09/01/2024 09:40:00
Revolution Bars Group plc has announced it will close eight of its least profitable sites, despite the festive season bringing positive trading for the business. Pub & Bar reports that the operator, which trades under the Revolution, Revolución de Cuba and Peach Pubs brands, saw a 9% increase in group like-for-like sales for the four weeks from 4 to 31 December, delivering its best festive period since 2019. While Revolución de Cuba and Peach Pubs performed well during the period, the business says guests of its Revolution brand continue to be disproportionately impacted by the current macro-economic conditions, which has contributed to the decision of eight sites being closed.
Amber Taverns has reported strong trading over the festive period across its pub portfolio, with like-for-like sales up 20% in the period spanning 18 December to 1 January 2024, advises Morning Advertiser. The c170-strong community pub operator further announced all of its recently opened sites performed ahead of expectations, underpinning its confidence in the robustness of its model with well-invested sites, a value offer, and motivated operators. The group is targeting 185 sites by the end of 2024 and is due to open its 166th site in Cleethorpes, Northeast Lincolnshire, in February.
Travelodge which operates nearly 600 hotels, announced that it has exchanged contracts to acquire 66 Travelodge-branded hotels on a freehold and long leasehold basis from its largest landlord, LXi REIT plc, for a combined sum of £210 million. The acquired portfolio includes hotels in London, regional City Centres (Birmingham, Bath, Leeds, Liverpool), and roadside locations, advises Hospitality & Catering News. Travelodge operates a well-diversified, high-quality network of hotels located in major cities and towns across the UK. The business is well underway with its hotel refit programme - its most significant brand transformation to date - with plans to accelerate this investment and upgrade approximately 50% of the room estate by the end of 2024.
US tourists could contribute towards a fifth of all inbound spending in the UK this year, according to the latest findings from VisitBritain. The Caterer says that the tourist board's forecast for 2024 predicted the US market will be worth £6.7b and contribute almost £1 in every £5 spent by visitors. It follows a year of record-breaking spend by US tourists in the UK in 2023, which was up 28% on 2019 figures. VisitBritain's overall forecast for spending by international visitors to the UK was £34.1b, up 7% on spending predicted in 2023 and 96% of 2019 levels when adjusted for inflation.
JW Lees has become the latest pub operator to reveal a hefty dent in full-year profitability, as the north west brewer announced its results for the year ended 31 March 2023, reports Pub & Bar. While the business saw a record turnover for the year, with company revenues at £88m (up 16%), profits were down by 56% to £3.5m when compared to 2022. The operator puts this down to a number of reasons, including the cost of energy, reduced government support and increased levels of investment in the business. The company chose to invest heavily in its 134-strong estate during the year, spending £8.9m on refurbishing its properties. JW Lees had year-end cash balances of £10m and a revolving bank credit facility of £15m from NatWest, which means that the company has £25m at its immediate disposal to invest, with the funds marked for new pub acquisitions.
Landsec has announced a significant enhancement to Victoria, London's leisure sector, introducing 27,500 square feet of new entertainment and socializing spaces. This expansion is in response to increasing demand for unique and varied social experiences. In the past 18 months, Victoria has seen an influx of leisure and F&B brands, transforming it into a lively location throughout the week, advises Hospitality & Leisure News. Spring 2024 will see the UK debut of the French Karaoke brand BAM Karaoke Box in Victoria. Later this year, Lane7 is slated to open its first London venue. The growth in Victoria's leisure and hospitality offerings follows a series of retail agreements, as part of Landsec's strategy to diversify the area's brand mix.
The government is to allow the sale of 'pint' sized still and sparkling wine across supermarkets, pubs, clubs and restaurants, the Department for Business and Trade has announced. The move to introduce the 568ml size offers more flexibility and choice for customers, says Caterer Licensee Hotelier News.