26/09/2023 10:30:00
Arc Inspirations has said that it will open its first site in London next year, which will be one of four openings in 2024 for the northern bar operator, advises Pub & Bar. Continuing the company's growth plans as it seeks to reach 50 sites by 2030, the business will expand into four new cities next year, with launches in London, Edinburgh, Liverpool and Cardiff. The news comes as the Martin Wolstencroft-led business revealed its latest trading results, which it describes as 'resilient'. It has seen a sales growth of 7.5% to £40.8m, with adjusted EBITDA for the year standing at £3.84m - for the period to 26 March 2023.
Restaurant and hotels provided a large downward contribution to consumer price inflation last month, where the annual rate fell to 8.3% in August compared to 9.6% in July. This marks the lowest rate since May 2022, according to the Office for National Statistics (ONS). The Restaurant reports that prices in the sector fell by 0.1% between July and August 2023, compared with a rise of 1.0% between the same two months a year ago. The easing in the rate reflected a downward effect from accommodation services, where prices fell on the month this year by rose a year ago.
The City Pub Group has reported positive trade across summer and the group continues to operate in line with full year expectations. This was revealed in the London-based operator's unaudited results for the 26 period to 25 June 2023. The group operates a predominately freehold estate of 42 trading pubs and in addition has recently acquired a majority shareholding in Mosaic Pubs which has nine pubs located in London and Birmingham that are predominately freehold, advises the Morning Advertiser. Over the summer, the business has continued to strengthen its financial position and trading has remained strong.
The UK Travel & Tourism sector is forecast to exceed the 2019 peak this year, according to the World Travel & Tourism Council's (WTTC) 2023 Economic Impact Research (EIR). The sector is set to contribute £252.4BN to the UK economy this year, surpassing the 2019 pre-pandemic high of £248.5BN. WTTC is also forecasting that the sector will create almost 380,000 jobs this year, recovering almost all of the jobs lost due to the COVID 19 pandemic to reach more than 4MN, with around one in nine workers in the UK, in the Travel & Tourism sector. Caterer Licensee Hotelier News reports that international visitor spend to the UK is forecast to reach £26.18BN, just 6% behind the 2019 peak of £38.6BN.
South east multiple operator Austin Whelan has opened his 11th site under his family-run AK Whelan Management portfolio, reports Pub & Bar. The business consists of seven leased and four freehold venues, including the Whelan's brand of Irish pubs. Whelan also has a separate estate of five London and south east-based locals with partner Colin Coogan called Doolin Rock Pubs.
Ofgem has been urged to tackle cost discrepancies between fixed and out-of-contract rates on energy bills, advises The Caterer.