News
Young’s poised to accelerate growth through City Pub Group acquisition
By Jungmin Seo
Pub group Young’s is set to acquire City Pub Group for around £162m, having “closely followed” its estate for some time. City Pub Group was founded
in 2011 and has grown to more than 40 sites across the south- ern half of England and Wales, with pubs such as Alfie’s in Winchester and Cambridge Brew House in Cambridge. Under the terms of the deal,
which values City Pub Group stock at 145p per share, City Pub Group shareholders will be entitled to 108.75p in cash per share and the remainder in Young’s shares, representing a premium of 46%. Young’s said the transaction represented a rare opportunity to increase its managed trading estate by 50 pubs to 279 sites. The managed operator of
to expand as much as it would have liked due to increased pressure on margins. Clive Watson, executive chair-
man of City Pub Group, said: “The board believes the transaction sig- nificantly accelerates the value that could be realised in the short term by City Pubs if it were to remain independent. Additionally, the City Pubs board is reassured by Young’s similar entrepreneur- ial culture and its approach to investing in the business." Simon Dodd, chief executive
Walkers of Whitehall, a City Pub Group pub in London
pubs and bedrooms across Lon- don and the south of England will also be adding 240 bed- rooms to its portfolio, taking the total to 1,065. It said the transaction was a sig-
nificant opportunity to accelerate Young’s existing growth strategy. City Pub Group saw a 12.4% increase in like-for-like sales in the first 38 weeks of the current finan- cial year, but said it was not able
of Young’s, said: “We believe City Pubs is an excellent fit with Young’s and the combination of the two businesses represents a compelling opportunity for all stakeholders.” The deal is set to complete
in Q1 of 2024, subject to share- holder approval.
jungmin.seo@
thecaterer.com
Tom Barnes to open Manchester restaurant in 2024 Barnes will source pro-
Roux Scholar and former senior Simon Rogan group chef Tom Barnes is to open his first restaurant in Manchester in the spring. Skof will launch within the terracotta-tiled Hanover build- ing, which opened as a drapery warehouse in 1904. It will serve dishes designed by the chef to remove some of the “serious- ness” associated with tasting menu restaurants. Barnes won the Roux Schol-
arship at the age of 25 in 2004 and has spent 12 years at Simon Rogan’s Umbel Restau- rants, including as head chef at Rogan & Co when it received a Michelin star and execu- tive chef at L’Enclume when it gained a third star. Despite moving away from
the Lake District, he will remain linked to the group. Skof will form part of the next iteration of Umbel restaurants, which will see the group support talented individuals to open their own businesses.
4 | The Caterer | 24 November 2023
duce from Our Farm, Rogan’s regenerative farm in the Cart- mel Valley, and receive regular deliveries from the Lakes. “I am so excited to be open-
ing my first restaurant in Man- chester,” said Barnes. “I am so grateful for Simon’s support, and I plan on utilising all the skills he has taught me over the many years that we have worked together. I’m so happy with what we have achieved and look forward to this new chapter.” Rogan said it was “so special”
to help one of his long-time chefs to realise their dream of opening a restaurant. “I’m so proud of Tom and everything he has accom- plished,” he added. “We’ve been working towards this moment for a while now, and I can’t wait for him to be able to show the world what he can do.” Barnes competed in the 15th
Tom Barnes will source some produce from Simon Rogan’s Our Farm
series of the BBC’s Great British Menu in 2020, and served the main course at the final banquet.
www.thecaterer.com
Page 1 |
Page 2 |
Page 3 |
Page 4 |
Page 5 |
Page 6 |
Page 7 |
Page 8 |
Page 9 |
Page 10 |
Page 11 |
Page 12 |
Page 13 |
Page 14 |
Page 15 |
Page 16 |
Page 17 |
Page 18 |
Page 19 |
Page 20 |
Page 21 |
Page 22 |
Page 23 |
Page 24 |
Page 25 |
Page 26 |
Page 27 |
Page 28 |
Page 29 |
Page 30 |
Page 31 |
Page 32 |
Page 33 |
Page 34 |
Page 35 |
Page 36 |
Page 37 |
Page 38 |
Page 39 |
Page 40 |
Page 41 |
Page 42 |
Page 43 |
Page 44 |
Page 45 |
Page 46 |
Page 47 |
Page 48 |
Page 49 |
Page 50 |
Page 51 |
Page 52 |
Page 53 |
Page 54 |
Page 55 |
Page 56 |
Page 57 |
Page 58 |
Page 59 |
Page 60 |
Page 61 |
Page 62 |
Page 63 |
Page 64 |
Page 65 |
Page 66 |
Page 67 |
Page 68 |
Page 69 |
Page 70 |
Page 71 |
Page 72 |
Page 73 |
Page 74 |
Page 75 |
Page 76 |
Page 77 |
Page 78 |
Page 79 |
Page 80 |
Page 81 |
Page 82 |
Page 83 |
Page 84 |
Page 85 |
Page 86 |
Page 87 |
Page 88 |
Page 89 |
Page 90 |
Page 91 |
Page 92 |
Page 93 |
Page 94 |
Page 95 |
Page 96
