Posts from April 2024

Restaurant operator TGI Fridays has reached an agreement with its largest franchisee for an all-share merger. Under the agreement, the franchisee Hostmore will pay £177m with its shareholders holding 36% of the combined business’s shares, whilst TGI Fridays’ shareholders will hold the remaining 64%. Hostmore said the combined group would have significantly increased scale, as well as improved strategic, operational, and financial flexibility. In the 2023 financial year, the combined group would have had made an underlying revenue of approximately £490 million. Stephen Welker, chair of Hostmore, said: “I am pleased to announce that we are in advanced discussions with TGI Fridays on the terms of a proposed transaction, which would reunite two businesses that are a natural fit, and were one business until as recently as 2014.” He added: “This acquisition would give us the scale and flexibility to accelerate our existing strategy and enhance the financial outlook for Hostmore and scope for shareholder returns, while also strengthening our ability to provide an exceptional guest experience by harnessing our distinctive, trusted brand as the home of celebrations. We look forward to presenting our existing and new shareholders with the opportunity to participate in the significant value creation potential of the...

News

Chopstix and Haven Holidays team up for first ‘eat-in’ restaurant

Pan-Asian quick-service restaurant brand Chopstix and its franchise partner Haven Holidays have opened their first-ever ‘eat-in’ restaurant together. Located at Haven’s Thornwick Bay site in East Yorkshire, the four-walled concept follows on from successful modular Chopstix units at the Presthaven, Haggerston Castle, and Craig Tara holiday parks. Chopstix and Haven said the opening of a traditional seated restaurant concept is an important step for the partnership, with both brands exploring future rollouts across the Haven estate. As with previous sites, full management of the Thornwick Bay restaurant will be overseen by Haven, with all team members undergoing a full induction. Expansion through franchise partnerships has been a decisive factor in Chopstix’s growth, which has secured a number of high-profile agreements with food and beverage operators over the last two years. The company is aiming to become the largest Asian-inspired quick-service restaurant in Europe, with a long-term ambition of 300 sites by 2027. Sam Elia, co-founder and director at Chopstix, said: “We’re thrilled to be opening a traditional Chopstix site with seating at Haven’s Thornwick Bay park, the first of in this format to open with the franchisee. The fact Haven is confident in adding this traditional format site to its current...

Deals News

Superdry to slash rents on 39 stores in restructuring plan

Superdry is to cut rents on 39 of its stores under a restructuring plan described by the retailer as a “key element” of its turnaround. The proposals would also “compromise” Superdry’s business rates liabilities, and affect amendments to its existing debt facility agreements with its principal lenders, Bantry Bay and Hilco. Superdry said the restructuring plan is expected to produce material cash savings from rent and business rates reductions over a three-year period. The clothing retailer said that should the restructuring plan not come into effect, it would need to enter into administration or an equivalent insolvency process. Superdry is also set to undertake an equity raise worth up to £10m, supported and underwritten by its co-founder and CEO Julian Dunkerton. The retailer also announced its intention to delist from the London Stock Exchange, where it has traded since 2010. Peter Sjӧlander, Superdry chairman, said: “The board has spent a lot of time engaging with Julian Dunkerton to come up with a plan which gives the business the best possible prospects for the long term while protecting the interests of shareholders and other stakeholders to the greatest extent possible. The business has faced extraordinary external challenges and, while good progress...

News

Margaret Dabbs selects King’s Road for seventh London clinic

The Sloane Stanley Estate is set to welcome beauty and wellness brand Margaret Dabbs to Chelsea’s King’s Road for its seventh clinic in London, and its 14th internationally. Taking a 824 sq ft corner unit at 325 King’s Road, the store will boast a large ground floor retail space showcasing a range of Margaret Dabbs’ products. Opening in May, the clinic will also offer a number of clinical treatments including medical pedicures from qualified podiatrists, anti-aging manicures, and beauty pedicures. The renowned brand will join an array of beauty and wellbeing names on the Sloane Stanley Estate, including Facegym, Blink Brow Bar and Duck & Dry, and will also complement nearby occupiers such as Azteca, Beaufort House, and Bluebird. Hannah Grievson, property director at Sloane Stanley, said: “Margaret Dabbs London is not only a leading name within its field, but Margaret herself is a fantastic entrepreneur, and it’s exciting to have her knowledge and expertise on King’s Road. She will deliver a premium, luxury service that will be transformative for our visitors, and enables us to enhance our wellness and beauty offer which we know is a huge area of interest for the community of Chelsea.” Margaret Dabbs OBE, founder...

Deals

Rupert Sanderson steps into Great Portland Street

The Crown Estate has welcomed British footwear brand Rupert Sanderson to Great Portland Street, Fitzrovia, following its relocation from Mayfair. Spanning 925 sq ft, the flagship store comprises a showroom and boutique, with a working studio and offices on-site. The retailer will join a number of cultural brands in the area, including the likes of Donne Gallery, Rhodes Contemporary Art Gallery, and Nuru Ratnam. Rupert Sanderson, owner, said: “After 18 wonderful years on Bruton Place, it was time to explore a new area. Taking what we’ve learnt and what we love with us, I am delighted to be opening a larger premises with a little more exposure and a lot more space.” Richard Ellwood, head of customer partnerships and marketing at The Crown Estate, added: “Rupert Sanderson’s commitment to excellence and quality is the perfect fit for Great Portland Street and our wider portfolio in the capital. We are always looking to curate our retail offer to best serve the millions of overseas and domestic visitors with a keen eye for beautiful British design, making this compelling brand a natural addition to the West End.” The news follows a number of lettings across The Crown Estate’s portfolio towards the end...

Deals News

Newcastle’s Eldon Square revamp plans green lit

Newcastle’s Eldon Square is set to be redeveloped to create new leisure attractions, after proposals were green lit by Newcastle City Council. Under the proposals, 200,000 sq ft of vacant floorspace will be transformed into a family leisure attraction, offering sports and entertainment, making use of the former Eldon Leisure Centre site. The venue – which will comprise around 120,000 sq ft of space – is set to offer arcade games, virtual reality, crazy golf, and electric karting, with a national family leisure operator already lined up to manage the centre. In addition, the top floor of the now-vacant Debenhams store will be redeveloped into a cultural space for a mixture of food, socialising, art, and music. Last month, it was revealed that Next will occupy 61,000 sq ft of space in the former department store, with the retailer set to open in November 2024. Once completed, the development is estimated to add about £16m to the city’s economy each year. Speaking at the time of the application’s submission in November 2023, Stephen Patterson, chief executive of NE1, the Business Improvement District company for Newcastle city centre, said: “This is great news for Newcastle, its residents and visitors to the...

News

GPE signs luxury brand represent for Soho flagship

Great Portland Estates (GPE) has signed luxury clothing retailer Represent on a 10-year lease for a new flagship store in Soho. Located at 135/141 Wardour Street, the 5,000 sq ft store, arranged over two floors, will be the retailer’s largest to date. Opening in early 2025, the store will offer a collection of street culture-inspired menswear, and follows on from the brand’s bricks-and-mortar debut in Los Angeles. Represent has signed a 10-year lease for the store, which is located within a five minute walk of Tottenham Court Road’s Elizabeth Line Station. Sarah Goldman, head of retail at GPE, said: “We are thrilled that Represent has chosen 135 Wardour Street for their London debut. This will be their second standalone store worldwide, hot on the heels of their LA opening. Vogue hailed them as the ‘global contemporary brand’ last year, and we have no doubt that the luxury streetwear brand will sit well among the local retail offer adjacent to brands including Supreme, Stussy and Ami; the area’s appeal is clearly fast becoming the key location for all the newest streetwear brands.” Paul Spencer, CEO of Represent, added: “We are excited to launch our London flagship store in the heart of...

Deals News

Martin Property Group acquires Romford shopping centre

Northern Ireland-based Martin Property Group has acquired The Mercury Shopping Centre in Romford. The 243,089 sq ft asset in the heart of Romford Town Centre is anchored by Asda, Poundland, Premier Cinema, Mecca Bingo, and McDonalds. The scheme is also supported by a 998-space car park. Martin Property Group said it has a continued appetite for further acquisitions within the retail sector, alongside the office, residential, and hotel sectors.

Deals

Popeyes appoints acquisitions and estates director to support growth

Popeyes UK has appointed Peter Gibson as director of acquisitions and estates, as the quick-service restaurant brand looks to continue its expansion. This comes after Popeyes said it intends to double the size of its estate in 2024, with plans to open over 30 locations by the end of the year. Gibson joins the company from restaurant chain Chicken Shop, where spent the last two years as property director. He has also previously held the roles of property director at Flat Iron and head of property acquisitions and asset management at Nando’s. Tom Byng, chief development officer at Popeyes, said: “We are delighted to welcome Peter to Popeyes to lead our property acquisition strategy. His experience in the hospitality industry and proven track record of helping some of the biggest restaurant groups across the UK grow makes him the ideal person to take on this important role as we look ahead to an exciting year for Popeyes. “Peter will play a critical role in driving this hyper-growth phase of the business’ history, and delivering on our aim to take the total number of Popeyes UK restaurants to over 60 by December this year.”

News

Covent Garden welcomes trio of independents

Shaftesbury Capital has signed a trio of independent brands to its Covent Garden portfolio, with one making its UK bricks-and-mortar debut. Luxury French candlemaker Trudon will open its first store in the UK at Seven Dials this June. Founded in 1643, Trudon is the world’s oldest active candlemaker and also offers a range of perfumes, diffusers, and room sprays. The store will be located on Monmouth Street, joining fellow artisan and heritage brands Aesop, Kiehl’s, Le Labo, Miller Harris, Pierre Herme Paris, and the recently announced beauty brand Elemis, which will open its first standalone store in London this spring. Also opening at Covent Garden is London-based piercing studio and jewellery retailer Metal Morphosis. The 30-year old business has a star-studded client base, having serviced the likes of Naomi Campbell, Kate Moss, and Millie Bobby Brown. The new studio will offer a number of bespoke services including fine line tattoos, with clients able to book guest piercers and tattoo artists who will host monthly exclusive sessions. Meanwhile, hair extension specialists Hadley Yates has opened a new upsized and relocated studio on Shelton Street, following previous success within Seven Dials. The announcement follows the recent news that Swedish footwear brand Axel...

Deals News

First new build investment opportunity on Oxford Street West for over 20 years hits market

Hines has placed the first new build investment opportunity on London’s Oxford Street West for over 20 years on the market, with an asking price of £43,750,000. Sitting across from Bond Street Crossrail Station, Oxbourne House is a mixed-use asset comprising 5,228 sq ft of prime retail space and 7,669 sq ft of residential accommodation. The retail unit is arranged across the lower ground, ground, and first floors, and is currently let to fashion brand Manière De Voir until 2033 at a rent of £1.45m per annum. The residential section comprises 11 purpose-built apartments across four floors, with a current passing rent of £567,840 per annum. Oxbourne House was newly-developed by Hines in 2021, with the design prioritising long-term environmental sustainability and energy-use optimisation. The building is all-electric and achieved a commercial EPC rating of ‘B’. Savills and Knight Frank have been appointed to market the property.

News

New owner looks to breathe life into Brighton’s historic Imperial Arcade

Brighton’s historic Imperial Arcade has been acquired by local property investor and developer Moretons Investments. The asset – which dates back to 1923 – is a short walk from the seafront and located in close proximity to Churchill Square Shopping Centre. Moretons Investments said it is eager to revitalise Imperial Arcade, which has experienced a decline over the last few years. The group will be collaborate with local architects, planners, the council, and other professionals in an effort to transform the asset. Michael Blencowe, director of Moretons Investments, said: “Moretons Investments are thrilled to embark on this journey and excited about the positive impact it will have on consumers and residents alike. We aim to breathe new life into the Imperial Arcade, making it an exciting venue for the entire community to enjoy once again. “While plans are still in the early stages, Moretons’ vision includes creating a vibrant commercial space within the Arcade itself, complemented by luxurious residential accommodations, maximising the location’s potential.”

Deals News

Investment giant Blackstone snaps up £230m worth of New Bond Street retail space

American investment management company Blackstone has acquired £230m worth of retail space on London’s New Bond Street. The New York-based asset manager has snapped up 31,000 sq ft of space at 130-134 New Bond Street, The Times reports. The unit is currently let to luxury watchmakers Breitling and Audemars Piguet, as well as shoemaker Church’s. Smythson, the stationer, recently vacated the unit in a bid to cut costs. New Bond Street is the UK’s most expensive street for prime retail rentals, according to Cushman & Wakefield, and is ranked second in Europe behind Via Monte Napoleone in Milan. It is home to brands such as Burberry, Cartier, Chanel, Gucci, Prada and Valentino. Blackstone – which owns offices, warehouses, and country clubs in Britain – has typically avoided investing in the British retail sector. James Seppala, head of real estate in Europe at Blackstone, told The Times: “There are certain streets around the world, whether it’s Rue Saint-Honoré in Paris or Via Monte Napoleone in Milan or New Bond Street in London, which have seen really consistent occupier demand. “Luxury brands and retailers have really focused on expanding their footprints across some of these locations [where space] is finite. These streets only...

Deals News

White Stuff opens at Ashford’s McArthur Glen Outlet

White Stuff has opened an outlet store at McArthur Glen Designer Shopping Outlet in Ashford, Kent. Located nearby to M&S and Barbour, the 1,300 sq ft space offers a range of the fashion retailer’s womenswear and menswear, including made-for-outlet exclusives. This comes as the retailer continues to expand in more shopping centres, retail parks, and city centres, with the brand recently opening a flagship store at Liverpool ONE. Chris Finch, area manager of White Stuff, said: “We are looking forward to welcoming customers into our new outlet in McArthur Glen, Ashford. The Designer Outlet is the perfect new home for White Stuff and has become a top destination for shoppers looking for unique pieces in the South East. Our new outlet store will offer shoppers our signature designs and high-quality fabrics at excellent prices.” White Stuff currently operates 114 shops nationwide, including 10 outlet stores and 36 concessions.

Deals News

Bagel Factory leads trio of food and beverage signings at Liverpool ONE

Bagel Factory is set to make its Liverpool debut, leading a trio of food and beverage signings at Grosvenor’s Liverpool ONE shopping centre. Opening a kiosk on Wall Street later this month, Bagel Factory will offer a range of bagel choices including savoury, sweet, gluten free, and vegan. The operator, which has recently become halal-friendly certified, looks to source high-quality ingredients to produce a fresh and healthy offering. Liverpool ONE has also welcomed the return of The Bus Yard to Chavasse Park, which has opened its pop-up at the scheme for the third time. Operating out of a converted vintage Bedford Truck bar, the pop-up will offer a range of food and drinks to be enjoyed al fresco, including cocktails, until August. The scheme will also welcome Liverpool-based street food vendor Big Kahuna to Wall Street, adding its Thai cuisine food truck to Liverpool ONE’s F&B offering. Rob Deacon, asset management director at Liverpool ONE, said: “Liverpool ONE continues to be the destination of choice for brand’s launching debut sites in the city. The Bagel Factory’s commitment to Liverpool ONE, coupled with the third return of The Bus Yard and Big Kahuna’s pop-up, demonstrates the diverse range of F&B we...

Deals News

Great Portland Estates secured £7m worth of retail deals last year