Patisserie Valerie releases upbeat results
Patisserie Holdings Plc reported sales up 27.5% to £76.6m and adjusted pre-tax profit up 37% to £11.3m for the 12 months to 30 September 2014, its maiden year as a publically traded company. The group currently operates five brands, including Patisserie Valerie (98 sites) and Philpotts (23 sites). Patisserie Holdings added a further 23 sites to the group over 2014, bringing the total to 148 stores at end of year.
Patisserie Valerie alone saw revenue increase 20% to £51.1 in 2014. During the period the brand has continued to improve its evening offering, creating profit-enhancing opportunities by allowing the café brand to directly compete with restaurants.
Mitchells & Butlers reports 0.6% lfl sales increase
Mitchells & Butlers, which operates chains including Toby Carvery and Sizzling Pubs, has reported like-for-like sales growth of 0.6% for the 52 weeks to 27 September 2014. M&B has also reported revenue increase of 4%, to £1.97 billion over the same period. Profit before tax was £123mn, down from £142mn the year before.
According to chief executive Alistair Darby, the group has been gathering momentum since the acquisition of the 173 Orchid outlets and the implementation of a remodelled business programme this year. Performance improved in the second half of the trading period, and Allegra expects increased like-for-like growth in the next update.
McDonald’s holds ‘hackathon’ to build the restaurant experience for the next generation
McDonald’s Europe division held a ‘hackathon’ in London over the weekend. Software developers were invited to come up with innovative ideas using digital media to win customers. McDonald’s are looking to move away from the more conventional discounts and promotion strategies and improve upon the marketing of its sustainability work through the new scheme.
Blue's Smokehouse to open five sites by end of 2015
New smokehouse concept, Blue's Smokehouse, has announced plans to expand to five UK outlets by the end of 2015. The brand, founded by Carlos Maidana, launched at The Red Lion pub in Bracknell in June 2014, and is reportedly taking in £30,000 a week.
Blue's Smokehouse plans to open to open a second outlet in the Twickenham Tavern early next year. The brand has identified a further three sites, with plans to open in 2015. Blue's taps into the emerging trend of smoking, which is influencing concepts across the wider casual restaurant market.
Tortilla secures £11m from Santander
Burrito chain, Tortilla, has secured a further £11.14 in funding from Santander. The new funds will help the brand grow to a target of 45 sites over the next three years.
Tortilla, which currently operates 21 sites around the UK, is the largest burrito chain in the UK and Europe, and the new funds will help it increase its lead on its rivals.