Insights Hub

LEISURE

Stew and Oyster, the Leeds-based bar group has signed a new lease for the former Malton Town Hall in Market Place in Malton, North Yorkshire, taking their portfolio to six sites. The company who serves real ale with the selection of dishes that gave it its name, opened their first site in Leeds in 2009 and now also has sites in Boston Spa, Oakwood, Otley and Sheffield.

Following the £180m extension of intu Watford last year, intu have announced plans to invest over £1m creating an additional food offering. Five grab-and-go caterers will open at the opposite end of the centre to the extension to complement the existing food operators.

Having previously partnered for the new Motto by Hilton in Marylebone, Hilton and the Dominvs Group have announced plans to develop three new hotels in London and one in Bath.  St Paul’s Creed Court Hotel London, Curio Collection by Hilton, Hampton by Hilton London City, and Hampton by Hilton Bath will add more than 500 rooms to the UK market. 

RETAIL

MFG, the UK’s largest independent forecourt operator, is rebranding 110 of its shops from Spar to either Londis or Budgens as part of its shop supply agreement with Booker Retail Partners. Having signed its first agreement with BPR in May 2016 the new contract will extend across the entire 925-strong network and include the MRH network that MFG acquired at the end of last year.

European Food Brokers, owners of wine retailer Oddbins, have filed notice of intention to appoint Duff & Phelps as administrators after it experienced a tough Christmas trading period. If the administration goes ahead it will put more than 500 jobs at risk. A spokesperson from European Food Brokers said they will endeavour to operate all stores as a going concern while options are assessed for the business.

Following a trial home delivery service in north London, offering a small range of ready meals, M&S are rumoured to be in talks with Ocado. The retailer could buy distribution centres and vans from Ocado to deliver its food and drink. Both companies have declined to comment but Ocado’s share price rose 6.7% on the back of the rumoured talks.

Primary Capital, parent company of stationery retailer Paperchase, has had talks with potential bidders following reports that they had called in advisers from KPMG to explore a CVA.  The retailer currently runs 145 standalone stores in the UK as well as 75 concessions in the UK, Europe and north America. It is understood that KPMG have told bidders that the new investment would require changes to the existing business model, the closure of loss-making stores and a shift to a variable rental arrangement.

Having gone into administration, furniture retailer Sofa.com now has two major retailers expressing an interest in taking over the business. ScS, confirmed its interest yesterday, however Mike Ashley has also reportedly approved a multi-million-pound deal to bid for the retailer. Sofa.com replaced the ScS concessions in House of Fraser stores when the retailer revealed it would withdraw from seven of the department stores in October last year. 

Supermarket giant Tesco has confirmed restructuring plans that will simplify operations across its store network and head office which will affect up to 9,000 jobs. The changes will affect fresh counters, with an estimated 90 likely to close, as well as merchandising and stock control simplification.  It is hoped that up to half the staff will be redeployed into other customer-facing positions. 

PROPERTY  

Pub giant, Young’s has acquired 15 pubs from Redcomb Pubs for an estimated £34m. The estate comprises of five freehold sites, one part freehold/part leasehold site and nine leasehold sites located in London, the South East and South West.  Investment is planned over the next couple of years which will impact on short-term profitability but should have a positive impact thereafter.

Daejan Investments, the Freshwater family’s investment arm has received planning approval for a major redevelopment in Oxford Street. Westminster City Council has approved the demolition and redevelopment of six buildings between Oxford Street, Berwick Street and Wardour Street creating a new seven storey block which will house 45,000 sq ft of offices, 30,000 sq ft of retail and a 9,000 sq ft night club.

In their continued investment in retail assets, Praxis have acquired The Forum shopping centre in Sittingbourne, Kent for around £7m. The 80,000 sq ft centre will be ‘rehabilitated and repositioned’ as part of a council-led town centre regeneration project. Praxis have invested in multiple retail assets over the last 18 months including the purchase of Blaydon Shopping Centre in Newcastle last October.