Geronimo Inns repor 4.8% like-for-like sales growth
London pub chain Geronimo Inns report turnover rose to £41.7m from £39.9m and pre-tax profit to £4.96m from £3.31m in the year to 31 March 2014. Like-for-like sales were up 4.8%.
The company opened a new site, he Bull's Head in Barnes, which was transferred from Young's tenanted division.
New report on the Branded Italian Restaurant Market available
A new report on the Branded Italian Restaurant Market is now available to subscribers in the Reports & Analysis section.
McDonald's to 'change fundamentally' after 3.3% lfl decrease
In the year to 30 September 2014, McDonald's have been confronted with a considerable decrease in global like-for-like sales across their 34,000 stores worldwide. In Europe however, sales fell by only 1.4% with the UK singled out as the only location with positive like-for-like sales.
McDonald's will now implement fundamental changes, targetting three new strategies with a 'sense of urgency'. The first strategy is 'elevating the menu and customer experience', dubbed as the 'McDonald's Experience of the Future'. McDonald's will also implement a 'Digital Strategy' aiming to simplify the customer's in-store journey from ordering to paying. Finally, McDonald's will review the company's structure and use of resources, targetting restructuring towards 'Resources for Growth' to support the previously stated initiatives. Recently, McDonald's and other traditional fast food chains have been forced to take action due to new pressure from healthier fast food brands, which are growing rapidly in the UK and US.
Greene King bid for Spirit would create UK's biggest pub group
Pub group Spirit have shown an increased willingness to recommend Greene King's latest acqusiition bid offer to shareholders. A successful bid would create the largest pub group in the UK, with total sales exceeding £2bn and operating around 1,800 managed pubs, almost double that of JD Wetherspoon.
Spirit's brands Fayre & Square and Flaming Grill Pubs would be joining the Hungry Horse estate, creating a 400-strong value-led pub chain. Other portfolio synergies could be found between Metropolitan pubs and Taylor Walker.
Eataly confirms UK opening
Upmarket Italian food market and restaurant concept, Eataly, will open in London in 2016. The brand will open within the Selfridges department store on Oxford Street.
Eataly, with the motto 'alti cibi', translating to 'high food', offers high quality artisanal Italian produce and a range of in-store Italian restaurants and bars. The concept was founded in Turin in 2003 by Oscar Farinetti, and currently operates 27 sites around the world including New York, Tokyo and Dubai.