Finance – Page 39
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NewsUK businesses face ‘week of woe’ as corporation tax rise hits
The main rate of corporation tax will rise from 19% to 25% from April, raising about £18bn a year for the Treasury, the FT reports.
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NewsLiving wage to add further 7% to employers’ pay bills next year
The potential rise is on top of the 9.7% increase in the main rate to £10.42 an hour from tomorrow, The Sunday Times reports
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NewsMarston’s secures extension of debt facilities
The 1,445-strong pub group has secured an amendment and extension of its bank and private placement debt facilities to the end of 2025
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NewsManaged and operator-led sites lead growth for Stonegate
The group’s leased and tenanted arm continued to see negative like-for-like growth last year but Stonegate saw a strong performance from its Craft Union business and managed division.
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NewsRekom posts strong revenue growth
The UK arm of the business is currently the group’s strongest performing division, achieving EBITDA of £18.4m in 2022
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NewsChopstix targeting 30 new sites and £65m revenue this year
The forecast uplift in revenue would equate to a 40% rise versus FY22, with the Asian QSR group targeting sales of more than £90m over the next financial year.
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NewsTasty selling two sites, considering further closures
The group is also considering converting further Wildwood restaurants to its dim t brand following a successful rebrand in Loughton
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NewsIssa Brothers eye £8bn bid for Subway
EG Group already has many Subway restaurants across its petrol forecourt empire, which also includes Leon, Cooplands and KFC’s biggest UK franchise
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NewsTortilla reports record revenue
The fast casual Mexican chain saw like-for-like revenue up 16.4% vs 2019 to a record of £57.7m and reports it is ahead of its growth targets
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NewsIssa brothers close to £12bn merger of Asda and EG Group
The billionaire owners of Asda are racing to complete a blockbuster merger of the supermarket chain and their UK petrol stations as part of efforts to cut their forecourts empire’s debt burden, The Sunday Times reports
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NewsWells & Co reports return to profit
The pub operator and brewer posted a turnover of £55.2m and operating profit of £3.3m for the year ended 2 October 2022
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NewsJDW: like-for-like sales up amid ‘ferocious’ inflationary pressures
Like-for-like (lfl) sales were up 5% vs FY19, with a revenue of £916m for the 26 weeks ended 29 January
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NewsShepherd Neame maintains resilience amid inflationary pressures
While revenue was up 8.4% and demand was encouraging in H1 2023, margins were impacted by cost inflation
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NewsStonegate delivers ‘creditable’ performance
Britain’s biggest pub and bar group grew revenues to £1.6bn in the full year to September 2022, with adjusted profit before tax of £66m. The business said disposals of non-core pubs was a strategic option to drive value
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NewsGrind completes £15m investment round
The coffee business, which also completed on the acquisition of ready-to-drink coffee company Bottleshot, will use some of the funds to expand its coffee shop estate
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NewsDeliveroo reports progress towards profitability
The delivery company has reported preliminary FY22 results, with gross profit up 30%, revenue up 14%, and gross transaction value up 9% year-on-year
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NewsNew PE firm in contention for Subway acquisition
Advent International has joined the list of parties which remain in the running to buy US sandwich chain Subway, alongside the likes of Goldman Sachs and Bain Capital.
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NewsNightcap reports resilience in face of rail strikes
The late-night operator saw a 5.8% lfl decrease against H1 FY22, attributed to strike action, and reported revenue of £23.5m for H1 FY23
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NewsFridays owner serves up alarm by delaying results
The company behind the Fridays restaurant chain has sparked concern among investors after delaying its annual results pending discussions with its banks, The Times reports
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NewsUK economy rebounds in January
GDP grew by 0.3%, according to new data from the Office for National Statistics, driven by a rebound in the services sector