Today’s news in brief – 22/05/24

M&A in the country’s F&B sector hit its highest deal volume since 2016, according to a report by Oghma Partners. For the first four months of 2024, there has been an increase by 30.3%  in the volume of deals (43 transactions) compared to the same period in the prior year. The rise in deal volumes paired with lower deal values is also due to continued distressed M&A activity. 

Nightcap has begun a fundraiser to shore up £3.5m for its expansion plans. The group issued up to 70 million new ordinary shares of 1p each in the company at a price of 5p per new ordinary share. The news comes as Nightcap boss Sarah Willingham intends to position the group as “the preferred consolidator” in the premium bar sector. 

P.F. Chang’s has unveiled the £450k refurbishment of its Leicester Square venue. Spanning 4,500 sq ft, with capacity for 134 guests, P.F. Chang’s London features vibrant murals in red and gold, each representing a different traditional Asian tale. 

EL&N Deli and Bakery will open in Covent Garden’s Market Building in July. The concept represents a new arm of the EL&N brand. With over 35 locations across the globe, the EL&N brand has become “world-renowned” since its inception in 2017, gaining a reputation as the “most Instagrammable café in the world”.