Today’s news in brief – 25/09/23
The City Pub Group reported a 14% increase in like-for-like sales to £31.7m in the first half of 2023, up from £26.1m in the same period in 2022. Despite inflationary pressures, the pub operator’s adjusted EBITDA remained steady at £3.3m, slightly below the £3.4m reported in H1 2022. The company benefited from approximately £800k in state aid, primarily related to lower VAT and business rates. The group expects a stronger second half of the year, with Christmas bookings significantly up and potential acquisition opportunities on the horizon.
The NTIA reported that the night-time economy has lost £3.5bn due to strikes by the RMT and ASLEF, and warned that these losses could double if the industrial action continues into the festive season. The RMT and ASLEF have announced further strikes in October, while ASLEF drivers will also not work overtime from 2 to 6 October. The NTIA has called on all stakeholders to work towards a swift resolution to the dispute.
UK drinks sales have remained ahead of 2022 levels for the fifth consecutive week, even after the September heatwave ended, according to CGA by NIQ’s Daily Drinks Tracker. In the week ending 16 September, average sales in managed venues were 7% higher than the same period last year. Cider was the best-performing category for the second week in a row, with sales up 17% from last year, followed by beer at 10%. Soft drinks and wine were also up, while the spirits category saw a 3% dip in sales.
Just Eat has partnered with Franco Manca and The Real Greek to provide nationwide delivery. All 94 Franco Manca and The Real Greek restaurants now offer delivery through Just Eat. This partnership adds to Just Eat’s rapid growth, which includes recent collaborations with Fat Hippo and Tortilla, bringing its total number of partners to over 76,000 in the UK and Ireland. Nabil Mankarious, MD of Franco Manca and The Real Greek, sees this as an important step in their growth strategy.
