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Newsletter March 2024

Newsletter March 2024

14 March 2024

All the latest news and views for the month from Restaurant Property

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With February a wrap already, the hospitality sector has enjoyed an exciting start to 2024. Herewith our monthly round-up of all things newsworthy, we take a look back on the good and the great over the last month and the promise of what’s hot ahead…

INDUSTRY NEWS

Michelin Stars & Rosettes

The Oscars of the restaurant world were a highlight in February, with ceremonies in both Manchester and London.

IN OTHER NEWS

We've put together last months highlights for the industry as we see it.

This will give you, our readers the best and most up to date news, at a glance. 

RESTAURANT PROPERTY UPDATES

Here with the latest news from RP Towers on Mortimer Street...

Including our latest blog on 'Food & Festivals'. 

EXCLUSIVE!

PHIL HOWARD of Elystan Street, Kitchen W8 and new pasta bars 'Notto'

Talks to us exclusively.

EXCITING ANNOUNCEMENT

New instruction out of town in February.

Restaurant Property looks north with a prominent new space in the Scottish capital. 

SPOTLIGHT ON 2024

Hot new openings and our round-up of the year so far

INDUSTRY NEWS

Michelin Stars & AA Rosettes

February started with stars in their eyes at the annual Michelin Star restaurant ceremony in Manchester.

The outstanding finesse that is Brett Graham’s iconic Notting Hill restaurant The Ledbury, achieved the ultimate in super stars with 3 Michelin stars being awarded, for the first time. Much deserved and one of only 9 restaurants in the UK to achieve such an accolade and the only one to receive the award this year.

Six new restaurants took away a second Michelin star for the first time,

Including our very own client Claude Bosi for BrooklandsLondon’s rooftop restaurant & bar at The Peninsula.

Also included in the two star gongs were: Gymkhana/ Trivet / Opheem / Terre and The Glenturret.

A further 18 restaurants were newly awarded one Michelin Star, in London, those included:

Mountain  /1890 by Gordon Ramsey / Pavyllon / Dorian / Akoko / Humo / Sushi Kanesaka / Humble Chicken / Ormer Mayfair / Aulis / Chishuru

aswell as Cedar Tree / Lake Road Kitchen / Myse / Crocadon / The Bishop’s Buttery / Homestead Cottage and D’Olier Street, outside London.

Hot on the back of Michelin came the AA Rosette Awards, held in London last week.

The only restaurant to receive the accolade of 4 AA Rosettes was 2 Michelin-starred restaurant Le Dame de Pic at The Four Seasons, run by chef Anne-Sophie Pic.

A Further 16 restaurants were presented with 3 AA Rosettes including a number in London: Pavyllon / The Silver Birch / The Social Eating House / Claridge’s Restaurant and Studio Frantzen and outside of London, Fallowfields / Summer Lodge Country House Hotel / Toffs / The Gin Trap Inn / The Dining Room & Cellar / The Little Chartroom / Mingary Castle / Thomas by Tom Simmons / The Tasting Room / The Angel Inn and Kintsu.

Congratulations to all of those that achieved such incredible levels of recognition in the Industry this year 

IN OTHER NEWS

Hospitality’s leading trade bodies have warned that a quarter of the sector have no cash reserves. It also found that 29% of businesses have less than 3 months worth of cash reserves left. Rising food and drink costs, wages and energy rises have left businesses in a dangerous position.  They were hoping that the priority in Wednesdays budget would be a lower rate of VAT. Further priorities were lower business rates / business rates reform / reducing national insurance / more energy support / reducing alcohol duty and capping business rate increases in April. This was backed, last week by more than 100 hospitality leaders on 29th February asking for ‘urgent action’ in a letter to the Chancellor.

The Chancellor has sadly fallen short on those key priorities for the Industry and for some, the effects will be catastrophic. Neither a cut in VAT or a cap on Business Rates was forthcoming.

A freeze on fuel and alcohol duty, and a cut in National Insurance, whilst welcomed, will not deliver the much needed support the industry needs to support its staff, future investment and growth sadly.

Looking back at hospitality sales in the last 12 weeks however, they were up 4.9% year-on-year (*Propel reported 28.02.24), which is encouraging, although this then slowed in the last 4 weeks of business. With warmer weather and lighter nights ahead, ‘out of home socialising’ should be a welcome boost.

Gaucho owner reports record year –with revenue reaching £73.5m, they have announced that 30 new UK locations are in the pipeline. Restaurant Property is excited to be a part of that journey acting as sole agents for owners for Gaucho Group.

Dubai hospitality group Fundamental Hospitality has announced it’s looking to bring two more of its brands to London in 2024.  Its flagship Greek Mediterranean concept Gaia arrived in the UK in December.

A number of ‘casual’ dining operators are returning to an expansion plan, post pandemic and operators, such as Wahaca will be opening in Paddington soon.  African restaurant, Afrikana will be rolling out 50 plus new-restaurants, with up to 10 set to open this year alone.

London’s BT Tower has been bought by US-based MCR hotels and the group will gradually convert the site into an upmarket hotel. A heritage and iconic site in London and with dramatic skyline views, the new venture will bring a welcome new vibrancy to the area.

In a move to improve energy efficiency and rising energy costs – Nusr-Et, the premium steakhouse chain owned by chef Nusret Gokce (aka: Salt Bae) have made moves to turning off the central heating after hours or during peak hours when demand is lower. Together with turning off lights and replacing it’s halogens with LED’s.   The gas heaters have been replaced with electric and containers are now biodegradable and recyclable.  A great move that many similar businesses could emulate.

RESTAURANT PROPERTY UPDATES

We have welcomed a new member to our team this month and are delighted in announcing our newest surveyor Percy Fricker. Percy has over three years of experience in property, specifically residential sales in Richmond, where he grew up.  In his spare time you might find him at a gig, particularly if it’s the blues or at The Emirates Stadium supporting Arsenal.  He will be working for us, alongside the hugely talented Jonny Novik on sales and we wish him all the best in his new role. 

Contact:  percy@restuarant-property.co.uk   

We’re looking forward to the opening this month of ‘Mimosa’ – led by Chef Jean-Francois Piege at The Langham, W1 – a sumptuous addition to the luxurious surroundings of this beautiful hotel. Having acted on behalf of The 5 star Langham Hotel to lease their opulent restaurant and bar space we are pleased to hear that their new tenants are about to launch.

BLOGS - Did you know we have a whole host of blogs on our website dedicated to informing the industry on a wide range of topics. 

Check out our latest blog on 'Food & Festivals' and why testing an idea with a pop-up or at a festival might help you make an informed decision on whether your concept will work in reality.  

EXCLUSIVE    

Michelin starred Chef Phil Howard, of Elystan Street, SW3, Kitchen W8 and new pasta bars Notto - opens up to our very own Founding Director David Rawlinson. 

We're talking career highlights (and it's a very long and distinguished one), business challenges, favourite dishes, top tips for those starting out in the industry, new concepts, what's next for Phil and so much more...not to be missed!

The full interview has dropped on our new YouTube channel

EXCITING ANNOUNCEMENT

Restaurant Property have been instructed as sole agents by The Marriott Group for one of their properties in Scotland.  Dan Brown is responsible for the lease of the restaurant, bar and lounge space on the ground floor of The 5 Star Sheraton Hotel and Spa in Edinburgh.  With 7,630 sq ft of prime leisure space available in a central location, close to the Castle, this is a great versatile space.

SPOTLIGHT ON 2024

We’ve been involved in an abundance of new restaurant and bar openings already this year and we’ve been thrilled to be a part of that journey with our clients. 

(Check out the details on Instagram @restaurant-property).

Some of which include:

Hanasaki Japanese Restaurant in FitzroviA, W1 

The Alchemist, Grosvenor Gardens, Victoria, SW1

Camille, Stoney Street, Borough Market SE1

Josephine Bouchon, Fulham Rd, SW10 

What’s more last month enjoyed a number of restaurant ‘calendar worthy’ events, which we’ve loved.

Kicking off with the celebration of the humble Yorkshire pudding.  Yes -  there is a day to celebrate it now! (did you know this great British dish, used to be served up as a desert the following day, the batter scraps were used and accompanied with jam - yum!). Hot on the heels was National Pizza Day, proving there is much creativity and activity to have in the colder months..

It’s all proof that these dates, and many more like them offer up an opportunity to be creative with menu’s and deliver an adjunct to the usual, whilst adding ice and a slice to the fun and enjoyment of being a part of this industry. 

For all of your leisure property needs, Restaurant Property is here to guide you smoothly through the process.  With more properties on and off market in London than anyone else, our knowledge and experience in this arena is best in class.  So don’t hesitate to get in touch.

Restaurant Property, Mortimer House, 37-41 Mortimer Street, London, W1T 3JH

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