News-In-Brief

Nov- 2024 -

5 November

Today’s news in brief – 05/11/24

UKH has coordinated a letter with other industry groups warning against Xmas tube strikes, which could cost hospitality businesses up to 70% of daily sales. As a result of the negotiation, Transport for London has abandoned its proposed changes to pay structures meaning all RMT members will receive the same…

4 November

Today’s news in brief – 04/11/24

Soho Coffee Co. has seen its losses widen by 60% from £2m to £3.2m in the year to 31 January 2024. The coffee chain’s parent company, BTC Group Holdings, has also reported that its other hospitality offering Euphorium Bakery has also sustained further losses, rising 27% from £944,402 to £1.2m…

Oct- 2024 -

30 October

Today’s news in brief – 30/10/24

Honest Burgers has plans to quadruple the size of its business by 2030, as it announced “exceptional” H1 results with like-for-like sales rising 11% to hit £30m in revenues. The brand’s profitability is also ahead of forecast, with over 60% growth in EBITDA performance. Moreover, Honest Burgers has consistently been…

29 October

Today’s news in brief – 29/10/24

Caffè Nero has acquired 200 Degrees for an undisclosed amount, making it the fifth brand in the group. Founded in Nottingham in 2012 by Rob Darby and Tom Vincent, 200 Degrees has 21 coffee houses across the Midlands, has its own roastery and operates an online e-commerce channel that sells…

28 October

Today’s news in brief – 28/10/24

54% of hospitality businesses would cut jobs when business rates relief ends in April, according to a new joint survey conducted by the BBPA, BII and UKH. The report also highlighted that 76% would experience lower profit and 28% would have to close at least one site. The trade bodies…

25 October

Today’s news in brief – 25/10/24

Punch Pubs has reported a 43.6% uplift in operating profits for the year ended 11 August, following a successful acquisition strategy. It comes as total revenues at the pub group also rose 3.45% from £313.5m to £324.3m in the current period. The group currently comprises 1,258 pubs, 92% of which…

24 October

Today’s news in brief – 24/10/24

Hospitality groups recorded a YoY sales rise of 1.7% in September, meaning that managed venues have achieved like-for-like increases in eight of the nine months to September 2024. While this is a welcome improvement, it is a sign of the continuing challenges to real-term growth, as the sector enters the…

23 October

Today’s news in brief – 23/10/24

Starbucks has suspended its FY guidance for 2025 after Q4 revenues dipped 3% to $9.1bn, as a result of global sales falling 7% during the period. In light of this, newly-appointed CEO Brian Niccol said “it’s clear we need to fundamentally change our recent strategy”. The group’s Q4 performance was…

22 October

Today’s news in brief – 22/10/24

The Revel Collective has seen its FY losses before tax widen to £36.7m. The group said that the result was mainly due to non-cash exceptional impairment charges from its restructuring plan. Despite strong festive trading and the annualisation of the acquisition of Peach Pubs, the closure of 13 loss-making bars…

21 October

Today’s news in brief – 21/10/24

The UK’s top 100 restaurant groups saw profits dip to £244.1m in 2024 from £246.5m, according to new research by UHY Hacker Young. The firm has called this dip in profits a “creditable performance” considering the challenges the sector has faced from the cost-of-living crisis and years of losses the…