Today’s news in brief – 15/01/24

Drake and Morgan reported record festive trading, with like-for-like sales up 31.7% against the same period in 2022. Christmas bookings were up more than 20% on last year across its whole estate. Despite this, the company saw its adjusted EBITDA fall to £4.1m for the year ended 26 March 2023 from £5m in the same period last year.

British pubs and bars saw 2024 begin with YoY growth in drinks sales, according to CGA. The Daily Drinks Tracker showed large upswings for all key categories in the first week of 2024, including spirits (up 49%), beer (up 19%), cider (up 24%), wine (up 32%) and soft drinks (up 14%), though all these numbers were skewed by the New Year’s Eve comparisons. 

More than 4,500 Stonegate pubs could be at risk, as parent company TDR capital seeks to refinance £2.5bn of debt, GMB Union has warned. The union has raised concerns that with current high interest rates the refinancing could lead to crippling payments to service the debt. Stonegate operates more than 4,500 pubs and more than 19,000 workers, including brands like Slug and Lettuce, Yates and Walkabout.

Heartwood Collection has made Richard Ferrier its new CEO. The promotion comes after he joined the brand in 2011. During his time at Heartwood Collection, Ferrier held the roles of operations director of Brasserie Blanc and chief commercial officer, before becoming managing director in February 2020.