Posts from July 2023

Green light for Radcliffe mixed-use civic hub

27th July 2023

Proposals to develop a mixed-use civic hub in Radcliffe, Greater Manchester, have been given the go-ahead by town planners. The three-storey hub on Blackburn Street is set to feature swimming pools, fitness suites, studios, an indoor climbing facility, offices, a café, and a library. The project is part of the town’s wider regeneration proposals, with the aim to transform the area for decades to come. Approval was granted on Wednesday evening, with councillors also giving the green light to a link block between the nearby Radcliffe Market and Market Chambers buildings, as well as the refurbishment of Market Chambers and the Market Hall basement to be used as a multi-use event space. Councillor Eamonn O’Brien, leader of Bury Council, said: “It’s great news for Radcliffe that our plans for the new Civic Hub have been given the green light. “We are investing unprecedented amounts of money into regenerating Radcliffe, and the hub will play a crucial part in that, transforming the town centre for generations to come.” Permission has already been granted for a nearby residential site near the civic hub site, which is set to complement another 400 new homes at the former East Lancs Paper Mill site.

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One in 18 hospitality venues called last orders in the past year

26th July 2023

One out of every 18 hospitality venues closed its doors permanently over the past 12 months, according to a new report. The Hospitality Market Monitor from CGA by NIQ and AlixPartners found that 5,736 venues shut down between June 2022 and June 2023. The 5.4% fall in the number of venues means that Britain had 100,176 licensed premises by the end of June 2023. If this number falls below 100,000, this would be the first time it has dropped to five digits since the monitor began. Over the last year, hospitality businesses have been hit by a cocktail of increased costs, including energy, staffing, and resources. Meanwhile, consumer confidence has taken a knock thanks to high inflation and interest rates rises. However, many of the industry’s problems are long-term and were accelerated by the Pandemic. Since early 2020, the country has seen a decline in the net number of hospitality venues of 14,932. This represents a drop of 13% compared to the pre-COVID total. Smaller businesses have borne the brunt, with 76.5% of net closures since the Pandemic happening within independent businesses. In contrast, the managed sector has seen only 3.7% of venues shut in the same period. There is...

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Marston’s “very pleased” with franchise roll-out and targets over 50 pubs

26th July 2023

Marston’s said it is “very pleased” with the rollout of its franchise-style model in a number of its food-led pubs. The pub group operates 717 drinks-led pubs under its franchise-style model, and began trialling the same system in 13 food-led sites. It said that sales growth in these pubs had exceeded its broader food business. As a result, Marston’s expects the number of its food-led partnerships to increase to over 50 locations. This comes as the operator releases its trading update for the 42 weeks to 22 July 2023, during which sales were up on a like-for-like basis by 10.7% compared to the previous year. In the 16 weeks to 22 July, sales increased by 10.9% on a like-for-like basis, reflecting the warm weather in June. Marston’s said the sunshine enabled it to maximise the return on its investment in outdoor trading areas undertaken before the summer Marston’s total retail sales in its managed and franchised pubs for the entire period were up by 12.0% against last year. Andrew Andrea, CEO of Marston’s, said: “We remain focused on delivering on our debt reduction strategy and continue to make good progress in that regard. Whilst macro-economic challenges persist for the time...

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IKEA opens ‘Plan & Order Point’ in Preston

26th July 2023

IKEA has launched a third north west ‘Plan & Order Point’ in Preston, following openings in Aintree and Stockport. The 1,300 sq ft unit at Deepdale Retail Park is designed to offer customers inspiration for kitchen and bedroom planning. It also houses a click-and-collect service for any products ordered online. The launch is part of a wider strategy by the Swedish furniture retailer to become more sustainable and accessible for customers in the North West, which IKEA area manager Michael Parker described as a “key region”. Michael Parker, area manager for IKEA UK, said: “In a year when IKEA celebrates its 80th birthday, the North West is extra special to us, being home to our first UK store in Warrington. With Plan & Order points in Aintree, Stockport, and now Preston, our existing full-size stores in nearby Ashton-under-Lyne and Warrington, collection points, home planning and remote and digital services, we are enabling an IKEA where customers can shop in the most convenient way for them.”

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Revolution Bars refurbs outperform estate

26th July 2023

Revolution Bars Group has said its refurbished sites have “outperformed” the rest of its estate, as it delivers a pre-close update for the 2023 financial year. The group, which operates 68 bars and 21 pubs, said it had paused its refurbishment programme in January having completed five “significant” refurbs in the previous six months. It said it is committed to restarting the programme when economic headwinds subside. Revolution Bars Group, which trades mainly through its Revolution, Revolución de Cuba, and Peach Pubs brands, said it was limiting capital investment to where it is essential to “maintain and enhance” key assets in its estate. Revolution previously announced its acquisition of Peach Pubs in October 2022 in a £16.5m deal. The pub brand has locations in affluent areas in the home counties, and also operates in the premium accommodation market. The group said full year like-for-like sales at Peach Pubs were 14% ahead of pre-Pandemic levels, while overall group like-for-like sales fell 8.7%. Rob Pitcher, CEO of Revolution Bars Group, said the Peach Pubs acquisition was “well timed” given the impact of the economic challenges to the younger guests, and while the working from home trend is exacerbated by uncertainty on the...

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Devon hotel snapped up after 50 years of family ownership

26th July 2023

A Grade II listed hotel on the Jurassic coast has been purchased by an overseas investor after 50 years under family control. The four-star Hotel Riviera in Sidmouth, around 14 miles southeast of Exeter, houses 26 bedrooms, an 85-cover restaurant, a bar, and function suite. The property was marketed by Knight Frank with an asking price of £3.5m, after previous owners Peter and Dena Wharton prepare to retire from the hospitality industry. Knight Frank said the property had attracted interest from multiple buyers. Matthew Smith of Knight Frank’s hotel agency team, said: “Our clients have built up a very strong relationship with both their staff and guests, and the new owner will further enhance the hotel offering and continue with its philosophy which has proved so successful over the years.”

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NewRiver has “significant growth opportunities” as it strengthens balance sheet

26th July 2023

The boss of NewRiver has said that the Real Estate Investment Trust (REIT) has “significant growth opportunities”, as its cash position during the first quarter rose to £137m. Speaking ahead of the REIT’s annual general meeting, chief executive Allan Lockhart said that the increase in its cash position was driven by “disciplined capital recycling and [its] excellent operational performance”. During the first quarter ending 30 June, NewRiver said it had completed 177,300 sq ft of leasing, with long-term rents up 13.7%. The REIT, which operates a portfolio of 26 shopping centres and 12 retail parks, said its occupancy rate had risen to 97.1% versus 96.7% in March, while its retention rate rose to 98% during the first quarter, up from 92% the previous year. NewRiver’s “profitable capital recycling” included the disposal of Kittybrewster Retail Park in Aberdeen and the Glendoe and Telford Retail Parks in Inverness, the final properties in the Napier Joint Venture. The REIT said this generated a sale value of £62.2m and brought the total sales receipts from the Napier JV to £76m, 26% higher than the price paid in 2019. Allan Lockhart said: “The excellent operational performance that we delivered in our last financial year has continued...

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Carter Jonas appointed to leasing at Weston-Super-Mare complex

26th July 2023

Property consultancy firm Carter Jonas has been appointed as the sole leasing agent for The Sovereign shopping complex in Weston-Super-Mare. The firm was appointed by Montagu Evans on behalf of North Somerset Council. Spanning around 118,000 sq ft of retail space, The Sovereign has recently undergone an extensive refurbishment in recent years, with the remodelled space playing host to flexible workspaces, studios, a bike hub, and a coffee shop in addition to its retail offering. The centre is home to around 40 tenants, including Waterstones, JD Sports, Trespass, and Wilko. Carter Jonas will be working to fill vacant units at the scheme, which range in size from small kiosks to larger spaces. Each unit will benefit from Class E planning consent allowing them to be used for a variety of different purposes. Stuart Williams, partner of commercial at Carter Jonas, said: “The Sovereign is a great example of how progressive ownership and management can enhance an existing space for the benefit of the community. “A strong emphasis on placemaking is helping to reposition the centre as a retail and leisure destination as well as a place to plug in and work. This combination is proving effective in attracting even more...

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Investor appetite “remains strong” for pubs

25th July 2023

Investor appetite for pubs “remains strong” despite ongoing industry headwinds, according to a new report. More opportunities will emerge for the pub sector once market conditions improve, advisor Christie & Co has said in its mid-year pub and restaurant review. The firm said that the sector’s resilience is being driven by its “solid headline performance”, underpinned by the public’s “unwavering desire” to head to the pub. Christie & Co said that despite some underlying corporate activity from Stonegate and Whitbread in recent months, the independent market is driving market activity and the firm experienced an increased demand for leasehold pubs. It is not the same story for the restaurant sector, however, which still “remains tough”. Christie & Co said this was particularly difficult regarding leasehold opportunities, with high streets and leisure parks worst hit. The report found that instructions picked up by 19% during the first half of 2023 from a historic low at the start of the year, with a 6% increase in leasehold deals. The firm found that 80% of deals were conducted within the independent market, with cash transactions making up 86% of all accepted offers. There was also a reduction in the time it took for...

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Go karting giant K1 Speed plans UK opening

25th July 2023

The world’s largest indoor go-karting chain is planning to make a UK debut, working with Savills to secure a flagship site in London. K1 Speed was founded in 2003 and operates over 70 sites across 23 US states and seven countries. It has go-karting tracks in Canada, Mexico, Italy, France, South Korea and China. It is also lining up openings in Kuwait and the Dominican Republic. The chain, which offers experiences for casual consumers, competitive racers, and group events, is looking for sites in excess of 40,000 sq ft in size.

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America’s Duck Donuts set for UK debut in Northern Ireland

25th July 2023

American doughnut chain Duck Donuts has signed an agreement to bring its concept to the UK for the first time. The concept has recently secured 11 franchise agreements for a total of 20 shops and a food trailer. This includes an agreement to bring four of its shops across the pond to Northern Ireland. This marks a European debut for the chain as well as a first opening in the UK. Founded in 2007 and headquartered in Pennsylvania, Duck Donuts first began franchising in 2013. It now operates four international stores and 126 franchise sites across the United States and Puerto Rico.

Deals

Superdry closing eight franchised stores

25th July 2023

Superdry is in the process of closing eight of its stores operated by its franchise partner Aldrich Group, the holding company of designer chain Robert Goddard. Since May, the clothing retailer has closed its stores in Ipswich, Luton, Telford, and Lincoln and Stoke-on-Trent. The three remaining closures are planned for later this year, with one in Bury St Edmunds, and the others in undisclosed locations. Superdry’s franchise partnership started in 2017 under the name of AG Super, following a long-standing wholesale relationship with Aldrich Group. The retailer said that the decision to close its franchised stores was unrelated to cost-cutting measures it had announced earlier in the year. A spokesperson for Superdry said: “We can confirm that eight stores operated by our franchisee under licence from Superdry, are in the process of closing. The majority of Superdry’s stores in the UK are operated directly by Superdry and there are no plans to close any of them at the present time.” Superdry called in advisers in March after multiple profit warnings, and withdrew its profit guidance for its 2023 financial year in April after a period of slower-than-anticipated growth.

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First Amazon till-less grocery store closes

25th July 2023

Amazon has shut the doors to its first till-less grocery store in the UK just two years after they opened. Amazon Fresh in Ealing Broadway closed alongside two other sites, in Wandsworth and East Sheen, over the weekend. Having opened in March 2021 during the COVID pandemic lockdown, the Ealing Broadway store was the first of Amazon’s ‘just walk out’ concept in the UK. The design allowed customers to scan a code on a smartphone app which would automatically bill them when they left the store. While Amazon said it was assessing its portfolio of stores, the opening of new outlets is likely. “While we decided to close three Amazon Fresh stores, it doesn’t mean we won’t grow – this year, we will open new Amazon Fresh stores to better serve customers in the greater London area”, Amazon said.

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‘Home of the Titanic’ hotel sale price revealed

25th July 2023

The selling price of a Liverpool hotel known as the ‘Home of the Titanic’ which was rescued out of administration has been revealed. In May, it was reported that the Grade II-listed site at 30 James Street had been acquired by German group RIMC Hotels & Resorts for an undisclosed price. However, a newly-filed document by administrators Moorfields Advisory with Companies House has shown that the hotel was bought for just over £5.5m. It said that £4m has been paid so fair with a further £1.2m to be paid later, however not in full. Completed in 1896 and once the home of the White Star Shipping Line, the 63-bedroom hotel houses a bar and restaurant, a grand hall, and a spa. The hotel opened in 2014 under the management of Signature Living but fell into administration as a result of issues with the developer group. It was then put up for sale in both 2019 and October 2021 – when an asking price of £12.5m was not met. At the time of the sale, Duncan Gray, managing director of RIMC UK, said: “We are delighted to have acquired 30 James Street as our first UK acquisition and plan significant investment...

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Hair and beauty workspace to open second UK site in Birmingham

25th July 2023

An American flexible hair and beauty workspace company is set to open its second UK site in Birmingham. Phenix Salon Suites allows hairdressers, barbers, and beauticians to take retail space on a non-permanent basis. It currently has one UK site in Manchester. The company has invested £1.3m into the 6,400 sq ft site at Two Snowhill which will accommodate 33 business units. It is due to open later this year. Facilities will include sinks and chairs for hairdressers and barbers as well as storage trolleys and beds for beauty therapists and nail artists. A breakout room, kitchen, on-site laundry room and 24/7 access via an intercom system will also be available to tenants. The Californian company was launched in 2007 and operates over 350 locations in the United States. It first came to the UK when it opened in Manchester last summer. Phenix Salon Suites managing director for the UK and Europe, John Gillespie, said: “Birmingham has a renowned reputation for its vibrant mix of hair, beauty and wellness professionals and we’re thrilled to be building on the phenomenal success of our Manchester site and offering something exceptional within this incredible city. “We understand the challenges hair and beauty professionals...

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Dobbies Garden Centres welcomes new CEO

25th July 2023

Dobbies Garden Centres has appointed David Robinson as chief executive officer, to replace the outgoing Graeme Jenkins. He joins from Pets at Home, where he was chief operating officer and played a role in the business’s success over the last four years. Robinson has also previously worked at Home Retail Group as chief operating officer, led the digital transformation at Argos, and taken charge of commercial operations at the Homebase executive team. Former CEO of Dobbies, Graeme Jenkins said: “After seven transformative years, I am delighted that David has taken over the reins as CEO. I am confident he will take the business through its next stage of growth and I wish him and the team the very best for the future.” Jenkins leaves Dobbies to pursue other opportunities after seven years as both chief financial officer and CEO. David Robinson said: “I am thrilled to be joining Dobbies. The UK is passionate about its green spaces and there has been a boom in how we appreciate and enjoy our gardens in the past few years. I have certainly become a keen gardener myself so I am looking forward to being closely involved with the sector. “Dobbies is a special...

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The Boulevard designer outlet welcomes retailer expansions

25th July 2023

A number of retailers at The Boulevard Designer Outlet in Banbridge, Northern Ireland, are set to expand their store footprints after signing new deals. Mountain Warehouse will be extending the size of its store to 3,552 sq ft as it adds the Animal surf brand, which it acquired in 2021, to its offering. Levi’s has also expanded, with the clothing brand recently moving to a 50% larger store in a more prominent location, while Toytown has also expanded to incorporate its baby and nursery range. The Boulevard said the signings represent a strong level of confidence in the scheme, which is run by asset manager Lotus Property. It added that a number of other brands are also set to announce leasing extensions in the coming months. Chris Nelmes, retail director at The Boulevard, said: “We are extremely encouraged by the steady stream of retailer expansions and investments at The Boulevard in recent times. Our stores have been recording excellent sales figures, many higher than the industry average thanks to the high volume of footfall from both northern and southern Ireland, a unique benefit given our convenient location on the main Belfast to Dublin motorway.” Alastair Coulson, managing director at Lotus...

Deals

Mike Ashley targets £50m Leeds outlet centre deal

25th July 2023

Mike Ashley has put forward a bid of almost £50m to snap up an outlet shopping centre on the outskirts of Leeds. The retail mogul and Frasers Group owner has targeted an acquisition of Junction 32 near Castleford, The Times has reported. The Landsec-owned scheme spans 250,000 sq ft and is home to 100 stores, including outlet shops for retailers such as Nike, Adidas, and Barbour. It also hosts Frasers-owned brands Jack Wills and Sports Direct. Landsec purchased Junction 32 in 2017 from Hermes Investment Management, along with two other outlet centres for a total consideration of £333m. It was put on the market over the winter as it does not fit within Landsec’s latest strategy of focusing on London offices, big retail destinations, and mixed-use urban destinations. A spokesperson for Landsec told The Times it was “considering various acquisition and disposal opportunities that make financial and strategic sense to the business”. In March, Ashley’s Frasers Group snapped up The Mall in Luton and the Overgate Centre in Dundee.

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Greggs takes off at Gatwick

25th July 2023

Greggs has opened its first shop in a London airport at Gatwick’s South Terminal, as the bakery chain looks beyond the high street. The 1,600 sq ft shop is Greggs’ eighth airport location as it aims to hit its target of opening 150 net new stores in 2023. The Gatwick launch follows on from a number of recent openings in key UK transport hubs, including at Glasgow International Airport, Shepherds Bush Underground Station, and Canary Wharf Station. Located at the South Arrivals section of the airport, Greggs at Gatwick Airport will be open 24 hours a day and sell the chain’s full menu. Tony Rowson, property director at Greggs, said: “Our versatile shop formats, new digital channels and relationships with our franchise and wholesale partners have enabled us to adapt our offering and expand in many new locations such as supermarkets, shopping centres and key transport hubs, like the Gatwick Airport.”

Deals News

Bloobloom to open on the King’s Road

24th July 2023

Bloobloom is set to open its latest store at Chelsea’s King’s Road in August. The French eyewear designer is set to open in a 400 sq ft store at No.33, as it continues its expansion across the UK. As well as the brand’s range of eyewear, the store will also offer customers walk-in eye examinations, adjustment and repair services, and style advice. The opening is the retailer’s fifth in London in 2023, bringing its total number of stores in the capital to seven. Abbas Manai, co-founder of Bloobloom, said the area is surrounded by the brand’s “ideal demographic” and described the King’s Road as “one of the most iconic streets for culture and fashion”.

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