Today’s news in brief – 03/01/24

Black Sheep Coffee turnover has doubled to £21.3m in the year ended 31 December 2022 from £10.7m the year before. The company’s net assets surged to £33.7m from £4.9m in 2021. Expanding aggressively, they opened 11 new stores, now operating over 70 across the UK. With a strategy spanning both physical and online growth, the chain aims to further enhance its product range, service, and operational efficiency to drive sales. 

Breal Capital has acquired the Purity Brewing Company and Pure Craft Bars, saving 60 jobs amidst harsh hospitality conditions. Alvarez and Marsal LLP sealed the deal, rescuing both businesses, acknowledging the industry’s tough times. Administrators highlighted cost inflation and reduced spending’s impact but are content in securing these businesses’ future under Breal Capital.

KERB bids farewell to Four Seven Dials Market traders to welcome new talent. Departing members, generating £465k monthly, now run nine brick-and-mortar sites. Truffle, Club Mexicana, El Pollote, and Curry on Naanstop gained success via KERB’s platform, expanding to multiple locations. Departing presents a chance to focus on full-service restaurants, innovate menus, and expand further in 2024. 

Chef Simon Rimmer shared the closure of Greens, the vegetarian restaurant he co-founded, citing increased rent and operating expenses as reasons for its abrupt shut down after 33 years in Didsbury. He expressed sadness about shutting down immediately due to soaring raw material expenses, utilities, and wages. Rimmer confirmed the sister restaurant in Sale would continue operating despite the closure, signalling the “end of an era” for Greens.