We bring you the latest top news in the industry from this week
UK pubs and restaurants see significant year-on-year rise in consumer spend during December – Pubs and restaurants enjoyed a significant year-on-year rise in consumer spend in December despite overall spending growth being at its lowest level since 2016, according to the latest data from Barclaycard.
Ei Group sells 370 pubs to investment fund – Ei Group has entered into sale agreements, subject to shareholder approval, with Tavern Propco Limited in relation to 370 properties comprising public houses and other commercial properties for expected gross aggregate cash consideration of £348 million. Tavern Propco Limited is a newly incorporated private company, which is owned, through intermediate holding companies, by investment funds managed and/or advised by Davidson Kempner Capital Management LP.
Blind Tiger Inns to add two sites as it celebrates second anniversary – Blind Tiger Inns, the north-west wet-led operator led by Chris Tulloch, plan to open two more sites, to add to its existing 13-strong estate, before the end of February – the company is celebrating its second anniversary on Sunday (13 January) A spokesman said: “2018, Blind Tigers second year of trading, saw net sales of over £5m across their 13 strong estate, up from £3.8m in 2017. Christmas and New Year fortnight saw like for likes ahead by some 22.6%, with year on year being ahead 37% (with one additional venue). The catalyst for the increase has been via quality refurbishments throughout the year, and a significant increase in investment in both entertainment and marketing. 2019 is looking to continue momentum with two new sites scheduled to open before the end of February. The sites include one in Stockport and the first city centre venue for Blind Tiger in Liverpool. The bonus structure paid to pub mangers has been doubled for 2019, as has the marketing budget. We have 15 pubs, all recently refurbished and are focusing on driving all the venues and rewarding our teams for doing so.”
M&B reports like-for-likes up 12.3% over Christmas fortnight – Mitchells & Butlers has reported like-for-like sales were up 9.8% over the three-week festive period – total sales were up 5.1% over the 14-week period to 5 January 2019, its First Quarter. The company stated: “Trading through the festive season was strong with like-for-like sales growth over the three week festive period of 9.8%. Growth was achieved on all key dates supported by good underlying trade. Our sales performance has also strengthened over the full 7 week period since our last update with like-for-like growth of 6.9%, balanced more evenly between food and drink. We continue to focus on investment in the estate, premiumising where possible as well as improving amenity. In the year to date we have already completed 114 conversions and remodels and opened 2 new sites. We remain encouraged by the returns being generated.”
These headlines have been sourced from Headlines/articles taken from Propel Info and Big Hospitality.