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will see the firm hold a majority stake in the company. The US private equity firm is
thought to value the business at $600m (£489.1m), including debt. The firm said it hoped the
new deal would help “to further accelerate the growth of its global footprint in key international markets”, citing the UK as a particular focus for the company. It also aims to reduce its debt pile. General Atlantic has been a
minority stakeholder in Joe & the Juice since 2016. It bought the stake held by Swedish private equity firm Valedo Partners, which has exited the company.
DON’T ‘THROW AWAY’ MONEY ON THE WRONG GM, SAYS HILTON EXECUTIVE The importance of hotel general managers is often overlooked despite them being a key part of the business, a Hilton executive has warned. Patrick Fitzgibbon, senior vice-
president of development, EMEA, at Hilton, told Alvarez and Marsal’s European Hospitality Investment Conference that the right manager could make the difference between “an OK hotel and an incredibly successful hotel”. He said investors who hired the
wrong manager would find it was “the worst 50 grand [they] just threw away”. “General managers ultimately set the tone and set the direction,” Fitzgibbon added. “It is the one thing people just miss. To me, it is the difference. Never miss that.”
region of £3.7m. Rumours circulated that Ramsay could be considering a bid after locals spotted him looking round the venue. The building features a
160-cover ground-floor pub and dining room, private pier, garden and waterfront terrace with space for 200-covers, as well as a 20-cover private dining room.
‘AN INSPIRATION TO US ALL’: STONEGATE PUBS FOUNDER IAN PAYNE TO RETIRE IN 2024 Ian Payne is to step down from his role as chairman at Britain’s biggest pub company, Stonegate Group, and retire from the industry at the end of January 2024. Payne, 70, founded Stonegate with 333 pubs 13 years ago and has since grown the business to 4,500 sites employing more than 16,000 people.
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He said leading the company had been the “greatest privilege” of his 50-year career. Payne began managing his first
pub in 1973 before rising through the ranks at Whitbread, Guinness and Bass Taverns.
JOE & THE JUICE SECURES INVESTMENT FOR UK GROWTH
EUROPE’S FIRST YOTELPAD TO OPEN IN LONDON Europe’s first Yotelpad, budget hotel group Yotel’s aparthotel brand, is set to open in London’s Stratford later this year. Yotelpad was created in 2018
to cater to a rising demand for flexible accommodation. All of its sites to date are based in the US in locations including Park City, Utah, and Miami, Florida. The spin-off brand offers modern studio apartments, referred to as pads, which are equipped with kitchenettes, space for work and leisure, and bathroom amenities from Yotel partner Urban Jungle. Room rates will start from
£119. The property will feature 62 studios, a 24-hour ‘mission control’ (Yotelpad’s version of a reception desk), laundry facilities and a grab- and-go dining area.
IGNACE BAUWENS NAMED CHIEF EXECUTIVE OFFICER OF HAND PICKED HOTELS
The former chief operating officer of Corinthia Hotels has been appointed chief executive officer of Hand Picked Hotels. Ignace Bauwens will be taking
over from current CEO Julia Hands on 1 December. Hands will remain as chairman of the 21-strong hotel group, which has properties in the UK and the Channel Islands. She first became CEO in 2001, when the group was founded with 16 hotels in its collection. Bauwens has over 30 years’
experience in the industry, including as chief operating officer of Roya International in Dubai, and as regional vice president of the Middle East, Eurasia and Africa at Wyndham Hotels & Resorts.
Yotelpad
Café bar chain Joe & the Juice has secured an agreement with private equity firm General Atlantic which
24 November 2023 | The Caterer | 9
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