10/12/2024 10:30:00
Marston's has reported an increase in revenue and operator profit for its full-year ended September 2024 reports, says The Caterer. The pub operator reported a 65% increase in underlying pre-tax profit year-on-year to £42.1m. The company, which has an estate of 1,339 pubs across the UK, also reported a 3% increase in revenue to £898.6m for its full-year results. Like-for-like sales increased 4.8%. Over the summer, Marston's sold its 40% stake in its brewing joint venture with Carlsberg to create a business "entirely focused on pubs". Marston's said at the time the move would allow it to concentrate on growing its UK pub business.
The owner of Claridge's is reportedly planning to develop a new UK hotel in Hampshire as part of global expansion plans, advises the FT. Maybourne, which is also behind the luxury Connaught, Berkeley and Emory hotels in London, is looking to open a site in a historic building in the south-east county. It will form part of plans to triple the size of the business, which includes four London hotels and one each in Beverly Hills and the French Riviera, by 2035. Half of the new openings would be management contract only, rather than under Maybourne's ownership. Maybourne saw turnover rise 39.9% in 2023 to £29.1m, although pre-tax losses widened from £6.1m to £11.1m due to interest accrued on intercompany loans.
The Royal Forest in Essex has opened its doors, marking the fifth launch of a Heartwood Inns pub with rooms, says Pub & Bar. The pub, which has 28 boutique bedrooms, has received a multi-million-pound refurbishment from the Richard Ferrier-led business, creating a venue with 90 bar seats and dining spaces with a further 128 covers. Since securing £100m of funding in summer 2023, Heartwood has been relaunching pubs and acquiring freeholds at pace.
Whitbread has appointed former Boparan CEO Joe Texeira as managing director for its restaurants division, advises the Restaurant. Texeira joins the group having previously spent six years in Dubai, working in various roles across the hospitality and retail sectors. His role as CEO at Gourmet Gulf LLC saw him take responsibility for international brands such as YO!, Hummingbird Bakery, and Panda Express. Prior to that he was managing director for Greene King's Loche Fyne Seafood Grill and Premium Retail Pubs. He also served as CEO of Boparan Restaurant Group between 2011 and 2017, and as head of foodservice at John Lewis & Partners between 2001 and 2011.
Burger & Lobster is continuing to search for new UK sites both in and outside of London, reports The Caterer. The group, which runs 18 global restaurants and nine in London, said it was "setting its sights on UK expansion". It follows a positive year for the business, which saw pre-tax earnings rise 59% to £3.5m in 2023 with like-for-like growth of 9%. Group turnover was flat at £36.1m, compared to £36.5m in 2022. Burger & Lobster said it had reduced energy usage by 8.5% during the year due to new initiatives and team training, with staff retention remaining high at 69%.
On Premise drinks sales edged back into growth in the last week of November, raising hopes for a strong Christmas for suppliers and operators, reports the Morning Advertiser. CGA by NIQ's latest Daily Drinks Tracker showed on average sales in managed venues during the seven days to Saturday 30 November were 1% ahead of the same week in 2023. It was a "welcoming upswing" for the hospitality sector after a tricky previous week with fluctuations throughout autumn, CGA said.
Pubs face Guinness rationing over Christmas period, says METRO. The beer's maker, Diageo, have been forced to impose such measures due to 'exceptional demand' over the past three weeks.