19/09/2023 08:52:00
Amber Taverns has announced a 70% increase in revenue with between 14 and 16 new openings earmarked before the end of this year. The value-focused pubco, which operates 165 wet-led pubs across the UK, reported sales of £95.7m in the 53 weeks to 5 February 2023, compared with £56.2m in 2022, advises Morning Advertiser. In addition, its earnings before interest, taxes, depreciation, and amortization (EBITDA) stood at £22.5m, up from £14.2m last year, with an operating profit of £15.8m compared with £14.2m during the same period last year. Amber Taverns chief executive James Baer said: "We are pleased to have delivered such a strong trading performance underpinning our belief that our numbers continue to demonstrate the resilience of our model and the importance local communities place on having a welcoming, well invested and good value pub at their heart."
St Austell Brewery has completed the acquisition of The Bath Pub Company, growing its West Country pub estate to 184 sites. The deal, which has completed for an undisclosed amount, sees the brewery and pub operator take over four of Bath's most well-known pubs, reports Pub & Bar. The Locksbrook Inn, The Moorfields and The Hare & Hounds bring the total number of sites in St Austell Brewery's managed pub estate to 43. The Marlborough Tavern is now part of the company's leased and tenanted estate and will continue to be operated by Justin Sleath, The Bath Pub Company's co-founder and commercial director.
The number of pubs closing in England and Wales rose sharply in the first half of 2023, prompting warnings that looming tax rises could force more venues to shut for good. A total of 383 pubs closed during the first six months of the year, almost matching the total for 2022, when 386 sites were lost. The data, from real estate analysts Altus Group, tracks the overall number of pubs in England and Wales, including those vacant or being offered to let. An average of 51 pubs a month were lost during the first quarter of the year, rising to around 77 a month between April and June. The Caterer reports that these sites were either demolished or converted for different uses, such as homes, offices or nurseries.
Hospitality company Experimental Group has opened its first hotel outside of London in the UK, located in the Cotswolds countryside. Cowley Manor Experimental is situated on 55 acres and offers 36 rooms and suites, a spa, restaurant, bar, lounge, and a library. Boutique Hotel News reports that Experimental acquired the property in 2022 which has since undergone a refurbishment, led by interior designer Dorothée Meilichzon and architecture firm De Matos Ryan. The new restaurant and cocktail bar at Cowley Manor has been created in collaboration with chef Jackson Boxer. The team have focused on evolving the kitchen garden, growing wider varieties of produce and increasing its size.
Marcus Wareing will close his eponymous restaurant Marcus at The Berkeley in Knightsbridge later this year. The Michelin star restaurant's last service will be on 26 December advises the Restaurant.