Today’s news in brief – 06/11/23
RBI, the parent company of Burger King, Popeyes and Tim Hortons, reported Q3 revenues of $1.83bn (£1.48bn), up from $1.72bn (£1.39bn), primarily driven by increases in system-wide sales in all of its segments. EBITDA for the group increased by 9.3% to $698m (£563m), while net income for the quarter was $364m (£293m). On a year-on-year basis, RBI recorded a 10.9% increase in sales to $11.2bn (£9m), and comparable sales across all segments grew by 7% with net restaurants increasing by 4.2%. CEO Josh Kobza expressed confidence in RBI’s momentum as it enters 2024.
The number of licensed premises in Britain has decreased by 3.6% over the past year, falling to 99,916 sites, marking the first time it has dropped below 100,000 since records began. This represents a drop of 3,766 sites in the 12-month period. However, the pace of venue closures has slowed recently, with licensed premises only decreasing by 0.3% in Q3, equivalent to just under three net closures per day.
Outpost, a new independent bar and kitchen, is opening in Pontcanna’s Laundry Quarter on November. Founded by Nick Saunders, the mind behind Cardiff’s Depot and Tiger Yard venues, as well as the co-founder of Par 59, the establishment combines industrial aesthetics with soft furnishings, offering an 85-cover dining space and a private room. Max Lambden has been appointed as the head chef, and Neil Navarra as the venue manager.
Finca is set to open its sixth location in Glastonbury on Market Street in the New Year. This new site will offer its signature single-origin specialty coffees that change with the seasons, providing customers with a variety of options. Finca will recruit and train new staff as baristas for the location. The company currently doesn’t have a specific opening date but plans to recreate the traditional Finca coffee shop experience in the interior.
