Today’s news in brief – 07/11/23

Oakman Inns reported an EBITDA drop from £11m to £9.8m for the year ended June 2023 due to the impact of inflation. Despite this, the group’s sales were 8% higher than the previous year, totaling just under £70m, as like-for-like sales for the core Oakman Inns business increased by 4.1%. The company now plans performance improvement initiatives to enhance pricing policies and reduce costs, with the aim of increasing site EBITDA by £2.5m in the current year and reducing central overhead costs by £1.3m.

Pizza Express’ owner has decided not to bid for The Restaurant Group (TRG) due to “market conditions”. This decision follows TRG’s agreement to be acquired by Apollo Global Management for over £500m. While some analysts believed that Apollo’s offer was too low, TRG has advised its shareholders to accept the offer. TRG previously announced its plans to offload its leisure arm, which includes brands like Chiquito’s and Frankie and Benny’s, to Big Table Group for a nominal fee of £1, with TRG making a cash contribution of £7.5m.

Contract caterers in the UK experienced a 15% increase in Q3 sales, according to the Contract Catering Tracker from CGA by NIQ and Bidfood. This data indicates the continued recovery of the contract catering sector from the impact of the Covid-19 pandemic, although it reflects a slower growth rate compared with the first two quarters of 2023. The private sector also saw growth slow from the second quarter. 

SSP Group has appointed Ann-Marie Murphy as its new chief people officer. Murphy previously served as chief operations officer at The Gym Group and has experience in establishing HR functions and developing people strategies. Patrick Coveney, chief executive of SSP, welcomed her to the company, emphasising her extensive sector experience and her role in shaping the people and cultural agenda.