22/10/2024 10:41:00
Hundreds of UK hospitality groups and pubs have called for permanent action on business rates relief ahead of the Autumn Budget, reports City AM. In an open letter to Rachel Reeves, the hospitality bosses called for permanent action with the extension and lowering of business rates relief for the sector. It included 170 signatures from various high street groups such as Pizza Pilgrims, Fuller's, Greene King, and JD Wetherspoon. The letter said that if action is not taken, high street investments "will be curtailed, employment opportunities will be squandered, and ultimately, we will see higher levels of business failures."
A further 51 pub and restaurant venues in the estate of Whitbread are to be sold, generating £56m for the Premier Inn operator, says Pub & Bar. In its half year results for the 26 weeks to 29 August 2024, Whitbread says it has accepted offers on 51 sites for a total consideration of £56m, adding to the long list of sales which will reduce its restaurant estate by some 200 venues. As part of its long-term plan to operate 125,000 rooms across the UK and Ireland, planning applications for over a third of 3,500 extension rooms have been submitted. Whitbread's five-year plan also includes optimising its food and beverage (F&B) offer at a number of sites to deliver 'a more tailored guest proposition'.
The number of hospitality businesses entering insolvency has dropped to the lowest monthly figure since January in a sign some industry challenges are easing, reports The Caterer. There was a 16% decline in accommodation and food service company insolvencies in August, dropping from 323 in July to 270. This was also a 29% drop on August 2023, when 380 hospitality businesses went insolvent, according to government data. However, the overall number of insolvencies remains 9% higher this year with 3,712 companies shutting down in the 12 months to August 2024, compared to 3,419 over the previous year. Saxon Moseley, partner and head of leisure and hospitality at RSM UK, said businesses were still facing challenges despite the welcome drop in insolvencies.
Valiant has acquired the Elephant & Castle pub in Shropshire, says the Morning Advertiser, taking its total number of sites to 70. The Grade II listed Telford Pub, was procured by the Birmingham-based firm this week, marking its 70th Pub. The multiple operator's most recent trading update revealed its turnover had more than doubled to £18.2m in FY24, up from £8.2m in FY23. While Valiant has established a significant presence in the north east, north west, midlands, and Wales, the company said it will continue to "enlarge its foothold" in the South as part of its ongoing growth strategy, adding it was "committed" to further acquisitions. Back with funding by Njord Partners and debt financing by Metro Bank, Valiant said it had plans to "significantly increase" its portfolio in the coming months.
Dalata has revealed that it is targeting a rise in its footprint from 12,000 to 21,000 bedrooms either open or in development by 2030, Hotel Owner advises. As part of its '2030 Vision', Dalata said it also aims to become the largest hotel operator in the four-star segment of all major cities in Ireland and regional UK, with a growing presence in London and Continental Europe. In pursuit of this, the group is focused on both the acquisition of existing hotels and development of new hotels through a balance of leasehold and freehold ownership. Dalata has also reiterated that its like-for-like RevPAR was 1% ahead of the equivalent 2023 levels for July and August 2024.
Pub operator Marston's has revealed plans to introduce five new pub formats as the business seeks to become a "high-margin, highly cash-generative local pub company". Outlining its new position on Capital Markets Day (CMD) on Wednesday 16th, the proposal will see the company shift away from brewing to focus entirely on pubs in the differentiated formats of 'locals', 'locals sport pub', 'adult dining pub', 'family pub' and the 'two-room pub'. The new strategy "will ensure we drive guest demand and deliver amazing pub experiences whilst maintaining our focus on best-in-class operations and cost efficiencies to expand the group's profitability and cash generation profile" reports Caterer Licensee.
UK's 'most boring beer' named. Carling, Foster's, and Stella Artois have been voted the most boring draught beers, according to research by Kingfisher Drinks reports the Morning Advertiser.