Today’s news in brief – 05/12/23

Marston’s swung to a £30.7m loss despite revenues rising 9.1% to £872.3m, due to interest rate hikes and property valuations. Yet, with optimistic Christmas bookings, the pub chain noted encouraging revenue figures. Meanwhile, the group has appointed a new CEO, Justin Platt, effective 10 January. The group’s focus is on reducing debt and aiming for £1bn in sales, expressing confidence in future growth.

The hospitality sector is braced for exacerbated labour shortages due to the UK government’s immigration policy changes. With a significant portion of the workforce being overseas workers, the new salary threshold hike to £38,700 may exclude many skilled workers. UKHospitality and industry voices warn of a shrinking talent pool, foreseeing challenges in recruitment.

Red Oak Taverns has returned to Oaknorth Bank for debt refinancing. The move aims to lower capital costs while maintaining acquisition capabilities. The group expressed gratitude to Hayfin for its support during the acquisition of 31 pubs, including deals with Marstons, Everards, McMullens, and St Austell. 

Relais and Châteaux has removed critically endangered European eel from its menus, urging its 580 affiliated hotels and restaurants to follow suit. This decision aligns with warnings from scientists over the last two decades, highlighting the alarming decline of the European eel. The association, alongside partner Ethic Ocean, has urged EU ministers to heed this call for action, seeking protection for the species. This move parallels their past efforts in preserving Bluefin Tuna stocks and underscores the commitment to sustainability.