04/02/2025 10:04:00
UK Hospitality (UKH) has called on the Chancellor to introduce a tailored growth plan for the hospitality sector and other areas that fall within the foundation economy. According to UKH, these sectors have potential to deliver immediate economic growth. UKH chief executive Kate Nicholls said: "Driving economic growth is rightly the Government's top priority, but we need to see a plan for growth that reaches the whole economy." While acknowledging the key importance of larger infrastructure projects, UKH emphasised their benefits take time to materialise, however the hospitality sector in general can generate quicker results, reports the Morning Advertiser.
Loungers shareholders have voted to accept a £354.4m bid from Fortress Investment Group, advises The Caterer. Almost 94% of shareholders voted in favour of the revised deal from Fortress - which also backs Peach Pubs, Majestic Wines and Vagabond - after its first bid of 310p a share was voted down. The revised deal of 325p for the 285-strong group values the business at £354.4m and implies an enterprise value of the Cosy Club, Loungers and Brightside operator of approximately £366.6m. The deal will be sanctioned in a court hearing expected to take place on 7 February.
Hotel giant Hyatt is set to launch the dual-branded Hyatt Place Leeds and Hyatt House Leeds on March 10, following a £62.7 million investment reports Boutique Hotelier. The 12-storey, 305-bedroom hotel is a joint venture between Marrico LLP and Helios for UK Commercial Property REIT (UKCM) and Hyatt. It represents the final part of the new Sovereign Square development in Leeds. Aimbridge will operate the 140,000 sq. ft hotel, on behalf of UKCM, under a 25-year franchise agreement with Hyatt Hotels, which is growing its presence within the UK market.
Mission Mars saw year-on-year revenue rise 43% in the final quarter of 2024, boosted by the continued expansion of Rudy's Pizza and the opening of Albert's Schloss's first London site. The group achieved total revenue of £31.6m for the three-month trading period ending 29th December 2024, advises Restaurant Online. Growth was supported by the addition of 11 new Rudy's Pizza Napoletana locations and the opening of Albert Schloss, Soho with the group seeing many site records broken.
Consumers are being warned to expect substantial price rises on their favourite alcoholic drinks as Government is set to make a double whammy tax grab, advises CLH News. On February 1st duty hikes imposed at the Autumn Budget come into effect businesses are keen for customers to understand why their favourite wine and spirit drinks are likely to jump up in price. Alcohol taxes will be increased, following the Chancellor's decision to increase duty by RPI at 3.6% and introduce taxing wine by strength. This will mean duty on a bottle of gin will increase by 32p, and for wine, at 14.5% abv, will increase by 54p. Alcohol sales in the UK have been in steady decline since 2023 following the largest alcohol tax hike for 50 years.
Following the release of its financial results for the 52 weeks ended 26 May 2024, profits at pub group Admiral Taverns have come in higher than expected, reports Pub & Bar. The group delivered underlying profits of £59.7m (£55.9m in 2023) off a turnover of £194.5m (£182m in 2023) across its estate of over 1,400 pubs. Admiral says its continued growth has been underpinned by the group's strategy to acquire, develop and maintain a high-quality estate of individual, wet-led community pubs. Over the last 12 months, the pub company has invested £36.8m across the estate.
Lidl wins legal battle to open first ever in-store pub in Northern Ireland, reports Sky News.