25/06/2024 11:44:00
Britain's leading hospitality groups achieved year-on-year sales growth of 3.6% in May 2024 despite disappointing weather in many parts of Britain, the latest CGA RSM Hospitality Business Tracker revealed. It is a quick return to growth after a 1.7% drop in trading in April, which followed six consecutive months of positive numbers, advises The Caterer. May's figure is also above the current rate of inflation, as measured by the Consumer Prices Index. An easing of some household bills, along with two bank holiday weekends, provided a boost to consumer spending during the month. The Tracker - produced by CGA by NIQ in partnership with RSM UK - shows year-on-year growth was highest in the pub sector at 4.4%, while restaurants achieved 3.8%. Bars saw a 2.7% drop, though this is a substantial improvement on April's figure. The on-the-go segment was 1.6% down.
Soft drinks supplier Britvic has confirmed it has rejected a £3.1bn takeover bid from global brewer Carlsberg, reports Pub & Bar. Following speculation in the national press, Britvic issued a statement that confirmed that on 11 June 2024 it received a proposal from Carlsberg Group for the whole business for the offer price of 1,250 pence per Britvic share, equating to £3.1bn. The offer follows a previously rejected proposal from Carlsberg, which Britvic received on 6 June 2024 at an offer price of 1,200 pence per share.
The UK must follow the lead of world-leading cities in appointing a night-time economy minister to safeguard the future of nightlife, according to the Night-Time Industries Association (NTIA). The trade body, led by Michael Kill, said the UK night time economy is "struggling to meet global standards due to a lack of dedicated representation and leadership" while more than 100 night-time economy advisers are delivering for the respective cities worldwide, advises Morning Advertiser. The NTIA said the UK is lagging behind with representation for the sector only present in Manchester, West Midlands, Bristol and London, which currently support such roles. It added the night-time economy "bolsters national and local economies by fostering employment, tourism and vibrant communities".
The team behind a number of experiential venues across London has launched a new pub above a pre-existing underground station. Cahoots Ticket Hall Boozer on Kingly Street is the latest from the Inception Group, with the venue being an ode to a classic 1940s London pub. Pub & Bar says that Ticket Hall Boozer follows Inception Group's recent pub model openings within its Mr Fogg's concept, including Mr Fogg's Tavern on St Martin's Lane, Mr Fogg's Hat Tavern in Soho and Mr Fogg's City Tavern near Liverpool Street. The latter scooped City of London Pub & Bar of the Year at the 2024 National Pub & Bar Awards.
The UK eating out market is expected to grow by 2.8% this year, according to new data from Lumina Intelligence. The annual UK Eating out Market Report, which sheds light on the current trends and future prospects of the restaurant industry, indicates that the space is expected to reach a total value of £99.4bn in 2024, outpacing its pre-pandemic value by 8.2%, says the Restaurant. The market is expected to grow ahead of inflation, indicating growth from stronger volumes following the impact of economic fallout from 2022 to 2023. It is also forecast to see positive net space growth for the first time in five years, rising 0.2% to 321,826 outlets, driven by the expansion of a variety of formats and locations including travel hub, drive-thru and kiosk-style services. The only channel to remain behind its 2019 market value is service-left restaurants, which Lumina says face a challenging outlook." Service-led restaurants, particularly the independent segment, have been impacted by steep outlet declines and higher exposure to the impact of increased business rates, food and drink inflation and more stringent consumer spending.
London-based food hall operator Market Halls is set to open its fourth site in Paddington Square. The 11,000 sq ft space will feature eight food traders, two bars, an outdoor terrace and seating for 500 customers once it opens in the final quarter of this year in the new 1.35 acre piazza, reports The Caterer. The Gees Court-backed company had reported a 155% increase in revenue to £12m in the 12 months to July 2023. Market Halls launched in 2018 and grew to three London sites in Victoria, Fulham and Oxford Street prior to the pandemic.
Mykonos restaurant Nammos sets sail for London reports Hot Dinners.