Today’s news in brief – 10/11/23

Krispy Kreme reported net revenues of $407.4m (£333m) in Q3, marking a 7.9% increase compared with the same quarter in 2022. The international segment saw a 15.4% growth in net revenue. The company reported a GAAP net loss of $40.3m (£32.9m) for the quarter. Adjusted EBITDA in the quarter grew by 13.5% to $43.7m (£35.7m). Krispy Kreme expects full-year net revenues of $1.68bn (£1.3b) and adjusted EBITDA of $215m (£176m).

Chefs and publicans, along with CEOs from over 230 companies, have signed an open letter to the Chancellor, calling for support for the industry ahead of the Autumn Statement. The letter, created by UKHospitality, calls for a freeze in business rates and an extension of the current relief package. Without such measures, the hospitality sector faces a potential £1bn business rates bill in April 2024. The signatories include renowned chefs like Tom Kerridge, Monica Galetti, and Tom Aikens.

Stonegate Group has reopened The Hare and Hounds pub in St Albans after a comprehensive refurbishment project. The six-figure investment has resulted in updates to the bar, including new additions like Guinness, Amstel, and Moretti, as well as enhancements such as a new ceiling, refurbished floors, fresh paint, and modernised furnishings. The pub also plans to introduce a new food menu, offering a variety of options from burgers and pasta to steak and seafood.

Live music bar Piano Works is relocating to Covent Garden within a Nightcap venue at the Gillian Lynne Theatre on Drury Lane. The move comes after Westminster Council rejected Piano Works’ application to increase its licensed capacity at its current venue from 400 to 700 people. The new site will have a capacity of 600 and will feature a unique island stage in the middle of the venue. All Piano Works West End employees will transfer to the new site.