Loungers co-founder and Cosy Club managing director Jake Bishop has told MCA landlords are already taking a more pro-active approach to investing in new launches as a result of Brexit.
However, he admitted the group has re-evaluated its pipeline and discounted some potential medium-term openings.
He told MCA: “Like most companies out there, we have certainly looked at our pipeline. When you have got about 40 sites in the pipeline, with probably 20 at legals and 10 firmed up – it’s the other 35 where you think ‘we’ll be a bit picky here’. It sharpens the mind to the financial aspect. We have done some soul- searching in terms of the pipeline and there have been some lines drawn through some places.
“We haven’t seen any immediate impact from Brexit in terms of sales or customer behaviour – I think that will take longer. What was instant was a sense of concern among our staff that have come from all corners of the EU. I went around talking to them about their concerns and it was really sad to hear that they felt people were looking at them differently – judging where they come from. It’s alarming that in this day and age people could feel genuinely afraid to be in this country.”
However, he said there had been some positives of Brexit, adding: “Landlords are a definitely a bit keener to put their hands in their pockets to contribute to fit-outs at the moment. That’s something we noticed pretty much straight away. There may be a bit of a recalibration in that balance of power, which is a positive thing for operators.”
Bishop was appointed managing director of Cosy Club last month and said that despite short-term considerations the ultimate scope for the brand is “limitless”.
