Finance – Page 81
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NewsLeon burning through £200k a week
Leon CEO John Vincent has warned that a longer lockdown “will cost lives” as he reveals that his food to go brand is losing £200,000 a week.
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NewsNewRiver acquires £41m retail and leisure estate
NewRiver has acquired Sheffield leisure and retail estate The Moor in a joint venture (JV) agreement with Bravo Strategies III, for £41m.
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NewsDarwin & Wallace revenues down £2m
London-based bar group Darwin & Wallace lost almost a quarter of its usual revenue as a result of the first lockdown, contributing to a £2m dip in its year-on-year sales.
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NewsOakman raises £4.4m
Oakman Group, the operator behind Oakman Inns and Restaurants and Ashmore Inns, has closed its latest equity raise – receiving applications for £4.4m of shares from almost 300 new investors.
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NewsExtension of JV arrangements for Ego Restaurants
Mitchells & Butlers (M&B) has reached an agreement with James Horler, CEO of 3Sixty Restaurants, and its other shareholders, to continue with the joint venture arrangements, in relation to the development of Ego Restaurants, for a further period.
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Analysis & InsightInvestment in sector shows ‘promise for rebound’
A substantial uptick in business investments in hotels and restaurants last year shows the potential for a promising rebound for hospitality, should Government grant it sufficient support, new figures suggest.
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Analysis & InsightPeel Hunt ups target price for M&B after share announcement
Analyst Peel Hunt has increased its target price for Mitchells & Butlers (M&B) from 275 pence per share to 325p and changed its recommendation from Add to Hold.
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NewsIFS: Phase out furlough gradually
The furlough scheme should be phased out gradually rather than allowed to expire suddenly, the Institute for Fiscal Studies (IFS) has warned the chancellor.
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NewsDeliveroo to launch IPO next month
Deliveroo is set to formally announce its intention to float next month, with 8 March as a proposed launch date, Sky News reports. According to Sky, the delivery giant’s initial public offering (IPO), for which it has hired investment banks Bank of America Merrill Lynch, Citi, Jefferies and Numis to work under Goldman Sachs and JP Morgan, could see it gain a market value of up to £7.5bn.
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NewsM&B to raise £350m from shareholders
Mitchells & Butlers has made strides to ease its significant lockdown cash burn through an equity raise and unsecured revolving credit facility.
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NewsBrighton Pier Group secures £1.4m in insurance pay-outs
The Brighton Pier Group has received £1.4m in business interruption pay-outs from insurers.
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Analysis & InsightHospitality a “brake” on UK growth rate
The steep decline in sales across the hospitality sector acted as a brake on the UK’s growth rate last year, with the sector responsible for a third of the country’s annual contraction.
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OpinionPeel Hunt: JDW may be hit by post pandemic trends
JD Wetherspoon (JDW), and other low-ticket operators, are more likely to be hit post-Covid working patterns, as well as any further downturn in the economy, according to analysts Peel Hunt.
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InterviewsHero Award: ‘There’s a level of compassion sometimes missing in finance’
As part of the new Hero Award at the Retailers’ Retailer, MCA is profiling five senior managers who have gone above and beyond in steering their business through the crisis.
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NewsSSP considering equity options
SSP Group has confirmed it has drawn down £300m from the Bank of England CCFF (Covid Corporate Financing Facility), and is exploring further funding options.
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NewsPlatinum drops Marston’s bid
Platinum Equity has announced it does not intend to submit a revised proposal to acquire Marston’s.
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NewsHeineken writes off UK pub losses, announces global job cuts
Heineken has written off £167m in relation to its UK pubs, according to accounts filed by its parent company.
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NewsCosta losses weigh on Coca-Cola’s global business
Sales declines at Costa Coffee has led to Coca-Cola’s international unit swinging to a loss.
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NewsHonest Burgers receives £2.7m from shareholders
Honest Burgers received a £2.7m capital injection from shareholders to support the business during the pandemic, new accounts have revealed.
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NewsDi Maggio’s sales down by £4m due to March closures
Scottish restaurant group Di Maggio’s saw turnover down by £4.2m at the beginning of last year following the first coronavirus lockdown.