Finance – Page 87
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NewsCineworld secures $750m lifeline
Cineworld has secured a $750m (£552m) funding package to see it through the crisis as it hopes for a possible spring reopening. Following news last week that the global chain – which has 127 UK sites – was considering a company voluntary arrangement to secure its future, the latest support package is said to be a “lifeline” for the business. The funding includes $450m (£331m) in new loans, as well as issued warrants that could hand around 10% of shares to creditors. Cineworld has also secured debt waivers until 2022, the extension of a $111m (£82m) line of credit until 2024 and the early repayment of a $200m (£147m) tax rebate.
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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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NewsCineworld considers CVA
Cineworld, the world’s second largest cinema chain, is considering a company voluntary arrangement (CVA) as part of a wider restructuring process to secure its future.
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NewsSacha Lord releases recovery plan, warns bounce back ‘could take five years’
Manchester’s night time economy advisor Sacha Lord has released a plan detailing how businesses can be supported to recover from the pandemic, but warned it could take five years for the sector to recover.
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NewsEveryman hires FTI to assist in rent talks
Everyman Media Group has become the latest cinema chain to hire financial advisors, Sky News reports.
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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.
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NewsDeltic asks for £1m-a-month government support to see it through sales process
The Deltic Group has asked government for a £1m-a-month bailout as it continues its sales process, the Mail on Sunday reports.
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NewsBrewdog secures £25m CBILs and financing arrangement to tackle crisis
Brewdog has said it is optimistic about the remainder of 2020 in light of financial measures taken to protect the business going forward.
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Analysis & InsightPubs and restaurants see pre-lockdown sales boost
Pubs, bars and restaurants saw a boost in sales at the beginning of this month as consumers made the most of their final days before lockdown, according to CGA.
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NewsDeliveroo appoints Worldpay’s Medlock ahead of IPO
Deliveroo has lined up former Worldpay CFO Rick Medlock to chair its audit committee as it prepares to list, Sky News reports.
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NewsRevolution Bars approves CVA, closing six sites
Revolution Bars Group has approved its company voluntary arrangement (CVA), which will see it close six bars.
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NewsCaffe Nero enters CVA
Caffe Nero entered announced it had entered into a Company Voluntary Arrangement (CVA) last night, blaming the second national lockdown.
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Analysis & InsightTiering system prompts sector-wide sales dip
The implementation of the tiering system caused all parts of the sector to suffer last month, with sales dropping across pub, bar and restaurant groups, according to CGA. The latest Coffer Peach Business Tracker for October found that with 83% of group-owned sites open, down from 88% in September, total sales across the managed sector were down 33.9% year-on-year, a further fall from September’s sales which were 20.3% down on 2019. Like-for-like sales in trading businesses were 28.9% below October last year, compared to 14.7% down in September.
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NewsMarston’s seeks waivers from noteholders
Marston’s has released a formal request to the holders of its secured class A notes for a limited number of further technical waivers during the first half of 2021. In an announcement on the London Stock Exchange today (11 November), the pubco said it was requesting the waivers as a precautionary measure following the renewed lockdown restrictions introduced in Wales on 23 October and England last week.
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NewsWetherspoons sales hit by 'baffling' and 'questionable' restrictions
Wetherspoons sales were significantly lower in October than previous months as the imposition of new restrictions took its toll, the business has revealed in a trading update today.
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NewsOperators call for EIS incentives to help rebuild sector
London hospitality operators including The Piano Works, Kerb and bar business Lolipop have called on government to adapt the Enterprise Investment Scheme (EIS) to help rebuild the sector. In a letter to chancellor Rishi Sunak seen by City AM, the businesses outlined proposals of an “equity alternative” to the Coronavirus Business Interruption Loan Scheme, which would use tax relief to incentivise investors to support industry recovery.
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NewsListed groups rally over vaccine news
Listed pub and restaurant groups have welcomed news of progress in a coronavirus vaccine with cautious optimism on Monday.
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NewsPiper sells Mindful Chef to Nestle
Piper, the backer of Flat Iron, Turtle Bay and Hickory’s, has exited its investment in recipe box and ready meal company Mindful Chef to Nestlé.
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NewsVegan pizza chain Purezza set to go global
Brighton-based vegan pizza concept Purezza has announced global expansion plans after securing £2.4m in funding.