News
The latest industry news from the business journalists at Catering Today. We bring you the latest on what’s happening in the restaurants, bars and catering industry, with exclusive stories, analysis, best practice and industry comment.
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Nov- 2023 -30 November
Mitchells and Butlers sees profits dip to £98m in FY 2023
Restaurant group Mitchells and Butlers has revealed that its operating profits dropped from £124m to £98m for the 53 weeks ending 30 September, driven by weaker property valuations and increased costs, which also included higher wage bills. However, the group’s sales increased to £2.5bn, up from £2.2bn last year, with…
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30 November
Today’s news in brief – 29/11/23
Live music could bring in up to £2.4bn for the hospitality industry, according to CGA. According to analysis of 1,000 artists and 500 venues, the Live Music Index noted that individual pubs and bars could see a yearly sales hike averaging £107k by providing a stage for musicians. With 73%…
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29 November
Los Mochis to open new London site in Spring 2024
Los Mochis has announced that it is set to open its flagship rooftop restaurant Los Mochis London City in Spring 2024. The new 14,000 sq. ft restaurant, designed by OV and Co from Los Angeles, will sprawl across the 9th floor rooftop of 100 Liverpool Street’s Broadgate. It will include…
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29 November
Live gigging could deliver £2.4bn boost to hospitality, CGA says
Live music could be worth up to £2.4bn in revenue for the hospitality sector, a new nationwide survey conducted by the CGA by NIQ found. The Live Music Index, which was based on more than 1,000 artists and over 500 venues, revealed that by creating a stage for musicians to…
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29 November
Michelin-trained chef opens new Bow Lane restaurant
Michelin-trained chef Edward Boarland along with business partner Dee Reid have launched a new concept restaurant, wine bar and florist at 12 Bow Lane in London, called Stem and Stem. Boarland, who trained under Alain Roux, Clare Smyth, Gordon Ramsay and Simone Zanoni, will continue in his role as executive…
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28 November
Today’s news in brief – 28/11/23
Shareholders backed TRG’s £506m sale to Apollo Global, privatising the company that operates Wagamama among others. Each share’s value of 65p signifies an enterprise worth of £701m. TRG’s strategies led to two earnings upgrades and £5m in cost savings, aligning with Apollo’s belief in TRG’s market prominence. Apollo’s reassurances about…
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28 November
Loungers sales rise 7.7% in H1
Loungers has reported that like-for-like sales rose 7.7% year-on-year in the half year ended 1 October, also marking 24% ahead of pre-pandemic levels. The restaurant operator’s adjusted EBITDA also increased 28.2% to £17.3m during the period. Due to its “consistently” strong trading, the group is on track to open 34…
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28 November
Hank’s Dirty to open permanent Castle Quarter diner
Vegan restaurant Hank’s Dirty has signed a six-year lease at Castle Quarter in Norwich, following the operator’s successful trading within the street food quarter of the same scheme. Hank’s Dirty first began within the Castle Social market hall concept at Castle Quarter when it officially opened in autumn 2022. Following…
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28 November
TRG shareholders approve £506m Apollo deal
The Restaurant Group shareholders have formally voted in favour of the company sale to US-based private equity company Apollo Global Management for £506m. During a general meeting held yesterday (27 November), 93.5% of shareholders voted in favour of the cash acquisition of the group, which includes Wagamama and the pub…
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27 November
Today’s news in brief – 27/11/23
Pho is set for expansion, securing fresh funding following a 33.6% turnover surge to £58.3m in FY23. Despite a profit dip to £1.8m (from £5.6m) due to pandemic concessions, restaurant EBITDA held steady around £10.4m. The company attributes the profit decrease to prior government aid. While FY23’s EBITDA stood at…
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