30/07/2024 14:43:00
Greene King's leased, tenanted and franchised arm Pub Partners has opened its sixth Nest Pub following a £260,000 investment with plans to reach a 10-strong estate by the end of 2024, says the Morning Advertiser. The Marquis of Lorne Stevenage, Hertfordshire received a cash injection of more than a quarter of a million pounds to turn it into a Nest Pub. This franchise is the second from Greene King Pub Partners, building on the success of its Hive Pubs. Nest Pubs are wet-led pubs, predominantly located on busy high streets and in communities, aiming to provide great value, an excellent experience alongside regular sport and entertainment.
The owner of the UK's biggest pub operator is nearing an agreement with its creditors to address more than £3 billion in debt. Stonegate Pubs is set to receive around £200 million from owner TDR Capital LLP as part of a deal that would reduce its debt pile. Bloomberg reports that an agreement could be reached as soon as this week. The company -- whose pubs include Slug & Lettuce, Walkabout, Be At One -- along with its sponsor and creditors have been in talks for months over how to tackle Stonegate's capital structure amid looming maturities. The pub operator has navigated through a series of challenges from closures during the coronavirus pandemic to subdued demand as a spike in inflation ate into consumers' disposable incomes. Higher interest rates have, meanwhile, increased borrowing costs for issuers such as Stonegate, which has 4,500 establishments across the UK in its portfolio.
Strict licensing laws, problems with crime and eye-watering costs are hitting London's nightlife industry, City Hall has been told. In public meetings last week, industry representatives urged the mayor and the new government to give the sector more support. It comes after City Hall figures revealed that London suffered a net loss of about 40 pubs in the year to March 2023, despite the number of pub employees growing says BBC News. Mayor Sadiq Khan said last week there were "challenges post-pandemic for all global cities" but argued that London is "ahead of that crowd", adding that this summer had so far been "remarkable" for the capital's night economy.
Young's has announced an increase in revenue of 26% since the beginning of the new financial year thanks to a boost from the UK's summer of sport says CLH. The Champions league, Euros and Wimbledon have dominated pubs' TV screens with customers heading to bars and beer gardens to make the most of the games. Revenue in the last five weeks has risen by 33.8 per cent in total and 10.6 per cent on a like-for-like basis, outgoing chairman Stephen Goodyear said.
Pubs, bars and restaurants operator Mitchells & Butlers (M&B) reported a rise in sales, in a recent trading update. The Morning Advertiser reports that total sales in the year to date increased by 7.3%, according to the trading statement, which covered the 42 weeks ending 20 July 2024. Growth in the third quarter reflected the movement of Easter into M&B's fiscal first half this year combined with a progressive easing of the inflationary environment, through a period of fairly wet weather. The current run rate of like-for-like sales growth over the most recent 13-week period to exclude Easter in both years is 4.2%.
Hertfordshire-based pub operator Fishermann Pub Group has taken a five-year lease on its fourth pub in the county, saying it has the capacity to double the company's size to eight sites reports Pub and Bar. The Bull at Whitwell is Fishermann's third venture with Star Pubs. The only pub in the village, it is currently closed for a joint £260,000 refurbishment to upgrade it to suit the characteristics of the Fishermann estate. Fishermann's other pubs are The Engineer in Harpenden, The Rose & Crown at Welwyn and The Beehive at St Albans.
Christmas 2024 'already looking positive for hospitality' with bookings up 54% reports the Restaurant. Early Christmas bookings across the UK's restaurants and pubs are up by 54% compared to the same point in 2023, according to data from hospitality technology partner Zonal.