Today’s news in brief – 27/08/24

Hydes has reported a “record” turnover of £39.3m for the year ended 31 March, when its overall pre-tax profits also rose from £2.3m to £2.6m. The family-owned business has attributed its performance to investing in refurbishments, the opening of a landmark site on the Wirral, and the growth of contract brewing sales. 

Brakspear’s parent company reported a 9% rise in turnover to £38.6m for the year ended 31 December 2023. Underlying EBITDA was reported as £10.9m, slightly lower than the £11.2m reported for 2022 when the company benefited from a business interruption claim. During the period, the group benefited from a 22% net debt reduction. 

Some 53% of UK hospitality managers say their company and staff suffer from burnout, according to a survey from Axonify. Managers cited long working hours (69%), high stress levels (68%) and understaffing (64%) as the main causes. Employee morale is also suffering, with almost half of managers acknowledging the impact of staff shortages. 

Drinks sales in managed venues saw a 1% drop in the week to 17 August, marking the third year-on-year drop in four weeks in the wake of civic unrest and patchy weather. It comes after a heatwave led to year-on-year growth of 8% and 14% on Sunday and Monday earlier in the month on 11 and 12 August.