16/04/2024 11:11:00
Pub and restaurant operator, the Portobello Pub Company, has completed a deal to purchase the London-based neighbourhood bar and restaurant business, Darwin & Wallace. Pub & Bar reports that the acquisition will add seven high-volume venues in some of London's key 'villages' to Portobello's estate, such as Battersea Power Station, Clapham Old Town, Wimbledon and Richmond. Darwin & Wallace will continue to operate under the same name, providing guests with the same all-day dining and drinking offer, sustainability credentials and commitments. The deal means the expanded Portobello Pubs business now encompasses 27 sites, with plans to grow further via selective acquisitions.
Revolution Bars Group has set out a proposed restructuring plan that will see offload up to 18 sites alongside raising up to £12.5m in equity, reports the Restaurant. The group, whose estate currently comprises 58 bars and 22 pubs under the Revolution, Revolución de Cuba and Peach Pub brands, says that without the additional funding and the cost savings delivered through the restructuring plan it would face liquidity pressures for the first quarter of next year. It follows the closure of eight sites in January, which the group attributed to challenging macroeconomics trading environment impacting the sector, compounded by the planned increase in the national living wage in April. As part of its response, the group is also exploring a potential sale of the company.
Punch Pubs & Co has acquired a trio of Leicestershire pubs from Steamin' Billy into its leased and tenanted division. The Dog & Gun in Syston, the White Bear in Hinckley and the Horse & Trumpet in Sileby will join Punch's 900 leased and tenanted sites, reports Morning Advertiser. The 1,300-strong pub group also stated it has a strong pipeline of acquisitions across the Midlands region.
Stonegate has advised investors that it can no longer guarantee its continuation as a going concern due to difficulties in trying to refinance its £2.2 billion debt pile. The group owned by venture capitalists TDR Capital operates circa 4,400 UK pubs across the UK including the Slug & Lettuce and Be At One chains. Hospitality & Catering News says that the pub group is struggling to find financiers willing to provide new loans to replace debt due for current repayment in June next year. While talks with potential lenders are understood to be under way, the failure to agree a new facility by the time the company published its annual report left it with no choice but to issue an alert about its financial position.
The Biltmore Mayfair is to end its partnership with Hilton and move to operating as an independent hotel from 1 May. The 307-room hotel on Grosvenor Square in London opened in 2019 following a £50m redevelopment of the former Millenium Hotel London Mayfair. It was the first site in Europe for Hilton's luxury LXR Hotels & Resorts brand, with room rates starting from £550 a night. The Caterer reports that the change will mean Hilton has no remaining properties under the LXR Hotels banner in the UK.
House-party inspired late night bar and restaurant Little Door & Co will open its fifth site in June. Located on Soho's Kingly Street, The Little Violet Door will be the group's second central London site, joining The Little Scarlet Door in Soho as we as its neighbourhood locations The Little Yellow Door in Notting Hill, The Little Blue Door in Fulham, and The Little Orange Door in Clapham. The 3,400 sq ft site was formerly home to music venue Bag O'Nails and will be spread over two floors with additional terrace seating out front, advises the Restaurant. It will have capacity for 180 people. As with the group's other sites, it will take the form of a fictional flat with each area designed to transport guests to a real-life home with colourful soft furnishings, prints, bookcases and record collections.
Squatters plan to turn Gordon Ramsay's York & Albany into community café write The Caterer.