Today’s news in brief – 20/09/23

Food hall operator Market Halls reported a remarkable 155% revenue increase to £22m in the year ending July 2023 due to a 40% like-for-like sales growth. EBITDA before company costs reached £2.6m, as sales at their London sites exceeded pre-Covid levels. As a result, the company plans to open two to three new sites annually in major cities and regional hubs across the UK.

Bar group Arc Inspirations reported annual sales growth of 7.5% to £40.8m for the year ending 26 March 2023, despite posting a lower adjusted EBITDA of £3.84m due to rising costs and lack of post-Covid benefits. The strong performance of new sites like Manahatta in Birmingham and BOX in Manchester contributed to the results. Arc Inspirations also appointed Ciara Allan as its new CFO.

CGA revealed that the UK’s top restaurant groups saw year-on-year growth in delivery and takeaway sales for the third consecutive month in August, with revenues from orders increasing 6% on August 2022. This follows 18 months of negative year-on-year trading during lockdowns. While sales have recovered during the summer, deliveries and takeaways now represent a smaller portion of total restaurant sales, accounting for 13% in August 2023 compared to 22% in August 2022. 

Sexy Fish will open a new Manchester venue on 12 October in the former Armani building on Deansgate. The restaurant will offer a daily menu featuring a la carte options, omakase tasting menus and late-night dining, curated by chef director Bjoern Weissgerber. Late-night entertainment will be available on select nights, and there will be a private dining room called The Tropical Reef Room.