Today’s news in brief – 18/03/24

Nightcap revenues grew 42.1% to £33.4m in H1 ended 31 December 2023. The bar group has attributed its performance to the acquisition of Dirty Martini and the successful collaboration with The Piano Works over the Christmas period. As of December 2023, the group had cash of £3.1m and total bank debt of £8.6m, resulting in net debt of £5.6m.

Drinks sales in the UK jumped 5% in the week ended 9 March, following tough trading conditions in January and largely flat sales in February. Favourable weather comparatives after a snowy prior March powered increases of 12% and 9% on the 6 and 7 March respectively. The spirits category was down 7%, yet another negative week, although the figure was the second best since new year. 

Compass Group’s charitable foundation has exceeded £1m in grant funding and donations since its launch just over one year ago. The foundation provides grants to non-profit organisations in countries where Compass Group operates. In 2022, the foundation’s first action was to donate £250,000 to the Disaster Emergency Committee in support of the Ukraine humanitarian emergency.

French bistro concept, Josephine, has opened at 315 Fulham Road in London. The new opening by Michelin-starred Claude and Lucy Bosi is a 76-cover addition to the Sloane Stanley Estate and complements its wider F&B and retail offer.