10/06/2024 14:30:00
Fleurets is delighted to announce the successful sale of the freehold interest of the former Spark House in Leyton in a deal that has now completed to Remarkable Pubs Ltd. This acquisition marks a significant milestone in Remarkable Pubs Ltd's expansion strategy. "We are delighted to welcome the former Spark House into the Remarkable Pubs family," said Robert Thomas of Remarkable Pubs Ltd. "We are passionate about creating memorable experiences for our guests, and we see tremendous potential in the former Spark House to become a destination of choice for residents and visitors alike."
Hostmore is to wind down its 63rd+1st restaurant and cocktail bar concept by the end of this month. The parent company of TGI Fridays said the final two sites under the brand would close by 30 June. Hostmore launched the 63rd+1st concept in 2021, when hospitality venues reopened after lockdown, reports The Caterer. It was inspired by the original TGI Fridays in New York, which opened in 1965 on the corner of 63rd Street and 1st Avenue in Manhattan, and was designed to work in smaller sites as a cocktail-led experience with a streamlined menu. The first restaurant launched in Cobham, Surrey, and it expanded to Harrogate, Edinburgh and Glasgow. However, the Harrogate site closed in 2022 after Hostmore said it was "not seeing the returns" on investment.
One of the south west's leading brewers and pub companies has reported strong financial growth in its latest financial results. For the 52-week period to 31 December 2023, St Austell Brewery grew its underlying operating profit by 15% to £13.2m and achieved another year of record turnover at £229.5m, advises Pub & Bar. While many pub and bar companies have reported an increase in sales due to expansion or price increases, not all are converting this rise in revenue into profit. "We are very proud of these results given the challenges that the company and wider sector continues to face," says Will Michelmore, non-executive chairman at St Austell Brewery. "Costs have increased significantly during this financial year - particularly on food and labour - while the cost-of-living crisis has continued to reduce levels of disposable income and change consumer behaviours. Despite the challenging trading environment, demand for our beers and the offer in our pubs has remained strong. We continue to be optimistic about our long-term prospects and remain confident that we have the leadership and focused strategy that will ensure the company's continued growth and future success."
A new Boxpark location is coming to Camden, as the "pop-up malls" operator has taken over shipping container complex Buck Street Market, with plans for a "comprehensive renovation" of the site. The Standard says that Boxpark agreed a deal with TfL's property arm Places for London to manage the 12,000 square foot site, which attracts 30 million visitors a year. Buck Street will become Boxpark's fifth London site, after locations in Shoreditch, Croydon and Wembley and its planned City food hall. The business is planning a major refurbishment of the market, which is subject to planning permission from Camden Council.
Beleaguered bar group Vagabond's two sites within Gatwick Airport have been acquired out of administration, saving 122 jobs, reports the Restaurant. Business advisory firm Quantuma completed the sale of the remaining operations of Vagabond Wines Limited to Airport Retail Enterprises (ARE). It comes after the bulk of Vagabond's estate was acquired by wine retailer Majestic back in April. Andrew Andronikou and Brian Burke, Quantuma's managing directors were appointed as joint administrators of Vagabond Wines on 15 March 2024 and traded the business, which operated from 12 sites across London, the Southeast and Birmingham, whilst they negotiated a sale. Majestic subsequently bought nine sites, which continue to trade under the Vagabond brand.
Hilton has appointed a new global lifestyle president as it prepares to double its portfolio of lifestyle hotels to 700 over the next four years following a rise in demand. The Caterer advises that Kevin Osterhaus joins Hilton from Graduate hotels, where he was president. The hotel group was incorporated into Hilton's wider collection earlier this year, marking Hilton's first brand acquisition in 25 years. Osterhaus was previously at Ennismore International as well as Hoxton hotels, Sixty hotels and Standard International.
A Glasgow pub known for its rare licence to sell alcohol at 08:00 has closed after 37 years, reports BBC. MacKinnnon's in the Gallowgate closed at the end of May with the owners citing health reasons.