26/03/2024 09:56:00
JD Wetherspoon hopes to soon open its 1,000th pub in the UK after reporting another leap in profits. The chain currently has more than 800 branches but says its "best estimate" is the potential for around 200 more in the coming years. It comes as the pub giant revealed that its pre-tax profits soared to £36m in the six months to the end of January - up eightfold from the £4.6m it made during the same period the year before. Bar sales increased by 11.6%, while food sales grew by 7.6%, reports Sky News. The total number of Wetherspoon pubs peaked at 955 back in December 2015, but since then it has disposed of dozens of sites. Founder and chairman Sir Tim Martin admitted the firm had a "rush of blood to the head" when it previously expanded, but said it was now acting more strategically in steadily growing its estate across the UK. He told Sky News' Business Live with Ian King: "I think what we found was that, in quite a lot of towns, we put two pubs where we should have had one. So we've tended to go back to one and enlarged the one that remains. So I think we just got a rush of blood to the head."
Heartwood Collection has acquired The Prince of Wales in East Barnet, with the group saying it remains on track to grow to over 60 inns and brasseries by June 2027. Pub & Bar report that the latest freehold joins a growing number of acquisitions made by the Alchemy Partners-backed group ever since it rebranded from Brasserie Bar Co to Heartwood Collection in June 2013. As East Barnet's last remaining pub, Heartwood Inns (part of the group) will be undertaking a multi-million pound refurbishment to ensure it remains at the heart of the local community for many years to come.
Majestic Wine has confirmed it is in talks to buy the troubled Vagabond wine bar business. If the deal is confirmed, it could see retailer Majestic move into the hospitality space by acquiring 11 wine bars in London, Birmingham and Gatwick Airport, as well as an urban winery at Battersea Power Station. Vagabond was founded in 2009 and offers customers more than 100 wines by the glass from self-pour machines. The Caterer reports that the group attracted the backing of leisure investor Imbiba, which is listed on Companies House as having significant control of the business. However, it appointed advisory firm Quantuma to review options for the business earlier this month after struggling with debt built up during the pandemic and the loss of its Heathrow Airport bar this year.
Whitbread, the owner of Premier Inn Hotels, has drafted in advisers to sell around a third of its worst performing Beefeater and Brewers Fayre pubs, The Times has reported. The news comes one year after the FTSE 100 firm hired Goldman Sachs to explore options for its 400-strong food and beverage estate, says City AM. Apparently, Whitbread was close to offloading the business to Beverly Hills based Platinum Equity but the deal collapsed after the two parties failed to agree on a price. Most of the current pubs in question are situated next to Premier Inns. Sources added a "further 100 pubs and restaurants are expected to be converted into extra hotel rooms for Premier Inns, also part of Whitbread". The company is also understood to be mulling options for the remaining 250 sites.
Arc Inspirations, the operator of bar brands Banyan, BOX and Manahatta, is set to accelerate its expansion across the UK after raising £7m, advises Pub & Bar. The company, led by CEO Martin Wolstencroft, has secured a £4m loan from HSBC UK, alongside £3m of equity from its shareholders, including BGF which has backed the business since 2022. With ambitions to deliver at least four new openings per year over the next five years, Arc says the capital will support its continued growth plans and also fund a programme of new refurbishments at existing Manahatta sites.
Hotel and resort company Hilton has agreed to acquire the Graduate Hotels brand from AJ Capital Partners, advises Boutique Hotel News. Hilton will pay $210 million to acquire all rights to the Graduate brand worldwide, enter into franchise agreements for all existing and signed properties in the pipeline, and become responsible for the brand's future development and growth. AJ Capital will remain the owner of more than 35 operating and pipeline Graduate properties. The transaction is expected to close in Q2 2024.
Harry Kane's local pub in London Walthamstow has signed an open letter calling for the statue of the footballer to be gifted to his hometown, says The Caterer.