Posts from April 2023

Loungers is set to make its regional debut in the North East with the opening of Muro Lounge in Hexham, Northumberland. The group, which operates the Lounge and Cosy Club brands, as well as roadside dining concept Brightside, now operates over 200 sites nationwide. Muro Lounge will occupy a 8,484 sq ft former Argos site on Fore Street and is set to open in August. The restaurant group has submitted an application to create an outdoor seating area as well as for an alcohol licence for 10am to 12pm daily. Last year, the group’s CEO Nick Collins said the North East was an area of interest following openings of Lounge in Northallerton, Ripon, and Scarborough, all in North Yorkshire. The brand is set to open its Bianco Lounge in Leeds in May.

Deals News

How to open a business bank account

Congratulations on starting your own business! Now that you’ve taken the exciting step of becoming an entrepreneur, you’ll need to take care of some essential tasks to get your business up and running smoothly. One of the first things you’ll need to do is open a business bank account. A business bank account keeps your personal and business finances separate, making it easier to track your income and expenses, manage your cash flow, and build business credit. It also provides access to a variety of banking services that can be essential for running your business, such as online banking, checks, and merchant services. This article will walk you through the steps of opening a business bank account, including what you need to know before you apply, what documents you’ll need to gather, and what to consider when choosing a bank. Why do I need a business bank account? Before we dive into the details, it’s essential to understand why you need a business bank account. First and foremost, opening a business bank account allows you to separate your personal finances from your business finances. This makes it easier to track your income and expenses, which can be crucial for tax...

Advice

Star City goes on the market for £65m

Birmingham’s Star City has been placed up for sale by Quadrant for a reported £65m. The 410,000 sq ft scheme was acquired by the asset management and development company in 2016 and has seen a number of changes in the years since then. Since its purchase, the site has been rebranded, introduced a new management team, and seen a number of key areas repurposed. The scheme’s anchor tenants, Vue and Tenpin, have also undergone re-gears. Planning permission has also been secured for the creation of a 4,000 sq ft drive-through restaurant as well as a 39,000 sq ft electric go-karting track at the scheme. The property coming to market comes as Quadrant secures planning permission for a 100,000 sq ft logistics unit at Star City. The proposals would see part of the site which fronts the M6 Motorway as well as some of the leisure space replaced with a large industrial shed. John Maddison, partner at Quadrant, said that the new industrial development will bring a much-needed employment space and contribute to the area’s “continued and phenomenal” growth.

News

Hollywood Bowl plans more sites as it hails record period for revenue

Hollywood Bowl has continued its expansion as it celebrates a period of record revenue. Construction of a Hollywood Bowl in Merry Hill and a combined Hollywood Bowl and Puttstars offering in Colchester is expected to begin later this year. In the six months to March 31, the leisure operator refurbished seven sites and launched two, with the opening of Hollywood Bowl Speke and Puttstars Peterborough. The group has also pushed on with its global expansion, having exchanged on its tenth site in Canada and generating £12.2m (CAD 19.8m) of revenue in the period. Stephen Burns, Hollywood Bowl CEO, said: “We are excited about the significant growth opportunities ahead – our highly cash generative business model and insulation from cost of goods and energy inflationary pressures, leaves us well-placed to continue to expand and invest in our portfolio, both in the UK and Canada.” For the first half of its 2023 financial year, the group recorded a record revenue of £111.1m, up 10.9% against the first half of 2022

News

End credits for Cineworld’s shareholders under restructuring plans

Cineworld’s shareholders could be wiped out following restructuring plans at the global cinema chain. The chain has filed a plan of reorganisation and a disclosure statement with a United States bankruptcy court in Texas. The group is currently undergoing “Chapter 11” bankruptcy proceedings, sometimes referred to as a “reorganisation bankruptcy”, in which a debtor usually remains in control of the business and is allowed to secure new funding. Plans for a restructure of the company are supported by lenders who currently hold and control approximately 83% of loans and the chain’s revolving credit facility. However restructuring plans do not provide “any recovery for holders of Cineworld’s existing equity interests.” The chain previously announced its aim to emerge from the bankruptcy proceedings during the first half of 2023, however it has said that any sale of the company may delay this. Cineworld added that during these proceedings, it will continue “business as usual”. The chain operates screens in the United Kingdom, Ireland, the United States, Poland, Czechia, Slovakia, Hungary, Bulgaria, Romania, and Israel.

News

Black Sheep Brewery considers sale to support “ambitious plans”

Black Sheep Brewery has appointed Teneo as its financial advisor as it explores opportunities to expand. The pub and brewery operator said it is conducting a review of its strategic options, which could see a sale or merger of the business. The Yorkshire-based company plans to grow the business nationally through the development of its core beers and products. However despite strong sales volumes, current economic circumstances are putting a significant constraint on funding, Black Sheep Brewery said. The company said it is not currently in talks with any potential buyers. Charlene Lyons, chair and CEO of Black Sheep Brewery, said that it was the right time to conduct the review to secure the best outcome for shareholders. She added: “The brewery has exciting and ambitious plans for the future and interesting projects in the pipeline. Forward funding is an issue for many businesses in the tight market brought about by the after-effects of COVID-19 on the hospitality sector and this is exacerbated by the cost-of-living issues affecting consumer spending. We are confident that the wider investment market will see the opportunities presented by this well-established and highly regarded brand.”

News

TAG Heuer makes Bullring debut

TAG Heuer has opened its first standalone site at Birmingham’s Bullring. The 1,400 sq ft boutique is located on the seventh floor and was designed by the luxury watch brand’s Switzerland-based in-house design and architecture team. Alongside the brand’s range of timepieces – such as the Cerrera which celebrates its 60th anniversary this year – the boutique will offer customers the chance to browse a number of classic collections and explore the brand’s history through visuals, books, and memorabilia in dedicated seated areas. Dan Murphy, general manager at Bullring & Grand Central, said: “The debut of this innovative design concept, combined with TAG Heuer’s collection of iconic watches, makes for a great addition to Birmingham’s retail scene, brought about by Hammerson’s drive to evolve what is already one of the UK’s most exciting places to visit.” This opening follows recent news that café concept EL&N is set to make its midlands debut after signing for an 8,000 sq ft space at the Bullring.

Deals News

Seven Travis Perkins sites in sale and leaseback deal

Longmead Capital-managed funds have purchased seven Travis Perkins sites in a sale and leaseback deal worth £23m. All of the sites are in the Midlands and the South East and have been let back to the retailer on 15-year leases. The seven units are based in Folkestone, Leicester, Loughborough, Redditch, Sevenoaks, Tunbridge Wells, and Worcester. Most of the sites have been purpose built for the group and are in established industrial and trade locations. Nick Pinney, Travis Perkins group property director said: “The sale and leaseback of these high-quality assets allows us to unlock capital to invest in new properties that further enhance our customer proposition. At Travis Perkins Group we continually review our freehold property portfolio to identify value creation opportunities.” Travis Perkins said it currently has a freehold property portfolio valued at around £1.1bn with the market value of the estate having grown by almost £600m since 2010.

Deals News

Colliers: New rates bill won’t solve business rates woes

The new Non-Domestic Rates Bill laid before Parliament won’t do enough to solve business rates questions for the retail and hospitality sectors, Colliers’ head of business rates has said. John Webber said that the proposed changes look positive “on the surface”, but Colliers has large concerns about the burdens put on rates payers. The bill, which came about following the 2020 Business Rates Review, says there will be the delivery of: Colliers says that despite being long-time advocates of some of the proposed changes, new requirements for the annual provision of information will be a “headache” for rates payers. “Obligations are now being put on the ratepayer”, says Webber. He has voiced concerns that the increasing burden will put smaller businesses further into the hands of “rogue” rating advisers. He continues: “Unless the government does something about the issue of rogue surveyors, these new demands will give a green light to cowboy rating advisers taking advantage of businesses now even more unsure of how to negotiate the complex business rates system.” Webber argues that not enough is being done to tackle the main issue surrounding business rates – that it is “overburdensome and just too high a tax to be...

News

EL&N Café set to make Midlands debut at Birmingham’s Bullring

Highly “instagrammable” café EL&N is set to make its regional debut after signing for the Bullring in Birmingham. Taking a 8,000 sq ft space at the Hammerson-owned scheme, EL&N will sit on New Street adjacent to Zara and benefit from an expansive 20m double height frontage. Hammerson say the café’s arrival supports its strategy to “enliven its assets through new occupiers, brands and concepts” and represents its desire to incorporate a wider range of restaurant and dining options to the Birmingham destination. Since debuting in London’s Mayfair, the brand has since gone on to open cafés in Middle Eastern hotspots including Doha, Kuwait City and Dubai, as well as in Milan and Edinburgh. The café, whose name stands for Eat, Live and Nourish, will offer the brand’s assortment of afternoon tea, alongside its all day brunch selection and crafted patisserie from an in-house bakery. Toby Tait, director of asset management at Hammerson, said: “EL&N Café will bring something new and exciting to the destination, and their selection of Bullring for a regional debut location is a clear sign of their confidence in Bullring and Birmingham more generally. EL&N Café will deliver a unique atmosphere that we know will appeal to...

Deals News

Indoor golfing experience to join Belfast’s Odyssey

Lost City Adventure Golf has become the latest tenant to sign at Belfast’s Odyssey Pavilion, marking the leisure experiences’ second site in the Northern Irish capital. The scheme has rebranded from Odyssey Place after a multimillion pound redevelopment of the centre. Agreeing to take a 15,000 sq ft unit, Lost City Adventure Golf will open later this year and join existing leisure operators Cineworld and Hollywood Bowl at the scheme. Lost City Adventure Golf’s Odyssey Pavilion site will offer two indoor courses and a restaurant. The news follows the recent arrivals at the scheme of Nando’s and Five Guys, while Italian restaurant Zizzi’s is due to open after Easter. Investment company Matagorda2 acquired the long lease for Odyssey Place in 2016. It is being advised by Finch Commercial Real Estate and McMullen Real Estate. Finch co-founder Nicky Finnieston said: “Odyssey Place is Northern Ireland’s dominant leisure venue and we’re not surprised in the interest from big name brands keen to secure space. “After months of redevelopment and high quality fit out, it’s exciting to see tenants open their doors. Initial footfall has been strong and we expect this to continue as the offering enhances further, with plenty more to come.”

Deals News

Joint venture acquires vacant Sainsbury’s site

A vacant Sainsbury’s site in Selly Oak, Birmingham, as been acquired by a joint venture between Galliard Homes and Apsley House Capital. The Galliard Apsley Partnership is aiming to deliver a mixed-use scheme on the site to create an expected gross development value (GDV) of £160m. The joint venture has created a Birmingham-based portfolio with an anticipated GDV of over £500m. It’s also aiming to create around 2,250 homes in the city through the regeneration of brownfield sites. The site was vacated in 2018 as the grocer relocated to nearby premises. The partnership is expected to develop shops and houses on the derelict site. Gerard Nock, chairman at Apsley House Capital, said: “Apsley House Capital is committed to Birmingham bringing new investment and economic benefits into the region as evidenced in our work at our other key sites. At Selly Oak we can look to create a dynamic mixed-use destination ensuring the sustainability of this strategic site at the heart of the town centre.” Knight Frank advised the joint venture, while Colliers advised Sainsbury’s.

News

Boxing heavyweight looking to open 250 UK clubs

Global boxing brand UBX is looking to open new sites across the UK as part of a £40m expansion plan. Property consultancy GCW has been appointed to help deliver 250 clubs within the next six to eight years. The boxing club was co-founded by fitness entrepreneur Tim West and four-time world champion boxer Danny Green. The brand has been franchising gyms since 2016 and now operates over 90 sites across Australia, New Zealand, and Singapore. In 2022, the owner of énergie Fitness, Empowered Brands, reached a deal with UBX to roll out the concept across the UK and Ireland. The brand is looking for locations for its small-format boxing and strength training clubs ranging in size from 1,200 to 2,000 sq ft. UBX typically takes a 10-year lease with no breaks subject to a market rent free period. Last month, UBX opened its first UK franchise centre in MediaCity, Salford, and has since secured deals at Sheffield and Bath. GCW partner Simon Horner said: “UBX is an exciting and innovative fitness brand. Having enjoyed great success internationally, its unique offer is just what the UK market is looking for. We are confident that we can help build a strong portfolio...

News

Neil Hockin: What UK retail could look like in Summer 2023

With inflation easing, business rates rebased and retailers looking ahead with restored confidence in UK plc, Neil Hockin of Lunson Mitchenall asks what UK retail could look like come Summer 2023. Recent economic forecasts paint a more optimistic picture for Q3 and Q4 than they did only a few months ago. Forward looking interest rate curves suggest they have virtually peaked and are projected to fall by Q4. For consumers fatigued from months of caution and cutting back, this news should come as a relief; there is now good reason to expect the paring back of spending will wane. This all compounds to mean there’s reason to be optimistic about retail again. That said, following a string of closures and with several underperforming retailers, what will high streets look like come summer and beyond? To gauge what the makeup of our high streets might be, we can look to those that have weathered the storm of recent years. Next is the bell weather of the retail market and, with profits up by 5.7% to £870m, they are a massive UK success story. Next entered the online retail world with a head start; back in the ‘pre-internet’ days, the Next Directory,...

Insights

Space NK debuts in Liverpool

Space NK is set to open at Liverpool ONE’s Peter’s Lane, marking the cosmetics retailer’s debut in the city. Set to launch in June, the 1,850 sq ft debut will add to the beauty specialist’s existing 73 stores across the UK and Ireland. Space NK Liverpool ONE will offer over 100 beauty brands and feature consultation areas for makeup and skincare as well as a treatment room. The news follows the recent arrival of the ARNE pop-up at Peter’s Lane which ran from 10-12 March and saw the online footwear brand bring their product range to a physical space. Space NK’s CEO Andy Lightfoot said Liverpool was one of its most requested locations. Rob Deacon, senior asset Manager at Grosvenor, said: “We’re looking forward to welcoming Space NK to Liverpool ONE come June, marking the brand’s city debut in the UK’s beauty capital. Joining other internationally renowned brands on Peter’s Lane, including Sweaty Betty which is also set to open in June, Space NK will feel very much at home in the region’s leading destination for premium lifestyle brands.” Metis and CBRE acted for Liverpool ONE, while Hicks Retail acted for Space NK.

Deals News

Homeware retailer looking for “Loaf Shacks” nationwide

Bed, sofa, and homeware retailer Loaf is targeting new “Loaf Shacks” in a number of UK cities. GCW and Curson Sowerby have been appointed to find highly prominent units between 10,000 and 15,000 sq ft in size with Class E retail use. Ideal sites will offer on-site parking and/or nearby public transport links. Loaf is looking to open new showrooms in: The retailer currently operates “Shacks” in Battersea, Notting Hill, Spitalfields, Guildford, Solihull, Wilmslow, Bristol, St Albans, and Edinburgh.

News

Diamonds aren’t forever as London jeweller goes bust

Luxury London-based jeweller Vashi has called in insolvency practitioners following a winding-up petition put forward by Canary Wharf Group, one of its retail landlords, Sky News has reported. Benjamin Dymant and Matthew David Smith of Teneo Financial Advisory were called in earlier this week as joint liquidators of the jewellers, which operates four London stores. Founded by Vashi Dominguez in 2016, the jeweller sells engagement rings at prices of up to £150,000. A statement on Vashi’s website reads: The Company has ceased to trade with immediate effect and no further orders will be accepted.” Teneo said it had been appointed “following the making of a winding-up order”. “The intention of the liquidators is to locate and preserve assets of the business for the benefit of creditors”, it added. One source told Sky News that the presence of liquidators suggested a lack of capital within the business to enable it to trade through a conventional administration. During its fundraising round in 2022, Vashi valued itself at £250m. It had raised £75m and was looking to expand into the United States.

News

Health and wellness hub aiming for 40 sites after London signing

Health and wellness centre Until has signed for its third London location, as it aims to open 40 clubs within four years. Previously a car showroom, the 8,500 sq ft unit on Westminster’s Wigmore Street will join Until’s existing sites in the capital at Liverpool Street and Soho. The holistic concept allows health and wellness professionals to run their businesses on a contractual basis within its facilities, which include therapy rooms, gyms, and treatment rooms. It is actively seeking sites in Southbank, Victoria, and Kings Cross. Hanover Green Retail advised site owner Duke Street Property on the deal. Matt Hyland, principal at Hanover Green Retail, said: “We have been working with Duke Street Property for several years, introducing new retail and food uses to the neighbourhood. The lifestyle and wellness sector is particularly buoyant in Central London and with Until we have secured a best in class addition to the tenant mix.”

Deals News

Poundland gears up for hat-trick of openings

Poundland is readying up to open three new stores on Saturday (April 8th). A 5,100 sq ft store at Queensway Centre in Weston-super-Mare will join a number of Poundland sites which have been diversifying their offering with a selection of frozen food. It will also sell a selection of Pep clothing and home items. The discount retailer will also be opening a new store at its hometown, Burton, commemorating the occasion with a blue plaque. The 15,000 sq ft store will be three times the size of an average Poundland shop. Poundland will also be opening a third site at Timberley Lane in Castle Bromwich, Solihull.

Deals

Lookers targets 20 new sites in 2023