20/02/2024 10:03:00
Suffolk-based pubco Greene King's leased, tenanted and franchise arm Greene King Pub Partners is set to launch its second franchise concept - Nest Pubs. Morning Advertiser says that the business is looking to open the first site under the new concept this spring with further plans to open more during this year. Nest Pubs will be wet-led sites, largely on a busy high streets and in communities, aiming to provide "great value, an excellent experience and regular sport and entertainment." Alongside a wide drinks range including beer, ale, wines, spirits and low and no options, diners will also be catered for with pizza available.
A Salford-based brewer and pub retailer has committed to a multi-million, seven-figure investment programme across its pub estate throughout the remainder of 2024, reports Pub & Bar. The family-owned Hydes Brewery, which marked its 160th anniversary last year, will begin the investment programme with a refurbishment of its pub and boutique hotel The Abel Heywood, based in Manchester's Northern Quarter. The business is committing £200,000 investment to the project and will reopen the pub to customers on 9 March. The on-site boutique hotel has a 99% occupancy rate and will remain open throughout the renovations.
Hospitality industry bodies have united to demand action from the chancellor as firms continue to struggle under a weight of costs in the tough economy. A survey by UKHospitality, the British Beer and Pub Association, British Institute of Innkeeping and Hospitality Ulster found that a quarter of operators have no cash reserves left after years of challenges. Sky News said that the groups warned that their members would need help to bring down costs at the budget, due on 6 March, to minimise the risk of further price increases being imposed - hikes that would inevitably stoke inflation in the recession-hit economy.
Adnams has confirmed it has called in advisers to explore options to raise funds as the Suffolk-based brewer aims to secure its financial future. The 152-year-old company, which is based in Southwold in Suffolk, has instructed Alvarez & Marsal to "explore a range of options to fund the company's future growth plans", reports The Guardian. It said in a statement on last week: "As a business of more than 150 years, and ever mindful of the challenges faced by the hospitality and brewing industries in recent times, the company is continually proactive in seeking ways to ensure that the business is even more resilient for the years to come." Shares in Adnams, which has seen its market value drop by almost two-thirds over the past year, fell nearly 5% after the news.
The assets of late-night operator Rekom UK were sold to a connected party for £19.5m in a pre-pack administration process. Morning Advertiser said that just one offer was received for the group of companies from a connected party, after it was established that no new capital investment was available from existing shareholders or secured creditors. Jon Roden, rob Parker and Helen Dale of Grant Thornton were appointed joint administrators on 1 February. The sale involved the transfer of 24 trading locations and nearly 1,000 employees to the purchaser, with 19 locations closes and 464 staff made redundant.
UK hospitality businesses face a further knock to consumer confidence after new figures show the UK economy fell into recession at the end of last year. According to the Office for National Statistics, gross domestic product (GPD) fell by a far larger than expected 0.3% in the three months to December after a decline in all main sectors of the economy and a collapse in retail sales in the run-up to Christmas. It followed a drop of 0.1% in the third quarter, confirming a second consecutive quarter of falling national output - the technical definition of a recession, advises the Restaurant. Kate Nicholls, chief executive of UKHospitality, warns that official confirmation of a recession will be a 'big worry' for businesses.
Twenty-five pubs that made up the Wear Inns portfolio have been brought to the market after falling into administration, advises The Caterer. Wear Inns was acquired by real estate firm Apriprose for £22.4m in 2018 which said it was aiming to build "a pub group of scale". However, administrators Interpath Advisory was appointed to the pubs' operator Milton Three Pub Group in November. The firm said at the time all 264 members of staff had been retained to assist with trading. The 25 north-east and Yorkshire-based pubs, which remained open throughout the Christmas period, have now been brought to market by Avison Young and Watling Real Estate.
Soho House has hit back at claims made by analysts that it is 'worth zero' and revealed that its owners are considering taking the New York-listed business private, says the Restaurant.