Today’s news in brief – 27/11/23

Pho is set for expansion, securing fresh funding following a 33.6% turnover surge to £58.3m in FY23. Despite a profit dip to £1.8m (from £5.6m) due to pandemic concessions, restaurant EBITDA held steady around £10.4m. The company attributes the profit decrease to prior government aid. While FY23’s EBITDA stood at £5.8m (down from £8.2m in 2022), Pho sees renewed growth, opening five new locations in recent years. Q1 FY24 also showed promising like-for-like sales, underscoring the company’s positive performance amid economic challenges.

Marston’s has appointed Rachel Osborne as an independent non-executive director and chair of the audit committee, effective January 23 2024. Osborne, former CEO of Ted Baker and currently holding positions at Ocado Group plc, brings substantial financial, consumer, and retail experience to the board. She replaces Matthew Roberts, retiring after serving as a non-executive director since 2017. 

UKHospitality emphasised the necessity of extending trading hours during the semi-finals and final stage of the upcoming Euro 2024 Championships, anticipating a significant boost for hospitality businesses. Chief Kate Nicholls highlighted the potential revenue surge and emphasised the importance of extended hours to allow both venues and fans to maximise the event. Nicholls expressed support for the Home Office’s proposed extension, citing it as a beneficial approach for fans and businesses.