28/08/2024 10:00:00
Pubs outperformed all other managed on-trade segments in July with year-on-year sales growth of 4.9%. Though other areas of the industry suffered as consumers enjoyed the Euros 2024 tournament in pubs last month, according to the latest CGA RSM Hospitality Business Tracker. Pubs within the M25 performed especially well, the data showed with a 9.9% like-for-life uptick in sales. Restaurant trade saw steep declines, dropping from +4.7% in June, to -2.1%. Bars had another negative month, down by 6% while the on-the-go segment saw like-for-like growth of 1.5%, reports Morning Advertiser.
Hyatt has confirmed plans to acquire Standard International. The acquired portfolio will be 100 per cent asset-light and includes management, franchise and license contracts for 21 open hotels with approximately 2,000 rooms, reports Boutique Hotel News. Hyatt will pay a base purchase price of $150 million, with up to an additional $185 million over time as additional properties enter the portfolio. In addition to The Standard and Bunkhouse Hotels brands, the portfolio also includes Peri Hotels and The StandardX, which debuted in Melbourne, Australia this August, and the upcoming luxury hotel brand The Manner which launches next month in Soho, New York. Restaurant and nightlife venues form part of the portfolio too. Overall, the acquisition includes more than 30 projects with a signed agreement or letter of intent, including new properties expected to open over the next 12 months.
Punch Pubs & Co has announced the appointment a new CEO, with Clive Chesser stepping down from the role advises MCA Insight. Andy Spencer, currently Punch's chief operating officer, will take over as CEO on 27 September, who is stepping down after six years to become CEO at The PureGym Group. Spencer has over 20 years' experience in the pub sector, holding senior roles at Greene King, Brewhouse & Kitchen and Allied Domecq, before joining Punch over five years ago.
The team behind the Michelin Bib Gourmand-winning Barbary restaurant in London are to open a sister site in September reports The Caterer. Siblings Zoë and Layo Paskin will launch a second Barbary in Notting Hill, eight years after the original fire-centric restaurant opened in Neal's Yard. While guests at the first Barbary sit around a 24-seat counter, the new venue will have space for 75 covers, a dedicated cocktail bar, and offer over 250 wines. Their London hospitality group includes Palomar in Soho (Michelin Bib Gourmand), Evelyn's Table (Michelin star), the Blue Posts pub, and the Barbary Next Door.
Prezzo is to refurbish its restaurant estate over the next couple of years as well as introduce a breakfast menu and a new retail range, reports Restaurant Online. The Italian restaurant chain has reported profit before tax was £5.5m, compared to a loss before tax of £31.6m the prior year, and adjusted EBITDA of £2.2m, compared to a loss of £5m in 2022, for the 52 weeks to 31 December 2023. Revenue declined from £134.7m to £110.4m as a result of the company's restructure, that saw it close more than 50 restaurants. In March Prezzo, which is backed by Cain International, announced that it had returned to profitability, following the restructure. The group says it will invest in a number of refurbishments this year as well as in 2025 and 2026.
Parched has taken over The Clock House opposite Peckham Rye Park. A fast-moving southeast London pub company is set to open its seventh venue, as recent expansion continues to gather pace says Pub & Bar. Parched, which is behind Peckham venues such as The Montpelier and The White Horse, has taken over The Clock House opposite Peckham Rye Park, a former Young's pub. Following a renovation across its two floors, the site will be renamed Clock House Tavern and is set to reopen on 19 September.
Jeremy Clarkson has revealed the name of his new pub is... the Farmer's Dog. The premises in Burford, Oxfordshire, was the former Windmill restaurant and wedding venue and opened on Friday 23 August, says The Caterer.