02/07/2024 10:04:00
Nightcap plc, the owner and operator of 46 premium bars, has revealed plans to take the company private, reports Pub & Bar. The business, which owns The Cocktail Club, Adventure Bar Group, Dirty Martini and Barrio Familia, announced the proposed cancellation of its Ordinary Shares trading on AIM on Friday 28 June, stating that the "current public market valuation does not reflect the underlying potential" of the business. Nightcap says it has received "irrevocable undertakings" from several shareholders and the directors, representing approximately 76.9% of the company's issued share capital, to vote in favour of going private.
The hottest May on record, albeit wet, saw profits of UK hotels overtake pre-pandemic levels, according to the RSM Hotels Tracker. The data, which is compiled and produced by Hotstats and analysed by RSM UK, shows gross operating profits (GOP) of UK hotels reached 38.9% in May, up from 37.3% in the same period last year, surpassing pre-pandemic GOP of 38.3%. Caterer Licensee Hotelier News says that in London, GOP was 43.4% in May, an increase from 42.9% last year and 42.5% in 2019. Occupancy of UK hotels was also up from 76.3% to 79.6% in May year-on-year but slightly behind pre-pandemic levels of 80.1%. London occupancy reached 82.9%, overtaking occupancy of 78.2% last year and 79.2% in 2019.
Two former directors of Peach Pubs have opened The Wildmoor Oak in Bromsgrove, marking the launch of their new business Makers of Hospitality. Pub & Bar report that Bex Wilkins and Sarah Robinson, who previously held marketing and pub director roles at Peach, have partnered with head chef Peter Jackson from Michelin-starred Carters of Moseley in Birmingham to open gastropub The Wildmoor Oak. The pub is the first of five the business plans to open in the area in the next 10 years, as it grows towards its target of becoming a £5m business in that timeframe.
The cost of a pint has increased by 4.6% for a second consecutive month, the latest year-on-year (YOY) figures from the Office for National Statistics (ONS) have revealed. According to the data, the average cost of a pint of draught larger in pubs jumped from £4.56 in May last year to £4.77, and increase of 4.6%. Pint prices saw the same increase last month, with previous figures from ONS having estimated draught larger costs had risen from £4.54 in April 2023 to £4.75, advises Morning Advertiser.
The Campaign for Pubs has launched #PledgeforPubs, asking candidates in the 2024 General Election to commit to support and save pubs in the next Parliament by backing six key policies to stop unnecessary pub closures and get pubs, publicans and small brewers through the current cost-of-living crisis. The six policies focus on much needed direct support for pubs and publicans, in the form of an urgently needed energy cap for businesses and a complete overhaul of the business rates system which penalises many pubs, with the pub sector paying over half a million more than it should every year, advises Hospitality & Catering News. The Campaign for Pubs is also urging candidates and the next Government to review the level of VAT for hospitality and examine then implement Small Retailer's Relief, changing the VAT system to introduce a lower rate of VAT for small independent business, with supermarkets and large chains paying the full rate.
Neighbourhood restaurant group Megan's has appointed advisors to explore options for "significant further expansion". The independently owned business opened its first site in London's Chelsea in 2002 and now has an estate of 20 restaurants predominantly in south and Greater London, including in Surbiton, Dulwich and Clapham. Over the past three years, Megan's has opened 10 sites, with its 21st restaurant due to open in Weybridge this summer. Three additional sites are expected to launch over the next 12 months, says The Caterer. The shareholders of the Mediterranean-inspired all-day diner have brought sector specialist M&A advisor Tamweel into the business as it considers how to finance future growth. Up until now, the restaurant group has funded expansion from cash flow and "modest levels of debt".
South Yorkshire pub operators Simon Woodcock and Richard Hepplestone have taken the lease on their sixth pub, as they look to build an estate of 10 sites in the region, reports Pub & Bar.