All Finance articles – Page 12
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NewsNightcap aims to thrive in post-covid 2020s
Nightcap, a new company led by hospitality entrepreneur Sarah Willingham, has announced an intention to float on AIM and that it has agreed a deal to acquire the London Cocktail Club (LCC) group of bars.
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NewsOakman Group opens share offer to customer base
Oakman Group, the operator behind Oakman Inns and Restaurants and Ashmore Inns, is looking to capitalise on the post-pandemic market and double its estate by 2026.
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NewsDeltic files for administration
Nightclub operator Deltic has filed a notice to appoint administrators. The group, which owns late-night brands including Pryzm and Bar and Beyond, announced its intention to sell in October, but has been as yet unable to secure a buyer. Over the last few weeks, private equity firms Greybull Capital and Aurelius emerged as interested parties in the group, but Scandinavia bar operator Rekom Group has since come to the fore as the preferred bidder to buy Deltic through a pre-pack administration. It’s understood that any deal could see the permanent closure of some of its 52 sites.
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NewsCooplands secures £7.7m BGF funding to fuel expansion
South Yorkshire-based bakery chain Cooplands is set for growth after receiving £7.7m in funding from the Business Growth Fund (BGF).
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NewsRent debt pile of £1.6bn threatens new year bloodbath
The hospitality sector is facing a devastating rent tipping-point that will trigger a new year bloodbath of business failures and the potential for hundreds of thousands more job losses, UK Hospitality has warned.
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NewsBrewDog crowdfund breaks £10m
BrewDog’s Equity for Punks Tomorrow fundraise has broken the £10m mark, with 54 days remaining to reach its target of £15m.
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NewsBarburrito secures new investment, closes three sites
Barburrito has undergone restructure, with the closure of three sites, and a new injection of investment led by chairman Graham Turner.
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NewsTim Martin sells £5m of shares
JD Wetherspoon chairman Tim Martin has sold £5m worth of shares in the company.
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NewsCaffè Nero founder pledges £5m ‘survival fund’ to see it through CVA
Caffè Nero founder Gerry Ford is pledging a £5m ‘survival fund’ to see the struggling coffee chain through its financial restructuring, Sky News reports.
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NewsUKH calls for new sector support fund following Tesco grant repayment
UK Hospitality has called on the government to establish a Hospitality and Tourism Recovery Fund to support businesses without grant support and at risk of closure.
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NewsCaffe Nero approves CVA amid takeover approach
Caffè Nero has approved its Company Voluntary Arrangement (CVA), including a modification that the company will ensure compromised creditors, including landlords, will have their arrears paid in full in the event that a sale of the group to the third party occurs within the next six months.
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NewsLoungers holds profit despite lockdowns
Loungers saw its turnover fall 33% to £53.5m in the 24 weeks to 4 October, but still managed to turn a profit despite a raft of restrictions.
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NewsLeon circulates restructuring plan
Leon has served creditors with a restructuring plan that includes a multimillion pound investment from shareholders to secure its future.
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NewsCaffè Nero rejects ‘disruptive’ EG Group bid
Caffè Nero will press ahead with its company voluntary arrangement after rejecting a last-minute takeover bid from petrol forecourt and fast food operator EG Group.
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NewsNew rescue package for hospitality sector
Pubs and restaurants hit by new coronavirus restrictions will be given extra cash to help get them through Christmas, the Telegraph reports.
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NewsIndividual Restaurants acquired in £40m rescue deal
Individual Restaurants, including the Piccolino, Restaurant Bar & Grill, Opera Grill and Bank brands, has been acquired by the directors of Iceland supermarket, in a transaction worth more than £40m.
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NewsBusinesses claimed £849m through EOHO
Businesses claimed £849m through the chancellor’s Eat Out to Help Out scheme, discounting more than 160 million meals, according to new figures from HMRC. New figures have revealed that almost 50,000 hospitality operators made a claim through the scheme by 30 September, which offered government subsidies of up to £10 on meals Monday to Wednesday in August. About a third (34%) of discounted meals were claimed by businesses with more than 25 outlets, accounting for more than a quarter (27%) of the total amount claimed. The majority of claims were made by restaurants (55%), with pubs claiming 28% of meals.
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NewsLeon considers CVA
Healthy fast-food concept Leon has become the latest chain to consider a company voluntary arrangement (CVA) in a bid to cut its rent bill. The business appointed consultancy firm Quantuma in June to advise it on seeking new rent terms, but is now said to be drawing up CVA proposals as a result of pressures caused by the second national lockdown. According to Sky News, plans are at an early stage and the implications for store closures and jobs are yet to be disclosed.
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NewsFive Guys to push on with expansion following strong lockdown trading
Five Guys will push on with its expansion plans despite the uncertainty of the coronavirus pandemic, with at least three new openings set before the end of the year.
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NewsWahaca acquired by Nando’s owner
Wahaca has been acquired in a rescue deal by the billionaire owner of Nando’s.