Today’s news in brief – 20/08/24

Rick Stein’s restaurant group has returned to profit in FY23, despite turnover dropping by 5% to just under £11.9m. The group reported an operating profit of £63k for the year to 31 December 2023, up by 106.2% against the prior year, with all bank borrowing fully repaid. As a result, the group is actively seeking to open a new site in Central London. 

Espresso House has appointed Thomas Kelly as incoming CEO, effective from September. The news comes after Honest Burgers promoted Kelly from CEO to chair within a year’s time. Kelly will remain chair while taking on his new role at Espresso House. Before Honest Burgers, he was global executive director of retail and franchising at Costa Coffee. 

Hospitality insolvencies have risen by 13% between May and June this year, as operators struggle with trading costs, according to Buchler Phillips’ Hospitality Index. Overall, the number of hospitality insolvencies rose by 1.41% in the first half of 2024, as some 1,801 accommodation and food service companies closed in the six months to June. 

The Castle Grounds in Coventry has reopened after a £109k refurbishment. The Victorian-style pub was first built in the 1720s for a silk merchant, and in 1939, the building was occupied by the Miners Union Club. In the late 1990s, the site was transformed into a pub for the first time, named Varsity. It then took on its current title in 2016.