Today’s news in brief – 04/10/24

Wetherspoon has posted a profit before tax of £73.9m for the year ended 28 July, spelling a rise from £42.6m against the previous year. Alongside this, the company saw its revenues top £2bn in the period, up from £1.9bn last year. The chain now operates 800 pubs, down from 879 in 2019, although chairman Tim Martin believes there is potential for 1,000 sites.

SSP Group has reported a UK sales rise of 12% during Q4, with a like-for-like jump of 9%. The group’s UK performance was driven by high demand in the air travel sector, a lower level of disruption in rail against the previous year, and “strong operational execution” throughout the peak summer period. 

Inception Group’s turnover rose by 16.7% to £26.5m in 2023. The hospitality group, which owns venues including Bunga Bunga, Cahoots, and Mr Fogg’s, now forecasts a “record-breaking” year with projected revenues of £29m in 2024. However, group EBITDA during the year reached £3m, slightly down from £3.4m in 2022.

The owners of a waterside Cornish pub have also acquired Hook on the Rock, a seafood restaurant at Swanpool Beach in Falmouth for an undisclosed sum. Tamara Costin and William Speed will now work closely with Hooked head chef Jack Frame and general manager Katie Hemmings.