WELCOME TO THE MARCH EDITION OF BORD BIA'S IRELAND MARKET FOODSERVICE NEWSLETTER.
Bord Bia is hosting it’s annual Dairy Markets Seminar on Tuesday, April 16th. Taking place at the Killashee Hotel, Naas from 10AM to 3PM, this event is an opportunity for industry professionals to stay ahead in the dynamic world of dairy. Speakers and panel members confirmed to date include Damien O’Reilly, EU Affairs at ICOS; Caroline Roux, Consultant Analyst Food & Drink at Mintel; Grace Binchy, Trends & Insight Specialist at Bord Bia and Niall McGrath, Co-Founder of Fulfil and Cali-Cali Foods.
For more information and to register your attendance, visit our webpage here.
MONTHLY SPOTLIGHT: EVENING MEALS DELIVER INCREMENTAL BUSINESS
Two restaurant chains have made news headlines this week, citing increased sales as a result of expanding their evening meals offer. Greggs announced LfL sales were up 8.2% to date in 2024 and announced targets of 140-160 net openings this year. Chief Executive Roisin Currie confirmed that Greggs outlets continue to open later into the evening, competing for food-to-go sales until 7PM or later. As a result, evening sales were 8.7% of company-managed shop sales in the second half of 2023.
On a similar theme, Neil Miller, Chief Customer officer at Itsu confirmed that evening sales are showing more strength than lunch and that customers are ‘buying into us at different times of the day, whether that’s with breakfast in the travel hubs, or the heartland of lunch, or increasing in the evening, which is showing more strength at the moment’.
Grappling with an ongoing cost challenges, tightened margins and customers under financial pressure, restaurant operators are looking at any (and all!) opportunities to deliver increased revenues.
GENERAL INDUSTRY NEWS
Strong income tax receipts keep public finances on right track
Irish Times – 05.03.2024
Strong income tax receipts linked to having a record 2.71 million people at work have boosted the Government’s finances at the start of the year. The latest exchequer returns show income tax generated €5.3 billion in January and February this year, which was 5.7 per cent up on the same period last year. The positive income tax trend reflects the current buoyancy of the labour market with a record 2.71 million employed in the Irish economy.
Fáilte Ireland announces 2024 Plans with focus on sustainability
Hospitality Ireland – 22.02.2024
At its annual industry briefing, Fáilte Ireland unveiled its ambitious plans to drive sustainable tourism development across Ireland and support the decarbonisation of tourism businesses. Central to the plans is the new Climate Action Programme, developed in consultation with tourism businesses, which includes the appointment of a dedicated advisor to businesses to help navigate every step of their climate action journey.
QUICK SERVICE RESTAURANT (QSR) & PUB SECTOR
Boojum to open new store in The Square Shopping Centre
Hotel and Restaurant Times – 23.02.2024
Boojum, will open a new store in Tallaght’s The Square Shopping Centre this spring. The famous Mexican burrito bar is kickstarting 2024 with a bang by announcing two new store openings, one of which sees the launch of their first ever GB restaurant in Leeds, which will open in April. Boojum, which was founded in 2007, already has fifteen stores across Ireland, eight of which are in greater Dublin, with potential for more due to phenomenal demand. The company also has a presence in Cork, Limerick, and Galway, as well as its native Belfast. The Tallaght location will create thirty new jobs, including both part-time and full-time positions, and will be Boojum’s third out-of-town site, following on from Blanchardstown and Liffey Valley.
Ahascragh Distillery introduces Ireland’s first zero energy emissions spirit
Drinks Industry Ireland – 04.03.2024
Ahascragh Distillery is Ireland’s first eco-distillery as it is powered exclusively by renewable energy. Housed in a newly renovated mill, Ahascragh Distillery has changed the way whiskey is made in Ireland through the innovative use of wind and solar energy, combined with very high temperature heat pump technology coupled with optimal heat recovery and energy storage systems. While waiting on the first spirit to flow from the distillery, the McAllister’s brought their award-winning sourced Family Bond series of hand-selected releases to market; which includes Clan Colla Irish Whiskey, UAIS Irish Whiskey and Xin Gin.
Hotel & Restaurant Sector
Deal to sell iconic Shelbourne hotel agreed as part of €314 million portfolio
Business Post – 22.02.2024
Kennedy Wilson has confirmed it has agreed a deal to sell The Shelbourne Hotel for an undisclosed fee. Last year, the US investment fund put the iconic Dublin hotel up for sale for a price tag of €260 million. Industry sources told the Business Post that Archer Hotel Capital, the owner of the Conrad Hotel, is the firm that has agreed to buy the hotel. The firm has told shareholders that there can be no assurance that sales under contract will close.
Senator Endorses Reinstatement of 9% VAT rate for food-led businesses
Hospitality Ireland – 02.02.2024
Hospitality businesses should be afforded the benefit of a lower VAT rate on foodservices, if they are to continue to survive and thrive, two Fine Gael politicians have warned. Fine Gael's Senator Garret Ahearn and Deputy Ciaran Cannon have published a call for the return of the 9% VAT rate for food-led hospitality businesses. The Restaurants Association of Ireland (RAI) has issued a statement saying that while the comments from the Taoiseach, Deputy Cannon and Senator Ahearn are positive, the RAI now looks forward to seeing 'swift and decisive action' being taken by Fine Gael and its government colleagues to reinstate the 9% VAT rate for food-led hospitality businesses.
Route to Market / Casual Dining Sector
IFEX 2024 opens its doors with up to 7,000 industry professionals expected to attend over the three days
www.newsletter.co.uk – 05.03.2024
Opening its doors today (March 5th), IFEX, Northern Ireland’s largest food, drink, retail and hospitality event has revealed that over 60% of businesses in the sector have implemented sustainable practices within the last two years. Home to some of the country’s biggest food companies, manufacturers, distributors and artisan producers, the event, taking place at the Titanic Exhibition Centre, Belfast runs until Thursday, March 7, and up to 7,000 industry professionals are expected to attend over the three days.
Fish Box In Kerry To Expand After €400,000 Investment
Hospitality Ireland – 08.02.2024
Fish Box, the Kerry seafood business, has announced the completion of a €400,000 investment, which will see it significantly expand its operations. The Fish Box restaurant and takeaway, based in Dingle, is using the investment to put a food truck on the road, introduce a fresh-fish counter, and add solar panels, as part of a drive to be more energy efficient. The Fish Box employs around 35 people and offers both a takeaway and sit-down option with outdoor area. With the current investment, the restaurant, which currently seats 20, is expanding to accommodate 100 customers indoors.