Property round-up: Young’s, Camden Market
Camden Market ‘first pub’ unveiled
After a four month delay in the launch of the new neighborhood pub and restaurant, Farrier opens on April 15th in London’s Camden Market.
With a hidden courtyard with a fire pit and covered outdoor seating, the 2,100 m² site opens up with al fresco dining and drinks and an extensive selection of artisanal and natural wines.
The beautifully restored equine hospital buildings, which the founders claim will be the first pub on Camden Market, will open fully once indoor hospitality can begin as per the government’s roadmap after the lockdown.
The Farrier is the brainchild of three Leeds friends – George Hartshorn, Chris Gibson and Ollie Patterson – who have worked in the hospitality and music industries together for more than 30 years.
“It’s been taking a long time, but we’re finally emerging on the other side, ready to welcome Londoners with open arms to quality comfort food, wine and some much-needed good times,” said Patterson.
Gibson added, “Through events and tastings, our jobs have given us the luxury of experiencing some of the best food and wine that are often only available in high quality or intimidating settings.
“We wanted to create an inviting space where people could access these high quality dining and wine experiences, but in a completely relaxed and relaxed environment.”
Two-strain brewery opens barbecue area
As the sister title BigHospitality from The Morning Advertiser (MA) reports, the London-based craft brewer Two Tribes will open an open-air cooking place, which will initially be operated by From The Ashes BBQ.
Located next to the Biermacherhaus in Kings Cross in two custom-made shipping containers and outdoor seating, the Campfire features live music and exclusive Two Tribes beers, as well as a rotating selection of chefs, street food and restaurant brands.
“I am very happy that Campfire was ignited this April. This project, which has been in the planning for many months, is the perfect culmination of our vision for Two Tribes, bringing together incredible food, great beer and talented entertainers right in our back yard. ”Two tribal founder Justin Deighton said.
Star tenants pay the full rent from June
As reported by The MA, Star Pubs & Bars licensees for core rented and leased contracts in England must begin paying rent in full from June 21st after a period of discounted rates.
Heinekens Kneipenarm has extended its 90% rental concessions, which should end on March 1st, to May 16th so that 10% is payable by licensees.
From May 17th, when pubs can reopen with restrictions if the government schedule is successful, until June 20th, the discount on rental concessions will be reduced to 10%, so 90% will be paid by licensees.
Star estimates that the combination of these rental discounts means that roughly half (50%) of the rental will be due in May.
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By The Horns Brewing expands to Surrey
South London-based brewer By The Horns has announced plans to expand into new premises in Salfords, near Redhill, Surrey.
Founded in 2011 by Alex Bull and Chris Mills, the beer maker brews in line with its founders’ love for American craft beer and British real ales and produces up to 20,000 pints a week.
By The Horns will not only be brewing beer in its new home from early 2021, but will also host tours and rehearsals as soon as the Covid restrictions are lifted.
The beer maker’s 5,000 m² new building will include a bespoke brewery with an already installed semi-automatic 30HL three-vessel brewery with a total capacity increased by almost 300%.
Alex Bull, Co-Founder and Head of Production, said of the move, “This expansion has taken a long time and I can’t believe we are now ready to brew the new kit. It was an incredible experience to plan our dream brewery from scratch.
“The new brewhouse and increased capacity will allow us to grow rapidly and put us in a fantastic position for the next chapter of By The Horns.”
Chris Mills, Co-Founder and Commercial Director, added, “We loved every minute of brewing in South London. We brewed and served our first beer here in 2011 and we feel very part of the furniture there. That’s why we will continue brewing in SW17 and stay part of the community with this fantastic new taproom company. “
The owner of the London Cocktail Club wants to set up 40 locations in five years
Nightcap plc was co-founded by investor Sarah Willingham in September 2020 and hopes to quadruple after taking over the London Cocktail Club.
In an interim earnings statement for the period between the group’s inception and December 31, 2020, Nightcap reported solid progress in building a real estate pipeline for its first acquisition, the 10-location London Cocktail Club, which the company will sell for an initial £ 5.7million bought.
The valuation comes in spite of the fact that the company is “essentially a cash shell” as its first acquisition wasn’t completed until January 13, 2021 – the same day it went public on the London Stock Exchange’s AIM market.
According to a statement, the emerging group had £ 3.75m in cash as of February 28, 2021 and has a management team.
Nightcap is currently building a pipeline of new locations in prime locations for the London Cocktail Club both inside and outside its central London area.
The group is currently negotiating several new rental contracts inside and outside the capital with the aim of growing from 10 stable locations to around 40 over the next five years.
“In line with our expectations, the damage caused by the pandemic in the real estate and hospitality sectors will allow us access to new locations in prime locations with lower rents, higher incentives and lower cost of capital per location than before,” said Willingham.
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The support of the residents helps the customs officers to open the village shop
Martin Steele and Laura Cook, with the support of local residents and the nonprofit Pub is The Hub, opened a village shop at the George Inn in Tiffield, Northamptonshire.
The couple took over the pub in July before reopening in August after extensive renovations. However, England’s second national lockdown made the demand for a village shop clear, as many elderly and vulnerable residents did not want to travel for essentials such as bread, milk, eggs, cheese and toilet paper.
A grant from the pub is The Hub Community Services Fund meant that one of the rooms in the pub was converted into a shop while residents’ collaborative efforts helped get the shop up and running.
“Since we went to the pub last year, local residents have given us full support,” said Cook. “We really appreciated the local people’s support in opening the store.
“There was a real need for a local shop with basic essentials, takeaway and good coffee, and we loved how popular it is.
“It was also important that we could get in touch through the village shop with locals who felt isolated and needed support during this difficult time.
“They really enjoyed going to the store and having a quick chat. We can’t wait to welcome everyone back to the pub when we can open again. ”
UK breweries grew 7.5% in 2020
The number of breweries in the UK increased by 216 in 2020, an increase of 7.5% from 2019. This is the result of new research by the accounting group UHY Hacker Young, according to which there are currently 3,018 breweries in the UK.
The group’s data revealed that 55 new breweries were started during the first lockdown alone.
“The growth of breweries at a very difficult time for the beverage industry is a positive sign,” said James Simmonds, partner at UHY Hacker Young. “Entrepreneurs are clearly confident that it will be possible to get back on your feet as soon as pubs and bars can reopen.
“People’s appetite to try new beers from different breweries has contributed to the establishment of new breweries in the long term. The sector has not fallen into the discounting trap.
“There is also the prospect of an exit to a great brewer if you can build a valuable brand,” he continued.
“With the closure of pubs and bars, smaller breweries had to adapt to direct-to-consumer models. When hospitality reopens, these new breweries need to build on the momentum they have created through their direct sales to the consumer. “
Young’s announces two pub purchases
Pub operator Young’s has announced that it will expand its portfolio by opening two new locations – both of which are slated to open outdoor terraces from April 12th and fully launch in May, according to the government’s lockdown roadmap.
The 6,000 square meter Albans Fountain in St. Albans, Hertfordshire, acquired last year, is located on the ground floor of a former BHS building. The new location is currently undergoing extensive construction and design to create a 168-seat pub and dining room alongside an outdoor 62-seat terrace.
The interiors are punctuated by upcycled furniture and reclaimed tiles, while the seasonal British menus feature underutilized and ethical products with an emphasis on plant-based and gluten-free dishes.
The project will also include the introduction of a self-service wine experience from a ‘wine wall’.
The operator with 200 locations will also open its fifth pub in Greenwich after purchasing the listed Enderby House in 2018. The historic house dates back to 1835 and will have a main bar, two dining rooms and various private dining rooms and two outside terraces.
“After the most difficult year in our industry, we are excited to announce the arrival of these two new pubs this spring,” said Patrick Dardis, CEO of Young.
“With hospitality reopening on the horizon, we look forward to welcoming guests back to our pubs and building both Alban’s Fountain and Enderby House in the heart of their respective neighborhoods.”
The acquisitions will join Young’s 200-strong pub portfolio and mark the company’s continued growth in and outside London.
All Young pubs and hotels will reopen on May 17th. From April 12th, 143 locations will open pub gardens.