympia property with a 905-bedroom hotel at the same site. The proposal for the partial demolition, redevelopment and refurbishment of the existing hotel was approved with some amendments at Kensington and Olympia Council's planning committee meeting on 19 October. The Caterer advises that the new hotel will be housed in an 11-storey building made up of 498 standard bedrooms, 316 'flex and bunkie' rooms and 90 wheelchair accessible rooms. Councillor James Husband, who chaired the meeting, said: "Although some people may feel that having extra hotel space is not any great benefit to anybody who lives there, it is nevertheless supported in policy, so that is a benefit of the scheme. There is also a potential economic benefit for some of the businesses in the area."
Independent brewer and pub company Hall and Woodhouse has sold soft drinks brand Rio to A.G. Barr for £12.3m. Rio has been marketed, sold and distributed on an exclusive licence basis by A. G. Barr's recently acquired Boost Drinks division since 2021. The acquisition is funded from the Irn Bru maker's net cash position, advises Morning Advertiser. Roger White, CEO if A. G. Barr, commented: "As brand builders we are delighted to acquire the Rio brand and secure its long-term position in our wider portfolio. This allows us to realise the benefits of full brand ownership and support RIO's continued growth. This acquisition is a further positive indication of our strategic ambitions."
Boxpark has revealed a revenue growth of 35% when compared to the year prior to Covid-19 (April 2020). For the period to the end of April 2023, the dining, leisure and retail concept reported a revenue of £20.5m. Much like the rest of the hospitality industry, Boxpark has had to manage significant cost increases, such as supplier prices and material cost inflation as part of the supply chain, advises Pub & Bar. As a result, the group's EBITDA of £5m is 14% ahead of the £4.4m reported in the financial year ending April 2020 prior to Covid-19. "We are pleased with our results in this period, delivering growth in like-for-like sales," says CEO Simon Champion.
Punch Pubs & Co's move to convert leased and tenanted pubs to its managed division has been cited as the "predominant driving force" for a 10.2% lift in revenue in its trading update for the 52 weeks ended 13 August 2023, reports Morning Advertiser.