11/02/2025 10:20:00
Hospitality operator Nightcap has acquired the 162 metre Brighton i360 Tower, taking over the remaining 115-year lease of the seafront tower, which closed late last year. The acquisition has been completed free of debt and any historic liabilities, allowing a fresh start for the venue after Nightcap's significant capital investment, advises The Caterer. Brighton & Hove City Council released the £51m debt last month to secure a sale of the building and avoid the "attraction decaying on the seafront and impacting the surrounding businesses".
Sales at the Flight Club and Electric Shuffle operator Red Engine have reached £38.4m in its latest quarter, when combined with its franchise partners around the globe, reports Pub & Bar. Up 23% year-on-year, like-for-like sales across the group increased by 4% for the period. Excluding its franchise agreements, the creator of Flight Club and Electric Shuffle reported Q4 sales of £25m, up 24% year-on-year. Like-for-like sales, excluding 2024 venue openings, grew by 3%. The quarter saw record-breaking moments for Red Engine, with every company-owned venue achieving its best ever weekly sales performance. Red Engine says it is now targeting a portfolio of 39 venues by its next year-end, comprising six new Flight Club locations and two new Electric Shuffles.
Global hospitality technology company OYO plans to invest £50m in the UK over the next three years, primarily to focus on expanding its premium hotel portfolio. This investment is expected to support 1,000 direct and indirect jobs over the next three years and attract more international travellers. OYO said it is 'actively pursuing premiumisation of its UK portfolio through a multi-pronged approach'. The company is targeting premium inventory acquisition, focusing on securing long-term leasehold and management contracts. It is also in advanced stage discussions with several large hotel chains and real estate companies for potential asset management transaction., reports Boutique Hotelier.
The Mayor of London, Sadiq Khan, has announced the members of a new independent Nightlife Taskforce created to help support the capital's life at night, advises Hospitality and Catering News. The Taskforce brings together a range of experts from the frontline of the capital's nightlife to examine and address the issues facing the industries and provide recommendations on how to ensure the nighttime economy can thrive. In recent years London's nightlife and nighttime industries, along with other cities in the UK, have faced a huge range of challenges. These include the long-lasting impact of the pandemic, rising rents and business rates, staffing shortages, licensing and planning issues, and cost-of-living and cost-of-doing business pressures.
Manchester-born entertainment and dining destination Freight Island will open a site in Newcastle later this year, reports Restaurant Online. Described as the largest single-site F&B and entertainment venue in a UK city centre, the venue is set to open at Eldon Square in the city in the autumn. Inspired by the likes of Coney Island in New York and Tivoli Gardens in Copenhagen, the new £16m space will span 60,000sq feet and will reclaim the top floor of the former Debenhams department store as well as additional roof top space.
The Bank of England has announced a further reduction in interest rates, cutting them by a quarter of a percentage point to 4.5%. This decision aims to ease borrowing costs for businesses and consumers alike, offering potential relief to the UK hospitality sector, which continues to navigate economic challenges. The latest move from the Bank signals a likelihood of additional rate reductions in the near future, says CLH News.
Inflation battle 'far from over' as prices leap in December, reports the Morning Advertiser.