Today’s news in brief – 30/11/23

Mitchells and Butlers reported a drop in operating profits to £98m for the year ended 30 September due to weaker property valuations and increased costs, including higher wages. Sales, however, rose to £2.5bn, marking a 9.1% like-for-like growth. The group noted a 7.2% rise in like-for-like sales at the start of the new fiscal year. Despite cost pressures, the chain sees easing inflation and maintains confidence in future trading. 

Knoops aims to double in size in 2024 following an £8.3m fundraising. The injection, led by Morleys Stores Limited, paves the way for debt-free operations and increased profitability. The chocolate cafe brand will grow from 15 to 20 outlets by March, including openings in Edinburgh, Leeds, and Exeter. With long-term aspirations for 200 UK stores, Knoops just launched an app for personalised drinks. 

Pizza Punks has enlisted FRP Corporate Finance to aid in raising capital, expediting its expansion efforts in 2024. The pizza chain recently focused on consolidation after launching four new restaurants in Leicester, Nottingham, Durham, and Liverpool last year. CEO Brad Stevens aims to transform the brand into a nationwide UK business, targeting cities like Edinburgh, Manchester, Cardiff, and Birmingham, along with several major university cities. 

Bavette, a neighbourhood bistro in Leeds, will be opening in February 2024. This venture marks the inaugural project for Sandy Jarvis, former Culpeper Group MD and head chef, and Clément Cousin, previously of Brawn and The Buxton, serving as restaurant manager and sommelier. Their seasonally inspired menu will showcase classic dishes like Pork Belly Rillons, Frisée Salad, and Ravigote Sauce. The wine selection will include offerings from Cousin’s family vineyard and other low-intervention bottles sourced from Europe.