Today’s news in brief – 04/10/23
Tortilla revenues grew 22% to £32.7m during the 26 weeks ending 2 July, due to eased cost pressures and increased consumer confidence. However, Adjusted EBITDA decreased from £2.5m in H1 2022 to £1.8m due to the absence of government support received in the prior year. The group also integrated Chilango and implemented technology projects, expecting the full benefit in FY23. Tortilla is currently assessing European expansion opportunities through franchising or acquisitions.
The City Pub Group has acquired two pubs in Soho and Oxford. The Soho pub is a premium freehold investment currently operated as Simmons, which generates approximately £260k in rent per annum. The Plough in Oxford is one of the city’s oldest pubs, which had an annual net turnover of approximately £1.4m in 2022. City Pubs plans to reposition the pub after a modest refurbishment, while maintaining its “unique heritage”. Clive Watson, executive chairman of the group, expressed confidence in the long-term investment potential of both acquisitions.
Consumers in the UK spent 6.5p of each pound on out-of-home eating and drinking between January and July 2023, up from 6.2p in the same period in 2022, according to data from CGA. The figures come from the new Brand Track Plus, which combines consumer out-of-home preferences with card spending data. The tracker also indicated that consumers are still spending on experiences. Restaurants that received the highest levels of consumer spending at brand relative to their competitors include Nando’s, Ego, and Pizza Hut.
Blenheim Palace has reopened its 18th-Century Orangery, following a £2m restoration project. The renovation included replacing the glass ceiling with timber and slate, returning it to its original design. The Orangery has been transformed into a venue for afternoon teas, Sunday roasts, corporate meetings, and weddings. Historic England worked closely with the restoration team to ensure the work remained sympathetic to the original design of the Grade I-listed building.
