All MCA Insight articles in October 2019 – Page 7
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NewsSay hello to the newest version of Yo!
When Yo! Sushi arrived in the UK in 1997 it was everything casual dining wants to be in 2019. Colourful, fun, innovative and fresh, it also had entertainment on the side thanks to the novel kaiten conveyor belt that served up plates of food. Remarkably, the novelty hasn’t worn off, even after 22 years. Yo!, which dropped the ‘Sushi’ from its name in September to send a message to the squeamish that it offered more than just raw fish, reported a UK sales hike of 5% to £88.9m in July.
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NewsCost pressures continue to mount for operators
It’s been close on three years now since I started to hear the words “perfect storm of cost pressures” being uttered by operators and industry commentators. In the period since early 2017 revenues have been fairly flat whilst costs have continued to rise, and there seems little likelihood of respite in the year ahead. At the recent Conservative Party Conference, the Chancellor Sajid Javid set out the government’s intention to tempt low-paid workers to vote Tory in the forthcoming general election by announcing plans to increase the National Living Wage (NLW) to £10.50 an hour, an alarming increase of 28% over five years.
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NewsArc Inspirations EBITDA up 15%
Arc Inspirations, the operator behind Banyan, BOX and Manahatta, has announced turnover increased 16.7% to £27.2m, up from £23.3m on the previous year.
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NewsPapa John’s profits fall
Papa John’s has revealed a slump in profits for the year ending 30 December 2018. Pre-tax profits were down 53%, from £6.4m to £2.9m. Sales rose 1.7% to £68.4m but like-for like sales fell 4.5%. The business said this was its first decline in 12 years, which it blamed on “heightened competition and a long hot summer”.
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NewsBoxpark gets go ahead for Shoreham Beachbox cafe
Boxpark has received planning permission to build a café-restaurant concept Shoreham Beachbox in the Sussex coast. The Brighton-based company will turn a former toilet block into a contemporary multi-purpose venue, with a paved outdoor seating area and roof terrace with coastal and countryside views. Public toilets will be retained and ...
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NewsGusto serves up a rise in sales and profits
Gusto has revealed a £0.1m rise in sales for the year ending 31 March 2019, which it hailed as a “very good performance” in a pressurised market. Pre-tax profits also rose to £138k following a loss of £544k the previous year. It said the business had been “galvanised” following “heavy investment in brand, menu development, food quality and provenance, as well as improved team training, tight operational controls and the continued development of out of restaurant sales”.
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NewsCaravan appoints Hollinshead ops director
Caravan has appointed Graham Hollinshead, formerly of Quentin Restaurants, as operations director, MCA understands.
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NewsMichelin Guide 2020 revealed
The Lecture Room at Sketch in London’s Mayfair has been awarded three stars in the Michelin Guide Great Britain and Ireland 2020.
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NewsShake Shack to open 12th site in Brent Cross
Shake Shack is to open its 12th site in the UK, at Brent Cross shopping centre, in North West London.
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Analysis & InsightSpending up 12.9% at wet-led venues
Spending at pubs, bars and clubs grew by 12.9% year-on-year in September, according to the latest data from Barclaycard.
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NewsWages already on track to exceed chancellors target
Average hourly wages in the hospitality industry are on track to hit £10.60 over the next five years, slightly ahead of the target of £10.50 by 2024 announced by the chancellor last week. Wages have consistently grown annually by 4% since the NLW was introduced in 2016. And although Sajid Javid also announced plans to lower the age threshold for qualification for the NLW from 25 to 21, the gap between the two has also diminished over the last three years and now sits at £8.70 and £8.55, respectively.
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NewsMcDonald’s turnover down amid franchise focus
McDonald’s UK saw turnover decrease in 2018 as its continued focus on franchising increasingly recognised incomes over sales.
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NewsMOD Pizza UK reports £6.9m losses in 2018
MOD Pizza UK has reported losses of £6.9m in 2018 – following losses of £11m the previous year.
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OpinionThe Ivy Collection: ‘We have a formula that works’
With five new openings in November including a second Asian concept in St Paul’s, The Ivy Collection is confidently bringing its aspirational glamour across the UK. Ahead of a busy month, managing director Baton Berisha discusses his workaholic tendencies, executing Richard Caring’s vision, and the group’s unique formula for success.
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NewsBurger & Lobster ‘pleased’ despite ‘challenging environment’
Burger & Lobster has revealed a 10% drop in sales from £42.2m to £37.9m in 2018, due primarily to the sale of its Manchester site. Overall EBITDA was £5.7m, down from £6.2m in 2017, which the business said was due to a “challenging operational environment in London for casual dining”. However it said gross profit margin was up from 61% to 65% which the business said was the result of “better labour and food and beverage cost” controls.
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OpinionMosaic: A picture of health
Having reached close to 30 sites over the past four years, Georgi Gyton met with the joint chief executives of Mosaic Pub & Dining to find out more about the pub operator’s growth so far and what the future holds.
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NewsYapster raises £2.6m
Yapster, a communications platform for hospitality workers, has raised just over £2.6m as the company looks to deliver on its ambitious growth plans for 2020 and beyond.
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NewsThai Leisure Group CVA is approved
Thai Leisure Group has had its proposed Company Voluntary Arrangement approved by its creditors.
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NewsKFC profits plunge after chicken crisis
KFC UK saw its turnover and profits plunge following its distribution crisis last year, but did not swing to a loss over all.
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NewsEi hits back at publican tax charge
Ei Group CEO Simon Townsend has denied the pub company unduly influenced the way the industry is taxed.