Deliveroo considers plans for £1.5bn float: Deliveroo is considering plans for a £1.5bn stock market float. Consultants at PricewaterhouseCoopers have been appointed to evaluate strategic options, including a listing in the next 12 to18 months. It is understood the company could go public in either London or New York. A float would value Deliveroo, which is yet to make a profit, in excess of $2bn (£1.5bn), reports The Sunday Times. Deliveroo lets users order food for home delivery from thousands of restaurants, including companies such as Nando’s and PizzaExpress. It charges for an order and takes a commission from the restaurants in its network. The business has grown rapidly since it was founded more than five years ago by William Shu, a former investment banker, and now operates in 12 countries. Turnover in 2016 increased by 611% to £128.6m. However, the cost of doing business has meant the company has not come close to making a pre-tax profit. In 2016, its loss widened to £129.1m compared with £30.1m the year before as it spent heavily on promotion and new technology. Last year, Deliveroo raised $385m from investment giants including Fidelity and T Rowe Price. The most recent fund-raising round gave the startup its $2bn valuation.
Jamie’s Italian racks up £71.5m worth of debt: Jamie’s Italian has debts of £71.5m, new documents have revealed. The company had its Company Voluntary Arrangement approved on Friday (9 February), which will see up to 12 restaurants close and rent cut at others by 30%. But documents at London’s High Court showed Jamie’s Italian owes £30.2m to HSBC in overdrafts and loans. It is also £41.3m in the red with creditors such as HM Revenue & Customs, landlords and suppliers — with staff owed £2.2m, reports The Sun on Sunday. Balthazar Wholesale Bakery is owed £133,000, Daily Fish Supplies is waiting for payments worth £263,000 and Camden Town Brewery is owed £41,000. Many others, such as League Two football club Crawley Town and Teapigs, are owed smaller amounts. The documents showed Oliver’s personal assets are not at risk if the business goes under. He has put £3m into the business to help out, and his other group has loaned it £6.5m. Legal papers blamed underinvestment, unsuitable new locations and high costs.
Champneys reports turnover and profit boost: Champneys, the health farm and leisure resort business owned by Dorothy and Stephen Purdew, has reported turnover rose 13% to £36,560,723 for the year ending 30 April 2017, compared with £32,490,307 the previous year. The business, which added Eastwell Manor in Kent to its portfolio of four resorts in November 2016, saw pre-tax profit of £3,489,613 compared with £1,818,425 the year before. The total number of guests visiting Champneys resorts rose to 183,342 from 166,970, with average revenue per guest down slightly to £166.84 compared with £170.13 the year before. The company earned royalty income of £1,426,026 in the year, compared with £1,441,283 the previous year.
New food hall concept Dockside Dining Club to launch in Liverpool: New food hall concept Dockside Dining Club is set to launch in Liverpool this spring. Operator Andy Duckworth will launch the concept in Mann Island at Liverpool’s Pier Head in collaboration with real estate firm CBRE and the building’s owners RBH Properties. The multi-vendor, casual dining food hall will feature a market-style layout with ten units that will focus on seasonally changing street food, a permanent bar and a centralised, communal dining area with bench seating. The space will be available to hire for corporate events. Duckworth, who has operated hospitality brands in Liverpool for the past 25 years, said: “Food halls have seen a massive resurgence in recent years. The Pier Head presents a great opportunity for a place like this – not only serving the flourishing tourist market but the business community. With the huge cultural agenda for 2018 as the tenth anniversary of the Capital of Culture, it feels like a great time to be launching. We want to hear from vendors in the city keen to show Liverpool for the amazing food hub it is and from national restaurants that want to test out the market with a pop-up in a great location.”
Shaftesbury’s biggest shareholder votes against plans to give company more freedom to raise cash: Shaftesbury, which is landlord to 282 pubs, restaurants and cafes in the West End, has had its ability to raise money curtailed after its largest shareholder, Hong Kong billionaire Samuel Tak Lee, voted against plans that would have allowed management to waive shareholder pre-emption rights in some circumstances. Lee, who owns little more than 25% of Shaftesbury’s shares, blocked two resolutions at the company’s annual general meeting on Friday (9 February). These would have allowed directors to ignore pre-emption rights in some cases, potentially allowing them to raise money more easily. The rights allow shareholders to have first refusal over new shares but can be discounted in some circumstances. But a third resolution, which Lee also voted against, which allows the directors of the company to allot shares, was passed. Lee had raised concerns about the way in which Shaftesbury was raising money after it complete a £260m equity raising in December. But after the annual general meeting, Shaftesbury chairman Jonathan Nicholls said: “Following the successful placing in December 2017, currently the board does not anticipate the need to raise further equity for some time.”
Yorkshire-based Brazilian restaurant Estabulo Rodizio Bar and Grill to open fourth site, in Beverley: Yorkshire-based Brazilian restaurant Estabulo Rodizio Bar and Grill is to open its fourth site in the county, in Beverley. The company will launch the venue at the Flemingate shopping centre in mid-March. The concept features all-you-can-eat dining with customers paying a fixed price and using a two-sided disc to control the pace of their meal. The green side indicates to the waiter to serve more meat, while the red side indicates a pause, reports the Hull Daily Mail. Estabulo Rodizio Bar and Grill, which was launched in 2016, has two sites in Leeds and another in Wakefield.
Two landmark London restaurant sites come to market: Two landmark London restaurant sites have come on the market. The sites, which are being sold unbranded, are fully fitted, individually styled venues, each with capacity to seat more than 250 diners. The first is in One New Change, the retail centre for the City of London, alongside a range of offices, major shop brands and 12 restaurants. The available restaurant has views over St Paul’s Cathedral and combines bar and dining areas over a total of 8,700 square feet. The other site sits in Piccadilly between Piccadilly Circus and The Royal Academy. The restaurant occupies two levels of a grade II-listed building with a bar and dining area on both floors. It is spread over 11,000 square feet. The sites, which are being marketed through agents Christie & Co, are available individually on long leases and offers are now being invited. Simon Chaplin, Christie & Co’s senior director and head of restaurants, who is handling the sales, said: “London remains the dining capital of the world, with new ventures and concepts opening almost daily so the opportunity to acquire large sites in such well-known locations is rare indeed.”
Harrogate-based seafood and champagne restaurant eyes expansion in south east and overseas: Harrogate-based seafood and champagne restaurant Fisk is eyeing expansion in the south east of England and overseas following the opening of its second site. Owners Stuart and Kanyana Williams, who launched the concept in 2016, recently expanded with the addition of a second, larger venue in the Cheshire village of Prestbury. A new location is now being sought for Fisk in the Home Counties and the business also plans to expand internationally. Stuart Williams told Insider Media: “Fisk is Scandinavian for ‘fish’ so a move there makes perfect sense. I’ve definitely got my eye on certain areas within the Nordics for Fisk’s next venture and we have been approached by an operator in the Middle East about a possible venue there.”
Tullymore House unveils plans to covert disused Belfast church into boutique hotel and restaurant: Belfast-based hospitality group Tullymore House has unveiled plans to convert a disused city church into a boutique hotel and restaurant. The company is proposing to turn the former Holy Rosary Church in Ormeau Road into one of its Fratelli restaurants and a 21-bedroom hotel. The scheme includes internal and external alterations to the listed building and adding a single storey extension to the rear. The existing former parochial house will be retained, refurbished and extended to provide the 21 rooms. More than £1m will be invested improving and enhancing the site, which has been derelict since 1980, although last year the church used to screen movies as part of the annual Belfast Film Festival. Project manager Colin Johnston told the Belfast Telegraph: “Once we had the opportunity to get in and start work, we were able to fully appreciate the sheer size and scale of the space, and, after exploring a number of options, we agreed there was potential to create an exciting accommodation offering to complement the restaurant.” Tullymore House recently invested more than £11m in a redevelopment programme at its Galgorm Resort and Spa. Its Fratelli brand boasts one restaurant at Galgorm and another in Great Victoria Street in Belfast.
Tim Hortons to open seventh Scottish site, in Ayr this month: Tim Hortons, the Canadian cafe and bake shop owned by Restaurant Brands, is to open its seventh Scottish store, in Ayr this month. The restaurant will open on Monday, 19 February at Whitletts Roundabout. SK Group is leading the UK roll-out of Tim Hortons and the Ayr opening will continue its nationwide expansion plan. Tim Hortons’ debut UK site opened in Argyle Street, Glasgow, in June last year and the brand has since added three venues in the city – at the Silverburn shopping centre, East Kilbride shopping centre and Strathkelvin Retail Park. Its other Scottish sites are in Hamilton and Dunfermline, while it has also opened a restaurant in Cardiff and five sites are earmarked for the Manchester area, including its first UK drive-thru. Tim Hortons is planning up to 100 UK sites. The company was founded in 1964 by its namesake, a professional ice hockey player who wanted to create a space where “everyone would feel at home”.
Team behind street food and cocktail bar Zindiya takes over Solihull pub for Indian gastro-pub concept: The team behind Indian street food and cocktail bar Zindiya in Moseley has taken over a Solihull pub to launch an Indian gastro-pub concept. The Saddlers Arms, which closed permanently in May, will be transformed into the Tap & Tandoor ahead of an April opening to offer craft beer and Indian food. The pub will be refurbished to accommodate 80 diners with a new kitchen and a design mixing a traditional pub with Indian heritage. As with Zindiya, a cocktail menu will be curated by Rob Wood, of Birmingham bar Smultronstalle. Zindiya was launched by husband-and-wife team Ajay and Shivani Kenth in February 2017. Ajay Kenth told Birmingham Live: “This is a different concept to Zindiya. This is more about restoring a once iconic pub to its former glory, albeit with a few changes. Zindiya was borne from our passion for Indian street food and Tap & Tandoor is being created out of love for the Great British pub, which is constantly under threat. We will use the skills and knowledge we have picked up with Zindiya but the pub will stand on its own. We hope to deliver exceptional food at reasonable prices while retaining that pub feel.”
Adventure Leisure brings indoor golf brand Mr Mulligan’s to Newcastle: Adventure Leisure is bringing its adventure golf brand Mr Mulligan’s to Newcastle. The company is launching Mr Mulligan’s Space Golf in the former Co-op building in Newgate Street on Friday (16 February). The brand started life as an outdoor venture but now has a number of indoor centres – its first opening in Stevenage two years ago. However, Newcastle is the first city to have a Mr Mulligan’s. There are three different courses – Inventor’s Hangar, Cosmic Storm and Lunar Crash – as well as a 360-degree bar and a restaurant serving a variety of food, including burgers, pizzas and sharing platters. Adventure Leisure director Andrew Scholey told Chronicle Live: “When you think of cities in the UK where you want to have a venue, Newcastle is near the top of the list and it’s great to be here. We’re getting ready to open in Milton Keynes and Birmingham, but Newcastle is the first major city we’ve opened. I think we’re in a generation where a lot of people like to do a lot more with their nights out than just sit and drink in the pub. They want to be doing different things and be putting all their pictures and videos on social media showing what a good time they’re having.”
JD Wetherspoon set to open £1.5m site in Bourne: JD Wetherspoon is set to open a £1.5m site in Bourne, Lincolnshire (population: 11,933). The company has been granted permission by South Kesteven District Council to transform the former Jenny May and Wands shops in North Street into a pub, creating 60 jobs. Wetherspoon now needs to submit a licensing application before it can complete on the purchase of the building and get started on the work. Spokesman Eddie Gershon told Lincolnshire Live: “We are keen to open a pub in Bourne and believe that it will be welcomed and also be an asset to the town.” The plans showed downstairs would have seating for customers with a beer garden to the rear.
Craft brewer and distiller Eden Mill St Andrews unveils £4m headquarters plan: Craft brewer and distiller Eden Mill St Andrews has unveiled plans to create a new £4m headquarters in Fife. The expansion project would see a historic former paper mill transformed into Eden Mill’s new home – allowing it to increase production of gin, beer and whisky and retain space for further expansion. Sitting within the University of St Andrews’ new Eden Campus, the plans submitted to Fife Council include a cafe-bar, visitors’ centre, shop, presentation room and a VIP tasting area on the top floor of the distillery that would offer views over the university campus and Eden estuary. The new facility would enable Eden Mill to double the number of tourists that take its distillery tours from 25,000 to 50,000 a year. Co-founder Paul Miller told Insider: “With ambitions to grow the business, it is the right time for Eden Mill to move forward with plans for a new distillery and brewery.” Subject to approval, Eden Mill aims to be on-site this summer with the buildings operational by the autumn.
Glasgow-based restaurateurs reveal plans for bar and brasserie for second site: Glasgow-based restaurateurs Phillip and Grace Reilly have revealed plans to open a bar and brasserie for their second site – in a traditionally “dry” area of Scotland. The Reillys, who operate Loks Bar & Kitchen, are opening the new venue in Clarkston, a suburb on the south side of Glasgow, which had been Scotland’s last surviving “dry” area until 2006, when the first alcohol licence was granted. They have bought the site of the former Beanscene coffee shop and plan to open the bar and brasserie in the summer, creating 20 jobs. Phillip Reilly told Herald Scotland: “Clarkston is a hub for several large, affluent communities and while there are various good places about there is room for a stylish, relaxed, independent bar and bistro, serving a wide variety of drinks and food.” The Reillys launched Loks in Pollok in 2014, which came after the couple refurbished a building previously home to junior team Pollok FC’s social club.
Loungers to launch Abingdon venue next month at former Wildwood site: Cafe bar brand Loungers, which is backed by Lion Capital, is to open a venue in Abingdon, Oxfordshire, next month. The company will launch Pablo Lounge on Wednesday, 7 March in Bury Street on the site of the former Tasty-owned Wildwood restaurant, which shut in January. The venue, which will create 25 jobs, will feature pop art-inspired table tops, vintage sofas and school benches. Community manager for Lounges Gemma Irwin told the Oxford Mail: “Each restaurant is different. I don’t think it feels like they are part of a big company.” Loungers, which also operates the Cosy Club brand, was founded in 2002 in Bristol by Jake Bishop, David Reid and Alex Reilley. The company currently operates 114 venues.
Lancashire-based micro-pub operator bids to open second site, in Preston city centre: Adam Godwin, who operates The Market Ale House micro-pub in Leyland, Lancashire, has submitted plans to open a second site, in Preston city centre. Godwin plans to transform a former beauty salon in Lune Street into Plug & Taps, featuring four or five cask beer lines, more than ten keg lines and at least one cider on tap. The micro-pub’s name is in memory of striking cotton workers who were killed or injured during the 1842 general strike, also known as the “plug plot riots”. Godwin hopes to tap into Preston’s recent influx of independent bars and restaurants. He told the Lancashire Post: “We hope that with the help of other pubs and bars already selling craft beer plus the introduction of other places due to open, we can create a beer and drink scene in the city. There seems to be a boom, with independent restaurants and coffee shops opening and we hope to draw people into the city instead of heading out to Manchester or Liverpool.”
Roomzzz to open second Manchester site: Aparthotel chain Roomzzz is expanding its Manchester footprint with the opening of a second venue in the city. The company’s new development will deliver 114 apartments at the Corn Exchange, marking the completion of a three-year renovation project for the grade II-listed building. When it opens later this month, Roomzzz Manchester Corn Exchange will be the eighth aparthotel in the company’s UK-wide portfolio. Roomzzz has venues in Chester, Manchester, Leeds, Newcastle and Nottingham. Chief executive Naveen Ahmed told BDaily: “Building on the brand’s success in the thriving city of Manchester, Roomzzz is delighted to launch its second Manchester aparthotel in the iconic Corn Exchange. The excellent location and vibrant food and drink offering make it the perfect venue for guests looking to enjoy the variety of restaurants, shops and entertainment the city has to offer.” Roomzzz plans to open further sites in Liverpool, Harrogate, York and Edinburgh in the near future