29/10/2024 09:30:00
The government is considering making it easier for pubs to serve independent, local beers as the chancellor looks for ways to boost the sector. A Treasury source said Reeves was considering ways of "expanding access to pubs for the small brewers", and could announce some form of consultation with the industry in her Budget, reports The Guardian. The source said the government wanted to give pubs "greater flexibility to buy beer from local small breweries to help bring in more footfall, expand choice for drinkers and support local breweries". Policies would still have to be put forward as legislation.
Punch Pubs expects to deliver an additional £2.3m in profits in its new financial year, having acquired 18 pubs in the first quarter, says the Morning Advertiser. The group that operates 1,258 pubs - with 92% owned on a freehold or long leasehold basis - made the announcement as it reported total revenue in its 2024 financial year ended 11 August 2024 was up £10.8m from £313.5m in 2023 to £324.3m. Underlying EBITDA has increased to £91.2m (£81.3m: 2023) while operating profit reached £73.8m (£63.3m: 2023). The group explained the moving annual total EBITDA of £91.2m will be further boosted by £3.4m incremental EBITDA from the recent acquisition of 16 pubs in the period and by £2.8m of run-rate cost saving efficiencies to be realised within the next 12 months, leading to an adjusted run-rate EBITDA of £97.4m.
OYO has announced its plans to open a further 40 self-operated hotels in the UK by the end of the financial year through leasehold contracts, advises Hotel Owner. This expansion aims to ramp up its operations in the UK market, while offering hotel owners a "worry free approach to revenue generation". In an effort to maximise benefits for its hotel owners, OYO also offers lease periods ranging from three to 15 years, with no minimum entry criteria regarding room numbers or categories. OYO has already successfully onboarded 11 hotels under this model, and plans to add 29 more across London, Birmingham, Manchester, Leeds, Bristol, Cardiff and Edinburgh.
Imbiba has agreed a deal with Canary Wharf Group to open a 65,000sq ft hospitality and leisure venue at 12 Bank Street, reports the Restaurant. The leisure, lifestyle and entertainment investor will house some of its brand the new site, which is set to open next year. They include a 78-bedroom House of Gods hotel, an Amazing Grace music venue, a rooftop bar overlooking Eden Dock, and a new events facility to be operated by Camm & Hooper. The venue is located adjacent to the new Eden Dock, an urban location offering access to water and green spaces designed to enhance biodiversity at Canary Wharf.
A former Walkabout site in the centre of Leeds will reopen as Rita's Beerhall and Ballroom in December. The new concept is the latest brand from Stonegate Group, as it looks to capitalise on the growing appetite for beer hall venues around the UK. The group has invested £1m in transforming the former Walkabout site into a "beerhall for cocktail lovers". The aim is that the venue will become known for its seven-day-a-week programme of live music and entertainment, says Pub & Bar.
Pizza Pilgrims revealed it has received "inbound interest" from trade operators, international hospitality partners and financial institutions around its expansion. As a result of these "unsolicited conversations", management has appointed PwC to evaluate the pizzeria's wide-ranging growth plans. The group said it had ambitions to expand internationally and grow its QSR concept 'Slice', which it trialled on London's South Bank during lockdown. Conversations on Slice are currently underway with a "large entertainment venue" advises The Caterer.
Time Out Market confirms London talks. The media and hospitality group is reported to be negotiating over a 28,000 sq ft space at 10 Piccadilly and 55 Regent Street with the Crown Estate, reports MCA Insight.