Finance – Page 30
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NewsSales continue to improve at Wetherspoons
Like-for-like sales were up 10% in the second half of FY24, while reveue grew by 8% to £991m. Chairman Tim Martin said pubs were generating 50% more sales than ten years ago, with ambitions to grow the estate to 1,000
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NewsShepherd Neame achieves record revenue
The Southeast-based pub operator saw revenue rise to £89m for the first half of the financial year, with strong like-for-like sales growth in both tenanted and retail pubs
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NewsMajestic Wines in talks to buy Vagabond
Majestic, which is owned by Punch Pubs backer Fortress Investment Group, could strike a deal to buy Vagabond within days, Sky News reports
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NewsSubway agrees European partnership deal with McWin
McWin will assume responsibility for 400 existing franchise restaurants in France, the Czech Republic, Luxembourg and Belgium, with plans to open 600 new sites over the next decade
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NewsBoom Battle Bar operator grows revenues by 96%
XP Factory opened some nine sites in 2023, boosting sales to £44.7m, and double-digit like-for-like growth
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NewsCC Capital in talks to acquire Soho House
Chairman Ron Burkle defended the members group against attacks against its business model and profitability, arguing its houses create “tremendous long-term value”
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![Hush Collection - Jamie Barber & Ed Standring [2] reduced](https://d36hgjhwuw81py.cloudfront.net/Pictures/100x67/1/6/9/319169_hushcollectionjamiebarberedstandring2reduced_10117.jpg)
NewsHush Collection shifts focus to Haché Brasserie concept
The sale of its smaller sites has allowed the group to focus on its “core activities, to repay certain shareholder loans and its overdraft facility in full, and to provide liquidity”
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NewsNightcap remains optimistic for future outlook
Despite revenue growth of 42%, the late night operator reported like-for-likes down 10% but expects a gradual recovery later this year as the financial outlook for its customer base improves
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NewsPrezzo returns to profitability in 2023
In April 2023, the business took the decision to reduce it restaurant estate down to 97 sites which were profitable and capable of delivering sustainable growth
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NewsMembership waitlist at all-time high, reports Soho House
The members club group has reported losses of $118m (£92.5m) for 2023, and said it had undertaken an independent review of its accounting practices to ”counter misleading claims”
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NewsOperational progress drives growth for Deliveroo
The delivery company reported a ‘resilient year of growth given macroeconomic conditions,’ with gross profit up 13% and revenue and gross transaction value up 3%
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NewsCooks Coffee taps up shareholders for cash
The New Zealand-based coffee shop operator, which runs Esquires in the UK, is seeking around £820,000 to invest in digital, store expansion and to repay debt
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NewsSysco GB returns to profit for first time since 2018
The foodservice supplier, which is continuing to pursue acquisitions, posted UK revenues of £2.8bn in 2023
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NewsWells & Co sees growth despite challenges
The pub operator reported sales of £62m in FY23, with accommodation up 25% across the group and further site acquisitions in France planned for FY24
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NewsDomino’s UK and Ireland aims for 2000
The pizza giant reported £1.5bn in sales for FY23 and will acquire Shorecal - its largest franchisee in Ireland - as it looks to reach £2.5bn sales and the 2,000-site mark in 2033
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NewsGentlemen Baristas acquired out of administration
The London-based coffee shop chain, which entered into administration in January, has downsized its estate to two sites and been acquired for a sum of £785,000
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NewsDarwin & Wallace reports ’challenging’ FY23
In accounts for the year to May 2023, the group said its premium, all-day offer made it firmly positioned to take advantage of any macroeconomic improvements
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NewsGreggs hits £1.8bn sales
Total sales in 2023 were up 19.6% vs 2022, with like-for-like up 13.7% as the retailer reports its market share is at an all-time high and reiterates its ambition for more than 3,000 in the long term
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NewsVagabond undertakes restructuring process
The Imbiba-backed, London-based wine bar chain attributed the decision to legacy Covid debts, cost pressures, and the forced closure of the company’s Heathrow venue - albeit all other locations remain open and trading
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NewsEG Group grows foodservice sales
The group reported £243m in foodservice sales in Q4, driven by its focus on pricing and operating efficiencies as well as the ongoing foodservice investment programme