Finance – Page 88
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NewsBurden of property tax must be addressed
UKHospitality is calling on the government to address the “unfair burden” of property tax on the hospitality sector as it recovers from the pandemic
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NewsCaffè Nero sales reach +90% of pre-Covid levels
The group achieved sales of £135.7m in the six months to November 2021 – an increase of 211% on the same period in 2020, with trade having strengthened further
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NewsStarbucks drive-thrus boost sales
Franchise business 23.5 Degrees posted profits of £10.3m last year after investing in new sales channels
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Weekend PressPret A Manger upbeat despite debt facility move
Pret’s chief executive, Pano Christou, has insisted the sandwich chain’s plans to double in size are still intact, reports The Times
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NewsGary Usher looks to raise £2m via Crowdcube
The chef-patron has raised more than £744k on Kickstarter over the years to fund the majority of his restaurants, including Burnt Truffle and Wreckfish
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NewsSourced Market shuts up shop after entering liquidation
The company’s largest investor, Pembroke VCT, told MCA that Begbies Traynor had been appointed to wind down the business
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Analysis & InsightInflation: ‘Inevitable’ costs will be passed on to consumer
As inflation reaches a new 30-year high, MCA examines the situation within hospitality, and asks how a squeezed consumer is likely to react to rising prices in restaurants and bars
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NewsHeavitree saw revenue fall 8% in 2021
Chairman Nicholas Tucker said that while the trading environment remained testing, there were plenty of customers determined to enjoy the offering provided by its pubs
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NewsCorbin & King fights off High Court challenge
MI Squared – a subsidiary of the restaurant group’s largest shareholder Minor International – had sought to block the business from repaying a £34m debt to its Thai backer, after Minor called it in
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InterviewsOakman: ‘We never cut back, we always double down on’
Following Oakman Group’s refinancing and share offering, CIO Stephen Kenee talks to MCA about its latest cohort of brand ambassadors, and how the pub company will be nearing a £100m business once its pipeline is built
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NewsInn Collection sold to Harris Family and Kings Park Capital
The deal, which values the business at a reported £300m, will see the 31-site pubco continue to roll out its strategic ‘buy and build’ growth plans across the north of England and North Wales
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NewsInn Collection Group poised for £300m sale
The Inn Collection Group is set to be sold by Alchemy Partners to a new company backed by Bourne Leisure tycoons the Harris family, in a deal valued in the region of £300m
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NewsBurger King pushes ahead with flotation plan
Burger King UK owner Bridgepoint has expanded its cohort of advisers, adding a third investment bank, as it moves forward with a £600m flotation of the business, The Times has reported.
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NewsNero Group acquires remaining stake in Coffee#1
The group has reached an agreement to acquire SA Brain’s remaining 33% stake in Coffee#1
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NewsAmerican fund Knighthead lodges fresh bid to join Wolseley’s top table
The US-based fund is trying to break an impasse over the future of some of Corbin & King by tabling a fresh offer to extract it from insolvency proceedings, Sky News reports
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NewsOakman completes £29m refinance of freehold estate
The pub group also said it had secured is its “strongest ever pipeline” of new sites, which will increase the size of the estate by some 25%
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NewsJollibee ramps up global expansion
The Philippines foodservice group will look to open 500 sites worldwide in 2022, as it recovers from the pandemic
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NewsKFC parent co toasts strongest growth in history
The UK estate, which accounts for 7% of overall KFC system sales, saw a 38% rise in sales for the full year in 2021
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NewsWells & Co reports £8m revenue drop
The fifth-generation brewer and pub operator has continued to grow its managed estate and is targeting 50 sites by the end of 2022
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NewsBrasserie Bar Co acquired by Alchemy for £40m
The deal will support plans to grow the group’s pubs business from 18 sites to 70 over the next five years