Finance – Page 85
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NewsLord Sugar challenges Caffe Nero CVA
Lord Sugar’s private commercial property group, Amsprop Investments, has lodged a legal challenge against Caffe Nero’s company voluntary arrangement (CVA), Sky News reports.
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NewsDeliveroo lost £317m in 2019
Deliveroo’s losses grew to £317.7m in 2019, up by a third from on the previous year, before the pandemic helped boost it to profitability.
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NewsApplegreen to go private in £653m deal
Forecourt operator Applegreen is set to go private after reaching an agreement to be acquired by B&J Holdings and Blackstone Infrastructure Partners in a deal worth 718.1 million euros (£653m).
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NewsCreams acquired by Pistachio Holdings
Dessert parlour brand Creams has been acquired by Pistachio Holdings, controlled by Ankush Shah of the East Africa-based Sumaria Group.
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NewsLeon CVA approved
Leon has approved a plan to restructure the business through a company voluntary arrangement (CVA), preserving 670 jobs.
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NewsTRG warning over ‘extremely challenging’ outlook under tiers
The Restaurant Group has warned the tiering system will have a “significantly adverse impact” on the group if it remains in place.
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NewsFulham Shore: ‘Historic’ return on capital once normal trading resumes
Fulham Shore will be able to target a “much higher return on capital” when normal trading resumes, due to the ongoing damage to the property and restaurant sectors.
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NewsDeltic acquired by Rekom, 10 sites to close
Deltic has been bought of administration by Rekom Group, the Nordic nightlife operator.
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NewsSSP optimistic for “slow and steady” recovery
Travel hub operator SSP Group has said it remains optimistic in its ability to adapt to and capitalise on the return of the travel market next year despite incurring huge losses in 2020.
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NewsRevolution secures further liquidity as restrictions hit sales
Revolution Bars has reported sales significantly down in the first 24 weeks of FY21 as a result of “severe and constantly evolving trading restrictions.”
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NewsSales up at Wagamama
Wagamama has reported strong results for both eat in and delivery in Q3, seeing an uplift in sales and EBITDA.
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NewsShaftesbury reports loss as pandemic has “significant impact” on portfolio
West End landlord Shaftesbury has reported a loss after tax of £699.5m for the year to 30 September 2020 as the pandemic has a “significant impact” on the business. In the six months to the end of September, the group collected 53% of contracted rents, with 34% deferred or waived and 13% outstanding. Net property income was down 24.2% to £74.3m (2019: £98.0m), with a 3.5% like-for-like decline in rental income, and charges for expected credit losses and impairments of £21.9m.
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NewsHollywood Bowl hails ‘strength of business’
Hollywood Bowl Group has posted full year profit before tax of £1.2m, down 95.7% year on year due to the impact of coronavirus closures and restrictions.
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NewsBrains up for sale
Welsh brewer and pub operator SA Brain has put itself up for sale, the Sunday Times reports.
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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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NewsHospitality restrictions take toll on GDP growth
Hospitality restrictions have contributed significantly to the dip in the UK’s economic growth and will likely continue to do so unless measures are rethought, UK Hospitality has warned. New figures from the Office for National Statistics show that GDP grew by just 0.4% in October, down from 1.1% in September and the weakest its been since the economy started its recovery from the pandemic-induced recession earlier this year. The services sector – which represents four-fifths of economic output – grew by just 0.2% as a result of increased restrictions, declining by 0.37% month-on-month.
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NewsMarston’s reports statutory loss of £397m
Marston’s made a total loss of £397.1m in 2020 following the closure of its pub estate for 15 weeks.
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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).