City diary
Not so narrow margins
Can Gordon Ramsay's version of the gastropub cut the mustard? There are early signs of success at the Narrow,
in London's Limehouse area, the pub he holds on a lease from the Waterside Pub Partnership, a joint venture set up between British Waterways and Scottish & Newcastle Pub Enterprises. Since buying the lease in 2005, he has quadrupled turnover to £1.5m a year - £30,000 a week. Chris Hutcheson, Ramsay's father-in-law, who is also chief executive of Gordon Ramsay Holdings, said: "The Narrow, above, has been almost an embarrassing success. We couldn't believe that suddenly there were people 10 feet deep at the bar wanting to come to this tiny little pub by the Thames. People come along and say: 'We like that concept, would you be interested in rolling that into six or seven of our hotels?'"
Housing benefits
Punch Taverns is taking tenant support to a new level by seeking to increase the number of chimney pots next to one of its pubs in the north-west. The company has applied to build six homes next to its Enterprise pub in Belah, Carlisle, which doubles up as an Indian restaurant called the Spice Enterprise. "Our licensee at the Enterprise is happy about the application as it could mean increased trade at the pub," says Punch.
Rock refurb rolls on
The rolling programme of refurbishments of Chicago Rock Cafes, so far involving 30 venues, is due to take in the flagship Northampton venue sometime soon. City Diary hears the refurbishment was due
to start on 11 February, but has slipped.
A spokesman tells City Diary: "We should get at least a week's notice although it could be we get told on a Monday that we're closing on the Sunday coming up."
Coors perks up ideas
Coors Brewers has launched an online benefits package for its 2,200 UK employees, as the result of feedback from a company-wide employee survey. The survey, called The Big Listen, quizzed employees about the types of benefits they would like to be offered and how the brewer's existing perks could be improved. Tristan Marshall, compensation and benefits manager at Coors Brewers, said: "Because everyone has a different idea of what they value, the new scheme covers everything from discounts on holidays, retail, designer clothes and a concierge service for staff," he said. Sounds alright, doesn't it?
Calabreses extend empire
Another mini-dynasty is emerging in the pub and bar sector. The Pool Bar in Shoreditch has been sold to the son of legendary cocktail guru Salvatore "The Maestro" Calabrese, left, the barman known for making up bespoke cocktails for the likes of Elizabeth Hurley and Cindy Crawford. Davis Coffer Lyons sold the bar to Gerry Calabrese, who is the former owner of the only 24-hour licensed club in London, the Meet Club on Charterhouse Street, for a £522,000 premium and at a passing rent of £60,000. Calabrese is planning a £1m new revamp.
Don't mention the bill
Illuminating insight on the drinking behaviour of Germans compared to UK counterparts. According to research undertaken by Miller Brands, 82% of Brits are more likely to buy a round for their friends than split the cost, unlike the vast majority of Germans (90%) who prefer to split the bill and meticulously work out who had what. It sounds like an important piece of cultural learning that may explain a host of other German patterns of behaviour, ranging from Afghanistan to sunbeds...
It's good to listen
JD Wetherspoon's Annual General Meeting sounds like a lively affair. Shareholders, in this instance, clearly have firm ideas about what the company can do better. Among the many suggestions were: introduce a few pint pots in each pub, stock ginger beer, introduce a healthy spread and warmer plates. The company says, in the latest edition of Wetherspoon News: "We always listen and do our best to act accordingly."
Synergy hopes
City Diary hears that Nexum Leisure has high hopes for synergy after buying Mr Smith's in Warrington. The club, which hosted the famous The Hitman and Her with Pete Waterman and Michaela Strachan, will be called Synergy after it reopens in March.
A Nexum spokesman said: "Subject, of course, to all necessary consents, it will be renamed Synergy following a £2m refurbishment. It is hoped that it will open in time for Easter."
Brook looks at Regent
The industry grapevine is suggesting Brook Leisure is taking a look at Regent Inns. Meanwhile, however, the company has backed away from buying six nightclubs run by Vimac Leisure, which were placed on the market through Fleurets back in November last year. The Vimac sites - three freehold and three leasehold - are located in Hexham, Rotherham, Durham, Kendal, Chester-le-Street and Middlesbrough, turning over in the region of £4.2m.
The price isn't right
On the back of Regent's results last week, two analyst opinions. Charles Stanley takes the following view: "Surely it's worth more! Despite a number of possible bidders lurking in the wings the share price continues to languish." Meanwhile, Dresdner Kleinwort takes a dimmer view: "In our opinion Regent remains a dangerous place to be. Any deal involves considerable risk for buyers who will still suffer the negative effects of the structurally-troubled high-street drinking market, and, therefore, we believe they'll only be willing to do a deal at a knock-down price."
Toil and trouble
The City Diary Award for Most Colourful Explanation of Trading Conditions goes to Restaurant Group's Alan Jackson. For those of us who are tiring of hearing about "challenging" conditions, Jackson, wearing the hat of Charles Wells chairman, has this for shareholders: "Results reflect a year of enormous change for your company and together with a witch's cauldron of external changes, the weather and the economy we really do work in a (er) challenging world."
Taking a rain cheque
RIP the cheque. Premium Bars & Restaurants, the Newcastle-based owner of the Living Room, Bel & the Dragon and Prohibition brands, will no longer accept personal cheques from 1 March 2008. Chairman Mark Jones, left, says: "We reckon they're less than 1% of sales. Since the introduction of chip and pin last February, the fall away in usage has been dramatic."
Who let the bid out of the bag?
At least one media outlet has been in high dudgeon over the way Punch's bid to merge with Mitchells & Butlers emerged. Three or more Sunday newspapers had detailed accounts of Punch's merger proposal the day before it
was revealed to the market. No lucky guesswork here, London's Evening
Standard pointed out, because the accounts were very detailed, including, for example, how the top jobs would be dished out. In other words, it had all the signs of organised briefing, which is not allowed ahead of major announcements to the market. Leaking is offensive to all us hacks, unless, of course, we're the ones being leaked to.
Brave old world
Does Camra now stand for the Campaign for a Real Attitude? One writer, P Adamson, of Wooton, Bedfordshire, whose letter is published in Camra's What's Brewing, thinks it's time for a complete overhaul. "Members live in a time warp. The fact is beer festivals have gone unchanged for 30 years. Right now Camra and beer festivals are run by people who are too old, too long in the tooth or too out of touch with reality. This is the 21st century, not the mid-20th century, so it's time to live in it." Discuss!
Above average: Meantime and the median
You may remember Fuller's and Meantime are locked, like stags, in a battle for the title of the UK's be
