LEISURE
Just in time for Valentine’s Day, TGI Friday’s has launched a ‘together table’ that aims to bring couples closer together. The ‘world’s first electric-powered table’ allows each diner to move their side of the table in and out at the touch of a button. The table starts the experience with a gap of four feet, but this can be reduced to two if things are going well. The table has been installed in the Leicester Square restaurant and will be trialled there for this week.
London-based healthy fast food brand Farmer J has received a £1.9m Imbiba supported investment to further its expansion plans. The brand already has two sites in Leadenhall Street and King William Street in the City and will look to open its third restaurant in Canary Wharf’s Canada Place. Imbiba back several other leisure and hospitality operators including Darwin & Wallace, Wright & Bell and Neil Rankin’s Temper.
Scottish brewer and retailer BrewDog have announced that, having explored ways to enhance their food offering, Red’s True Barbecue will take over the food offering in their Friar Lane site in Leicester later this month. If the trial goes well it could lead to further collaborations. BrewDog currently operate 43 bars across the UK and Red’s operates seven restaurants across the Midlands and the north.
London-based coffee shop Black Sheep Coffee has revealed plans to double its UK estate as well as expanding into the Middle East and the US. Black Sheep currently operate 24 sites, the majority of which are in London, but they also have two sites in Manchester. Marco Reick, who joined from Leon last year, is ambitious about their expansion plans.
Mike Ashley has withdrawn his bid for Patisserie Valerie just 48 hours after confirming he had made an offer. The Sports Direct and House of Fraser owner is understood to be annoyed that there was not sufficient access to reliable financial information which would have potentially allowed them to increase the offer, however, KPMG have refuted this saying that he was given the chance to see the detailed financial material.
RETAIL
Department chain Debenhams has secured a £40m lifeline from a number of unnamed relationship lenders that will give the struggling store more time to put its rescue plan into action. It is still believed up to 50 stores could close under the CVA but the retailer will continue to talk to lenders about longer term refinancing. Chief Executive Sergio Bucher said the cash injection will be the ‘first step in our refinancing process’.
Supermarket chain Co-op has announced plans to launch franchise stores for the first time in its 175-year history as a grocer. The supermarket will license its brand to independent retailers as part of its expansion program that will see around 100 new stores open this year. Franchised stores will offer customers the grocer’s own brand products as well as their reward scheme.
Discount supermarket chain Lidl has signed deals to open two new sites in Birmingham. Located in the city centre’s SevenCapital’s Broadway development, the 27,254 sq ft unit covers part of the ground floor that was previously occupied by Tesco. The second site will be located in Sutton Road, Erdington will be a 22,874 sq ft store also offering 120 new car parking spaces.
PROPERTY
NewRiver REIT has sold the 48,200 sq ft Saltney Retail Park and the 55,300 sq ft Mount Street Retail Park to M7 Real Estate for £12.3m. Saltney Retail park is let to Go Outdoors and Mouth Street is anchored by Matalan.
Lincolnshire independent retailer Oldrids & Downtown has been granted approval for a £125m designer outlet centre in Grantham. The centre will be developed on land around the existing Downtown store and will be operated in partnership with Freeport Retail. The new centre will cover over 220,000 sq ft and have space for 107 shops.