Posts from October 2023

Wagamama owner to be taken private with £506m takeover

12th October 2023

The group behind Wagamama is set to be taken private following an agreement with an investment vehicle owned by asset manager Apollo Global Management. The Restaurant Group’s (TRG) board has recommended an offer of 65p a share to shareholders, valuing the group’s share capital at £506m with a total enterprise value of £701m. The group has been listed on the London Stock Exchange since 1969. According to a statement from TRG, Apollo has followed the group for many years and believes it is a “high quality and leading company in the casual dining market with an attractive portfolio of concepts and brands”. It added that Apollo believes that TRG’s development will be best served under private ownership, with access to capital and the benefit of a long-term investment approach. The TRG Board said it believes the value represented by the acquisition will provide a superior outcome for shareholders compared to the continuation of its independent strategy. In September, TRG agreed the sale of its “loss making” leisure business, which includes the Frankie and Benny’s and Chiquito chains, to rival Big Table Group for £1. The sale comprised the business’s 75 sites as well as its associated management and restaurant teams...

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Arc’teryx gears up for Covent Garden upsize

12th October 2023

Canadian outdoor apparel and accessories brand Arc’teryx is set to upsize its Covent Garden store, Shaftesbury Capital has announced. Taking a 8,000 sq ft unit at 42 King Street, the retailer’s upsize represents a 400% increase of its current footprint within the London destination. Arc’teryx will sit adjacent to the Covent Garden Piazza, alongside retailers such as Glossier, Apple, and Aesop. The store will offer a range of technical gear, footwear, and accessories for a number of outdoor sports, including mountaineering, climbing, hiking, and skiing. The retailer’s current store at 49 Long Acre – which opened two years ago – will remain open until early next year, when the new store launches. Michelle McGrath, executive director at Shaftesbury Capital, said: “Arc’teryx is a leader in the outdoor performance wear sector and having seen a strong performance from their first store in Covent Garden, we are excited to welcome their new enlarged concept on King Street. We always strive to identify opportunities where we can support high growth retailers within our portfolio and the investment in a larger flagship store demonstrates our approach in providing opportunities for existing tenants, as well as new.” The news of follows the recent launch of footwear...

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Frasers Group becomes Boohoo’s biggest shareholder

12th October 2023

Mike Ashley’s Frasers Group has become the largest shareholder of online fashion retailer after upping its stake in the company to 13.4%. The retail group, which owns brands such as Sports Direct, House of Fraser, and Flannels, previously held a 10.4% stake in Boohoo. Frasers Group first invested in the retailer earlier this year, and has been incrementally increasing its holding in the company over the last few months. The group leapfrogged Boohoo’s founder Mahumd Kamani as the largest shareholder, who controls 12.5% of the company. Boohoo’s other major shareholders include Norges Bank, Camelot Capital Partners, Ocorain and Jupiter Asset Management. The investment is characteristic of a group which over recent times has made large numbers of acquisitions, having recently made a £75m investment in electrical retailer AO World and an increase in its stake in Boohoo rival ASOS. Frasers Group previously said it sees potential synergies between Boohoo and its other brands including I Saw It First and Missguided. This comes after Boohoo’s shares fell to their lowest level since 2015 following the publication of its half-year results. Earlier this month, the retailer posted a loss before tax of £26.4m for the six months to the end of August 2023, compared to...

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Selfridges enjoys higher revenue but still faces losses

11th October 2023

Selfridges has posted an increase in revenue for the year ending 28 January 2023, as losses narrowed for the department store chain. During the period, Selfridges’ revenue increased by 29% to £843.7m, according to documents submitted to Companies House. The chain’s operating profit reached £38.9m, up from an operating loss of £38.1m the previous year. However, Selfridges’ net loss during the year was £38.9m, compared to a net loss of £83.9m the prior year. The chain – which operates four stores across the UK and Ireland – said the uptick in performance was due to the increase in footfall and sales, particularly in its London and Manchester Exchange Square stores. Selfridges said it plans to use investment across its digital channels and stores to drive its future growth. Last year, the department store chain’s former owners, the Weston family, reached an agreement to sell Selfridges Group for around £4bn.

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Greggs has busiest quarter for drive-through openings

11th October 2023

Greggs has had its busiest quarter (ending 30 September) for drive-through openings, with six new locations joining its estate. The bakery retailer has opened drive-through outlets at Denington Road in Wellingborough, Arnhall Business Park in Westhill, Logistics North in Bolton, Moore Lane South in Widnes, Silkwood Park in Wakefield, and The Stack in Dundee. Greggs’ property team said that more openings are coming before the end of the year. The chain is continuing to target roadside opportunities, as it looks to expand out of towns and suburban locations. According to a requirements brochure, Greggs is looking for stand-alone units which are 1,800 sq ft in size with good roadside visibility. Ideal properties would have dedicated or shared car parking with a typical site area of between 0.5 and 0.7 acres. The chain is looking for locations at retail and leisure parks, petrol filling stations, food stores, business parks, industrial estates, and shopping centre car parks.

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Marston’s “on track” for target of 50 franchised pubs

11th October 2023

Marston’s has said it is “on track” to hit its target of 50 food-led franchised pubs by the end of the 2024 financial year. The pub group operates 714 drinks-led pubs under its franchise-style model, and began trialling the same system in 19 food-led sites. It said that sales growth in these pubs had exceeded its broader food business. During the year, the group generated £55 million of non-core pub disposal proceeds. It said it has concluded a further strategic assessment of assets and in the next financial year it expects to dispose of around £50 million of additional non-core properties. In March, Marston’s put 61 pubs on the market, as it looked to focus on maximising returns within its core estate. Marston’s said that looking ahead, the combination of its strategy and the principally suburban location of its pub portfolio positions it well to withstand the challenging consumer environment. It added that its disposal of non-core pubs ensures it has a portfolio of well-invested pubs. This comes as the pub group releases a trading update for the year to 30 September, during which the operator recorded an increase in like-for-like sales of 10.1% compared to the previous year. Marston’s said...

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Travelodge launches Popeyes partnership as it targets 300 new hotels

11th October 2023

Travelodge has entered a sublet agreement with Popeyes Louisiana Chicken, as the hotel chain eyes a long-term target of 300 new sites. The restaurant brand has already opened one of its first UK drive-through sites at the Northampton Upton Way Travelodge site. Under the agreement, Popeyes has joined the Travelodge mixed-use development partnership portfolio, following in the footsteps of operators such as Starbucks, Subway, and McDonalds. Other retailers the hotel chain has partnered with include supermarkets such as Tesco, Sainsbury’s, M&S, Aldi, Lidl, and Waitrose. Currently, over a third of Travelodge hotels are located within a mixed-use development scheme, alongside household retailers. Travelodge said it is keen to further its development brand partnerships as part of its expansion plans, as it aims to open a further 300 hotels across the country. Of the locations where Travelodge is actively looking to open, 120 currently do not have a Travelodge hotel, whilst 50 sites do not currently have a branded budget hotel. Steve Bennett, chief property and development officer at Travelodge, said: “We are constantly looking at new and innovative ways to develop our estate and enhance the customer journey. We have experience of working with major retailers and hospitality companies to help...

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Afrikana opens second London location at The O2

11th October 2023

Afrikana has opened its second London restaurant and its 15th in the UK at The O2‘s Entertainment District. Sitting adjacent to Las Iguanas and iFLY Indoor Skydiving, the African-inspired concept has taken a 1,992 sq ft unit, its second in the capital alongside its restaurant in Dalston. The restaurant’s interior and menu look to capture African cultural heritage with a modern twist, with its menu offering dishes such as grilled chicken, curries, and burgers. As well as its two London locations, Afrikana also operates restaurants in Manchester, Birmingham, Cardiff, Leicester, and Glasgow. It has joined over 30 bars and restaurants at The O2, including Chipotle, German Doner Kebab, Five Guys, Marugame Udon, and ASK Italian, as well as a number of leisure operators, including TOCA Social, Boom Battle Bar, Mamma Mia! The Party, Hollywood Bowl, and Oxygen Freejumping. Janine Constantin-Russell, managing director at The Entertainment District and Outlet Shopping at The O2, said: “Afrikana is a fantastic addition to The O2, delivering a friendly and vibrant offer for visitors. Hosting the brand’s second location in London is a testament to the opportunities that we can provide for independent operators, and once again reinforces the appeal of our destination.” The opening...

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BII calls for further investment in pubs ahead of Autumn Statement

11th October 2023

The British Institute for Innkeeping (BII) has written to the Chancellor calling for greater support for pubs ahead of November’s Autumn Statement. This comes as the organisation reveals that only half of pubs are profitable, according to a survey of its members. Whilst two-thirds of respondents reported trading at back-to-normal or increased levels over the past year, only 50% of these have made a profit. The BII said that pubs have seen significant cost increases driven by high inflation as well as “inflated and unfair” energy prices. In a letter to the Chancellor Jeremy Hunt, BII chief executive Steve Alton called for an immediate extension of business rates relief for another year, and a “fairer” and more proportionate level of taxation. This includes lower VAT for pubs and hospitality venues. The letter said that “investment will be paid back through growth in every community”. Alton’s frustrations regarding business rates echo the views of a number of leading retailers including Tesco, M&S, and B&Q, who called for a freeze on the business rates multiplier in September. The BII has also launched the #MyPub campaign, calling on licensees to write to their local MPs and ask for their backing for the continuation of the...

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Manahatta to bring New York to Newcastle

11th October 2023

Bar group Arc Inspirations is set to open its second Newcastle venue in November. Opening on the 18th, New York-inspired Manahatta Newcastle will launch in the Grade II-listed former bank on Collingwood Street. Offering a total capacity of 450 covers, the venue will feature a second bar on the mezzanine floor with availability for parties and private functions. Manahatta Newcastle will join the existing Arc Inspirations venue Banyan bar, which opened in the city in 2019. Martin Wolstencroft, chief executive at Arc Inspirations, said: “Manahatta is the perfect match for Newcastle, a city known for its bustling nightlife and restaurant scene. “We’re so excited to be opening here following the success of Banyan and we know it’s going to be the ideal place for locals and people visiting Newcastle to gather, celebrate, and make memories.” Arc Inspirations recently announced that it would be making its regional debut in Nottingham, with the launch of BOX Bar.

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Gelato brand eyes bigger scoop as it targets 40 UK sites

10th October 2023

Italian Gelato brand Badiani is actively seeking sites in all areas across London as it looks to hit a long-term target of 40 UK stores. The chain – which currently operates 14 UK stores including 10 in London – is seeking suitable locations in excess of 600 sq ft. Founded in Florence in 1932, Badiani plans to operate 20 stores in the capital, with Oxford and Cambridge priority locations for next year. The chain trades from high street locations, kiosks, and food vans. Its menu includes gelato served in boxes, cups, and cones, as well as cakes, semifreddo, crepes, hot chocolates, and coffees. Richard Wassell of Twentyretail has been appointed to find suitable locations.

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Tiger Woods and Justin Timberlake on course to open UK sports bar

10th October 2023

Golfing legend Tiger Woods and pop star Justin Timberlake have teamed up with the aim to open a luxury sports bar in St Andrews. The pair are shareholders in real estate firm Nexus Luxury Collection, which is leading the development. Under the proposals, which are subject to approval from councillors, the New Picture House cinema will be redeveloped to accommodate golf simulators, duckpin bowling, and darts, and will also screen sporting events. If the plans go ahead, the cinema will retain one screen for theatrical releases. The venue would be the duo’s second ‘T-Squared Social’, following the concept’s debut in New York City last month. Woods said that the idea came to fruition when the pair went golfing in the Bahamas. “Justin and I thought it would be cool to create a place that combines our favourite things and brings people together to just have a great time”, he said. David Morris, managing director of the New Picture House, said: “Since opening for the first time in 1930, the New Picture House has been an integral part of the town’s entertainment base. The planned T-Squared Social investment will enable the local community, students and visitors, the opportunity to experience a...

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Poppies to open fourth London chippy

10th October 2023

Poppies, the London-based fish and chip restaurant, is set to open its fourth location in the capital on the Portobello Road. The 807 sq ft restaurant will open in December, joining Poppies’ existing locations in Spitalfields, Soho, and Camden. The 64-cover restaurant will look to provide a cosy and nostalgic atmosphere and will be designed with the site’s former residents in mind, with wooden panelling remaining from its time as a bank and signage from its previous occupancy as a butchers. There will also be a number of retro touches and tributes to Poppies’ founder – the late Pat ‘Pop’ Newland. His son, Danny, said the restaurant couldn’t “leave West Londoners without decent Poppies fish and chips any longer”. “Poppies, like Portobello Road, is dedicated to preserving London’s rich traditions and history which makes it the perfect fit”, he added.

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Camden’s Koko venue to reopen next spring after £70m revamp

10th October 2023

Camden-based music venue Koko is set to reopen in spring 2024 after undergoing a revamp worth £70m. The venue – which has previously been known as the Camden Palace and the Camden Hippodrome – closed in March 2019. Included in the redevelopment is a four-storey upwards extension, taking the venue’s total size to 50,000 sq ft, as well as the creation of a pizzeria and tap bar, a rooftop terrace, and a cocktail bar. The venue has also expanded into two neighbouring buildings, a disused factory and the former Hope and Anchor pub. A small performance area has been created out of space discovered during renovation and will be known as the Sky Tower, allowing fans to watch the stage from an elevated gallery. In January 2023, the reopening of the venue was pushed back following a fire which damaged part of its roof. “It’s been a challenging two years since the fire and then rolling straight into the pandemic, so to be on the last stretch and looking forward to launching next spring is obviously a great moment for my team and everyone at Koko”, the venue’s chief executive Olly Bengough told the Evening Standard.

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Asda begins Co-op forecourt conversions

10th October 2023

Asda has begun the programme of converting 116 convenience stores and petrol stations it acquired from the Co-op Group to its Asda Express convenience brand. The supermarket retailer has now rebranded 11 sites, with the remaining 105 expected to be converted to the Asda Express brand by the first quarter of next year. Asda acquired the sites last year in a deal worth £438m deal as part of its long-term strategy to become the UK’s second largest supermarket. The deal received approval from the Competition and Markets Authority in June, after Asda agreed to divest 13 sites to satisfy competition requirements. The newly-converted stores opened all over the UK, including in Yorkshire, Leicestershire, Lancashire, Somerset London, Scotland, and Devon. In addition to the recently converted Asda Express stores, the supermarket retailer currently has three standalone Express stores in Sutton Coldfield, Tottenham Hale, and Calne. Sites in Manchester Oxford Road and Romford Station are due to open in the coming months. Asda has also confirmed that its acquisition of EG Group’s UK convenience estate is on track to complete in the final quarter of the year.

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The Lexicon welcomes eight new lettings

10th October 2023

The Lexicon shopping centre in Bracknell – which is owned by a joint venture between Schroders Capital and Legal & General Capital – has secured eight new lettings. The Bracknell scheme has signed the retail and food and beverage operators for a combined 23,500 sq ft of space. Thai restaurant Giggling Squid opened in a 4,750 sq ft unit earlier this summer, whilst Danish retailer Søstrene Grene and Robert Dyas have taken 6,000 sq ft and 4,000 sq ft of space respectively. Five Guys has opened it first restaurant in Berkshire, taking a 3,500 sq ft unit, whilst Pan-Asian eatery ChopStix has signed a ten-year lease for a 2,000 sq ft unit. German Doner Kebabs has also opened in a 2,000 sq ft unit on the high street, whilst Mexican restaurant chain Tortilla has opened a 700 sq ft outlet. Also opening at The Lexicon is Mr Simms Sweet Shop, which has signed a ten-year lease for a 500 sq ft unit. Alongside the new singins, The Lexicon has also completed a number of lease renewals and regears with existing occupiers including Fat Face, Mountain Warehouse, Flying Tiger, Timberland, Clintons, Costa, L’Occitane, and New Look. Tom Woolven, asset manager at...

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The Caviar Bar to debut at Medici Courtyard

10th October 2023

The Caviar Bar is set to open its debut location at Great Portland Estate’s (GPE) Medici Courtyard development, near Mayfair’s Hanover Square. Taking a 700 sq ft mezzanine unit, the seafood restaurant will offer a day-to-night dining experience, as well as a retail element for customers to purchase produce to be enjoyed off-site or given as gifts. As well as a selection of caviar, the restaurant will offer oysters, sushi, small plates, and seafood platters, whilst the drinks list will comprise a selection of wines, champagne, and premium sprits. The Caviar Bar will join the mixed-use Hanover Square development later this year, one of the first public courtyards to open in Mayfair in over a century. It will join a number of premium names at the development including Bang & Olufsen, Canali, Pronovias, Opera Gallery, Seiko, and Moyses Stevens, as well as WatchHouse coffee house and The MAINE restaurant, which are located in the heart of the newly-created Medici Courtyard. Sarah Goldman, head of retail at GPE, said: “Adding The Caviar Bar to our retail offering within Hanover continues to establish Medici Courtyard as a luxury retail and dining destination, on the doorstep of Bond Street and the Elizabeth Line...

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Manchester Council searches for regeneration partner

10th October 2023

Manchester Council is seeking a partner for a transformative 15-year development plan for Wythenshawe town centre in south Manchester. The plans aim to rejuvenate the 1970s Civic Shopping Centre and surrounding areas, converting them into a net-zero carbon commercial and cultural space, introducing new shops, a public square, and approximately 1,600 new homes. Following the acquisition of Wythenshawe Civic Centre in 2022, the Council engaged in consultations with local residents and businesses, receiving positive feedback. The selected partner will take a lead role in managing the existing shopping center and exploring redevelopment possibilities on Council-owned land, covering over 7.57 hectares. Savills has been enlisted by Manchester City Council to find a long-term delivery partner, with an expected announcement of the successful team in late spring 2024. Cllr Gavin White, the Council’s executive member for housing and development, said: “We know that the Civic is the heart of the Wythenshawe community and we have the key opportunity here to deliver a once-in-a-generation programme of regeneration – including new affordable housing – that will breathe new life into a vital space for local people. “We are looking for a team that share our long-term ambition for the Civic, who will help drive...

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Greggs opens first café inside Sheffield Sainsbury’s

9th October 2023

Greggs and Sainsbury’s have deepened their partnership with the launch of the first Greggs café within a Sainsbury’s store, located at Sainsbury’s Crystal Peaks in Sheffield. The café, open from 7am-7pm Monday to Saturday and 10am-4pm on Sundays, marks the third collaboration between Greggs and Sainsbury’s after a successful venture on a petrol forecourt in May. Customers at Sainsbury’s Crystal Peaks can now enjoy a selection of Greggs’ favorites, such as sandwiches, bakes, Fairtrade coffee, and sweet treats, with the option to dine in or take away. The partnership plans to expand further by the end of the year, introducing more locations, including petrol filling stations and cafés. Tony Rowson, Property Director at Greggs said: “Our first Greggs café with Sainsbury’s is helping us continue to expand and diversify our retail estate as part of our ambitious property strategy. The opening will allow us to provide Greggs favourites to even more customers, in a format that complements Sainsbury’s Crystal Peaks store.”

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The Lexicon strengthens F&B offering

9th October 2023

The Lexicon, owned by Schroders Capital and Legal & General, has secured a string of new leases strengthening its offering. These new arrivals have taken up a total of 23,500 sq ft of space, bringing the centres occupancy rate to 94%. Giggling Squid leads with a 4,750 sq ft outlet, followed by Danish retail chain Søstrene Grene, ChopStix, German Donner Kebab, Tortilla and Robert Dyas who have set up shop on Braccan Walk. American burger chain Five Guys and Mr Simms Sweet Shop have also joined the lineup, making The Lexicon thier first Berkshire location. Tom Woolven, Asset Manager at Schroders Capital’s Real Estate team, said: “The new recent lettings, along with several exciting new arrivals due to be announced later this year, combined with the plans to further enhance the centre and a host of regular community events will ensure The Lexicon remains a thriving retail destination which continues to attract people from across the Thames Valley and beyond.”

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