Today’s news in brief – 23/12/24
US-based PE firm Sixth Street has acquired a majority stake in the UK arm of Wingstop, Lemon Pepper Holdings. While the terms of the deal have not been disclosed, City AM has reported that it is at least the £400m asking price. It comes as Wingstop is aiming to reach 200 restaurants within the next five years, with revenue expected to exceed £150m by the end of the year.
The govt will roll out a new law that will allow pub-goers to use digital ID to prove their age from next year, in the hopes that digital identification will slash waiting times at bars and help avoid hold-ups at automated tills. The digital identity sector generated £2bn in revenue in the UK last year and employed over 10,000 people – half of which were outside London.
Total drinks sales in the seven days to 7 December were 4% below the same week in 2023, as stormy weather restricted on-premise drinks sales in the first fortnight of December. This has left suppliers and venues hoping for a late surge in the last few days before Christmas. However, the following week – to Saturday 14 December – saw the year-on-year gap widen to 6%.
Network Rail and SSP have partnered with Olio to tackle food waste through the food sharing app’s Food Waste Heroes programme. It is estimated that the partnership could feed nearly 11,000 households annually by donating 150 tonnes of food every year. This partnership will see a total of 34 rail stations across Great Britain – including 17 Network Rail managed stations – participate in the scheme.
NYE celebrations could boost hospitality by £505m in bus and bars, according to data from music licensing company PPL PRS. Nearly five in 10 people (42%) plan on going out to celebrate, choosing the high street over home, with one in seven (13%) opting for a pub or bar. Meanwhile, around one in five (19%) admit they’ll likely spend £100 or more while painting the town red.
