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Bar magazine’s round-up of the week’s news
Britain’s leading bar, restaurant and pub operators are trading positively, according to aggregated figures for July from the Coffer Peach Business Tracker. This shows that like-for-like sales among the sample of 13 major chains were up one per cent against the same period last year. The new figures continue a trend seen in the previous two months, when like-for-likes grew 0.6 per cent and 0.4 per cent in May and June respectively. Read more...
Conservative leader David Cameron has pledged to bring in new laws to curb binge drinking after a night out on the town with police in Hull, reports the Daily Mail. His proposals include trebling tax on flavoured alcoholic beverages, strong lagers and ciders and banning “loss-leading” sales in supermarkets. He added that 90 per cent
of products would be unaffected and that the duty on some lower strength-products would actually be reduced. Read more
The economic downturn has not dimmed Londoners’ appetite for eating out with fewer restaurants closing in the past year than at any time since 2000, according to the latest edition of Harden’s London Restaurants. Only 64 London restaurants have closed over the past year which is slightly below the normal annual level while the average price of dining out rose 1.6 per cent to £40.73. Harden said: “It seems that people are not prepared to give up dining out… It is not that awful out there.” Full report in The Times: Read more
Nightclub operator Luminar Group’s intention to raise £35.7million net of expenses through a placing and open offer of new shares at 95p each was taken up by 95.5 per cent of qualifying shareholders. The cash will be used to acquire new sites at a time when property values are low.
Ministers in Scotland have claimed growing support for setting minimum prices for alcohol, reports The Scotsman. The Scottish Government's proposal is thought likely to be supported by Labour at Holyrood which is expected to ensure a parliamentary majority for the forthcoming Alcohol Bill. Read more
Punch Taverns has sold a number of additional pubs including four to InnBrighton and three to Red Mist Le
isure, reports Mark Brumby of Astaire Securities. InnBrighton has purchased four freehold units in the Brighton area. It had been operating the units as a tied tenant for more than 10 years. Red Mist has bought three freehold units from Punch for an undisclosed sum.
Investment group Guinness Peat has claimed that it has secured the support of 20 per cent of investors in brewer and operator Adnams for its campaign for the group to abolish its dual-share structure.
Accountancy group BDO Stoy Hayward has found that about a third of a sample of restaurant operators expects slight growth in revenues in 2009 and in 2010, reports Mark Brumby of Astaire Securities. However, two-thirds of operators believe that new lending conditions are worse than they were a year ago and believe that growth could be held back if banks do not make funding available in the medium term.
Mark Ludmon
Editor
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