Restaurant Property is eagerly embracing the arrival of Spring, along with the extended daylight hours and hopefully warmer temperatures.

Throughout March, we've witnessed a consistent flow of new restaurant openings and deals for us here at RP HQ and we're thrilled to update you on the latest from our offices in the capital.

Despite uncertainties however, stemming from a lacklustre Budget announcement for the hospitality industry last month, there is still hope for positive change ahead. Viewed through the industry lense, we've highlighted these changes in our news items below.  For example - London leads the 5* foodie reviews in Europe, staff in the hospitality industry are happier than ever and dining out figures are predicted to increase this year, all of which marks a very conclusive and much needed switch upwards for us all.

NEWS

London has been crowned the foodie capital of Europe!

What a great boost for the industry.  

 (figures based on 5* Tripadvisor reviews)

  _______________________

As mentioned above, last months Budget fell short on delivering much needed help for the industry but with inflation falling to a two and a half-year low of 3.4%  and as food pressures ease, it offers some respite. Although it still has some way to go to hit the 2% target, it's moving in the right direction.

Our optimism increases further  with news that almost half of restaurants are expecting to deliver increased revenue in 2024.  The report, ( from ResDiary – a global online table management system used by 10,000-plus hospitality venues, made the finding in its latest Beyond the Booking report on hospitality.)  It found 48% of business' surveyed expect revenue to rise across the year, with those expecting increased revenue predicting an average 22% rise – up from 13% in 2023.  Furthermore, it found that nearly half (46%) of diners went out more in 2023 than in 2022 and 36% expect to dine out more this year.

In addition, recent research ( from the UK’s Largest Hospitality Salary Survey 2024 – created by KAM in partnership with Access Group, the British Institute of Innkeeping, Hospitality Jobs UK, Montgomery Group and Otolo)  has revealed that hospitality employees are happier at work than they were.  “It seems the UK’s hospitality sector has worked at improving those areas it was traditionally weaker on – by offering training and additional benefits. While there has been a slight decrease in average salaries across most sectors, improved employee benefits are going some way to make up for this, prompting more employees to be happier in their work - Access Group director of learning, Jamie Campbell has shared. It’s vital this continues in order to retain and attract staff going forward.”  

And onto other news...

Chef Kirk Haworth, the winner of the Great British Menu 2024 Champion of Champions title, made history as the first plant-based chef to compete and reach the banquet. His winning dish, 'A Taste of Unity,' was voted as the best dish in the competition. Chef Haworth is also known as the co-founder of Plates restaurant in London.

Fri 8th Mar 2024 - Celebrated International Women’s Day 

This year’s International Women’s Day was celebrated across the capital with huge recognition and admiration for the capitals leading female chefs and restaurateurs. Leading the way, michelin starred chef Clare Smyth of Core, Sally Abe at The Pem, Nieves Barragan Mohacho at Sabor and Adejoke Bakare at Chishuru to name but a very few. They have greatly inspired and continue to lead the way for women in the Industry.  (We welcomed Clare as a client and champion and congratulate her on her continued success,  acquiring Core  for her was definitely a high-light for us.)

According to Kate Nicholls (Chief Exec of UK Hospitality) 'there has undoubtedly been a collective push to forge a more inclusive world for women. As an industry, we have made tremendous strides to ensure better opportunities and representation for women at all levels, with a third of all board positions in the hospitality sector now held by women. After all, inclusivity is what makes hospitality such a vibrant and exciting industry, whether that’s to work in or enjoy as a guest.'  Hear hear to that and let's keep on moving in that direction!

Market movers and shakers...

It's clear from the number of new openings  and indeed international brands either returning to the UK or planning to launch in the UK this year that the mood is a positive one. 

For example a number of successful brands are growing their portfolios with planned new sites from the likes of:

Joel Falconer, former managing director of Spanish restaurant group Iberica, opened his third site in south east London. Falconer, his wife Alina and chef Henry Freestone have launched Wilson’s restaurant in Ladywell,

Cocktail maestros Max and Noel Venning have opened a Soho iteration of their acclaimed East London cocktail bar Three Sheets, just off the Charing Cross Road.

Chef Tom Brown’s follow up to his Michelin-starred Cornerstone restaurant 'Pearly Queen' is focused on oysters and tips its mother of pearl-decorated hat to London’s Pearly Queens (and Kings).  Furthermore, we can announce exclusively that our client Tom Brown is looking to relocate his hugely successful Cornerstone offering and is looking for a larger site in Central London at time of print.  Restaurant Property have been instructed as sole agents.

The Fabulous Restaurant Group has opened brasserie concept Shanghai Noir: The team behind Westminster's fine dining Indian restaurant Yaatra has opened the new Indo-Chinese brasserie concept, founded by Tina English and situated on the lower ground level of the Old Westminster Fire Station.

Harts Group has confirmed an April opening for Battersea El Pastor: Harts Group – the London restaurant company owns Barrafina, Quo Vadis, Casa Pastor and Parrillan. 

The team behind award-winning Medlar restaurant will be opening their first new site in 13 years: Joe Mercer Nairne and David O’Connor, who own the award-winning Medlar restaurant in London’s Chelsea, are to open their first new venue in 13 years in Belgravia, this summer.  Cornus, a new dining concept, will be on the rooftop unit at Grosvenor’s Ice Factory, originally built in 1830 for Shingleton’s Ice Company

And  new launches from the likes of...

Des Gunewardena previously of D&D London has announced he is to open a new restaurant and bar venue at The Royal Exchange, in the City, this May, with further plans in Canary Wharf. He has stated that "The current property market in central London for strong and new restaurant concepts remains good for tenants. There is still a ready supply of attractive sites. Competition though is starting to increase, particularly from overseas operators in prime locations." His new group will continue to focus on what he knows best, i.e., landmark sites as these tend to be larger."  

French-Swiss food journalist Solynka Dumas is set to make her restaurant debut with the opening of 'July' in London’s Fitzrovia next month. She has partnered with Julian Oschmann, for the Alsatian-inspired restaurant and wine bar, which will launch at 10 Charlotte Street on Saturday, 25 April. 

And international moves..

US brand Hipotle confirms their opening in London’s Tottenham Court Road this month, increasing its presence in central London, with an opening in Fitzrovia.  “London remains an attractive growth area for us because UK consumers are prioritising healthy and sustainable food options,”  (take a look at our RP Top tips for 2024 with Dan Brown - he highlights sustainability as a big priority for consumers this year). 

Mauro Colagreco is bringing dishes from his three Michelin-starred restaurant Mirazur to London next month over two evenings.  Hosted at Raffles London on 10th/11th April with a seven course menu.  The restaurant, located in Menton, South of France was ranked in the world's best restaurants 2019.

Dubai hospitality group is looking to bring their fine dining cafe-style eatery concept to the UK.  Founded in 2019, Mad Hospitality has opened Society locations in Dubai and Abu Dhabi and is looking to franchise it overseas, with the UK one of its preferred locations. 

HOT ANNOUNCEMENT

Mimosa - Riviera cuisine at The Langham Hotel London, W1 

We are delighted to have played a part in turning the page on a new chapter for this luxurious restaurant space for our clients, The Langham Hotel and we wish their new tenants 'bon chance dans Londre'!

EXCLUSIVES

RP were lucky enough to be given the opportunity to catch up with Atul Kochhar himself at his famed Mayfair restaurant 'Kanishka', this month.

Having been responsible for acquiring three of his UK sites we couldn't wait to find out what he's up to next - click below to watch...

Atul Kocchar Interview - CLICK HERE

EXCITING ANNOUNCEMENTS

Launching our very own YouTube channel @restaurant-property

Where else to showcase all of our superstar chef interviews and professional tips from our team. 

Don't miss out - subscribe now!

@restaurant-property on YouTube

RP NEW BUSINESS

Exciting news! 

We are selling the exquisite former Saltie Girl establishment in Mayfair, located on North Audley Street, it is now on the market and enquiries should go to:

Zack Azulay - 07803 149995

'A  truly delightful opportunity awaits'.

What's more a fresh deal has been finalised at 300 Kings Road, SW1 with RP acting on behalf of renowned restaurateurs : 

George Bukhov-Weinstein and Ilya Demichev  - famed for their big hitting brands:

Wild Notting Hill / Wild Tavern Chelsea / Goodmans Steak / Beast / Burger & Lobster 

....and now launching their latest brand in Chelsea.  No. 300 Kings Rd will host their new concept 'Fantimas'  - RP is  delighted to have sold the new site to them and this is definitely one to watch!

For full particulars - CLICK HERE

RESTAURANT PROPERTY UPDATES

This month we launched our 

⭐RP Top Tips ⭐ 

A new series showcasing professional and knowledgeable advice from our experienced team of surveyors.

This months feature:

2024 Hottest Market Projections 

2024 Projections - CLICK HERE

Throughout March, our industry has seen numerous dates worthy of celebration and to brighten up the start of this month, we wanted to share a picture of our team with you.

(Left to right)

Zack Azulay: Acquisitions / Kareen Grewal:  Head of Operations  / David Rawlinson:  Founding Director / Jonny Novick:  Sales / Dan Brown: Sales & Acquisitions / Percy Fricker:  Sales

With more properties on and off market than any other agent, we hope to be your first port of call for any new projects in the leisure industry.  Don't hesitate to contact us and enjoy our bespoke journey, professionally delivered.

We hope all of our clients had a wonderful and hopefully restful Easter bank holiday and now let's March further on into April.....