BITES

BITES

WORLD CUP BOOSTS HIGH STREET SPENDING
England may not have brought football home, but sports pubs were the clear winners throughout the World Cup when it came to consumer spending on the high street. According to Cardlytics, Walkabout saw a 152.2% increase in spending, followed by O’Neills at 76.9%, Peach Pubs at 24.7%, Slug & Lettuce at 22.9% and The Beer House at 15.3%. These five pub companies also experienced a 35.8% boost during the initial knockout stages compared to the week before.

AND DELIVERY ORDERS
Restaurant orders on the Deliveroo app rose on average 25% in the hour before each of England’s group stage matches, peaking 15 minutes before kick-off. England’s final group match against Belgium was Deliveroo’s busiest ever dinner service for a Thursday night, while the Tunisia match was on the fifth-busiest Monday (excluding Bank Holidays) and Panama was the fifth-busiest Sunday lunch. Orders of beer, wine and spirits also rose 20% and 25% on match days.

MAKING SOME GREENS
Australian hospitality group Daisy Green has raised more than £500,000 in its first ever equity raise on Crowdcube. The business, which has nine sites across London, will use the funds to accelerate growth, with a forecast of 17 plus sites and revenues of more than £25m within four years. Founders Prue Freeman and Tom Onions used Crowdcube in 2015 to raise a £775,000 Bondi Bond, which was repaid in 2017.

JUNE BRINGS REWARDS
The hospitality sector saw like-for-like sales increase 5.4% in June, likely driven by the warm weather and start of the World Cup. According to research by S4Labour from Catton Hospitality, drink sales were up 6.7% and food sales increased 3.3% on average. As a result, wet-led operators saw a rise of 5.9%, compared to 4.9% for food-focused venues.

DINERS COME TO MARKET
London Union has reported a revenue increase of 40% from £9.1m to £12.8m in its latest financial report for the 52 weeks to 31st December 2017. The company, which owns and runs the Street Feast markets, saw gross profit jump from £5.5m to £6.9m and operating EBITDA climb from £2.7m to £3.1m, but total operating profit fell to -£1.3m. Total loss for the financial period came in at £1.5m.

LOSS FOR LEON
LEON Restaurants has reported a total loss of £1.8m for the year ending 31st December 2017, compared to a profit of £44,967 in 2016. While gross profit was revealed as £40.9m, the company saw total administrative expenses of £41.6m. Turnover increased £14.2m from £42.1m to £56.3m and like-for-like sales grew 0.9% compared to 7.6% in 2016. EBITDA increased slightly from £3.5m to £3.6m. CEO John Vincent stressed that 2018 performance so far has been strong.

WHERE’S YOUR LOYALTY?
New research by customer engagement platform Como has found that it takes a loyalty programme member of a hospitality chain an average of 59 days to complete and redeem a punch card. This suggests that, with an average of 10 punches per card, customers are visiting the business at least once a week. The data also showed customer habit, with 94% of loyalty programme members visiting just one branch.

£30M FOR CDG
Casual Dining Group has received investment of £30m to fund growth opportunities as part of a refinancing of the Group. The investment and refinancing has been led by KKR with support of management and shareholders, including Apollo Global Management, LLC and Pemberton Asset Management, to provide a long-term capital structure for the group and prepare for growth. In the 14 weeks to 1st July, total sales were up nearly 5% and like-for-likes 2.3%.

SPOONS SALES SURGE
For the 10 weeks to 8th July 2018, like-for-like sales at J D Wetherspoon increased by 5.2% and total sales by 5.6%. In the 49 weeks to 8th July 2018, like-for-like sales increased by 5.2% and total sales by 4.2%. The company has opened six new pubs since the start of the financial year and has completed the sale of 23 pubs. Approximately £9m of exceptional, non-cash losses are expected in this financial year.