Finance – Page 89
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Analysis & InsightGraffiti Spirits co-founder Matt Farrell: ‘Government are always two weeks behind’
In its reactive approach to mandating restrictions, the government is “two or three weeks behind every time” when it comes to providing the accompanying support, Graffiti Spirits co-founder Matt Farrell has said.
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Analysis & InsightGreater Manchester tier 3 funding 'brutal' and a 'huge blow'
The government’s offer of £22m to place Greater Manchester under tier 3 restrictions is far from the levels of support needed to prevent mass job losses and closures in the sector, hospitality trade bodies have warned.
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NewsAbokado appoints administrators
Healthy to-go brand Abokado has appointed administrators having been unable to reopen the business due to ongoing uncertainty caused by the coronavirus crisis.
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NewsLate-night operators “shocked and dismayed” at Cultural Recovery Fund refusals
Late-night sector leaders have questioned the criteria on which grants under the Cultural Recovery Fund (CRF) have been determined as some of London’s leading independent operators were refused support.
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NewsGreater Manchester to receive “tens of millions” in tier 3 government support
The Prime Minister could offer up to £100m to Manchester’s leaders to accept the government’s proposed tier 3 restrictions.
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NewsDowney liquidates street food businesses
Street Feast founder Jonathan Downey has instructed restructuring advisor Resolve to liquidate his four street food businesses.
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NewsDeltic seeks new equity
Night club operator Deltic has appointed advisors BDO to identify new investment.
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NewsBoparan acquires GBK in pre-pack
Boparan Restaurant Group has acquired the Gourmet Burger Kitchen burger brand and 35 trading sites in a pre-pack administration.
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NewsJust Eat UK orders up 43% to 46.4m
Just Eat Takeaway.com has reported UK orders in Q3 2020 grew by 43% year on year to 46.4m.
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NewsPizza Express to be taken over by bondholders in debt for equity swap
Pizza Express is set to be taken over by its bondholders after a sale process seeking potential buyers failed to find a competitive offer.
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NewsNew furlough scheme to pay two thirds of wages in local lockdowns
The government will subside two thirds of employees’ salaries in businesses forced to close due to local lockdowns, the Chancellor has announced. As an expansion of its Jobs Support Scheme, the government will grant eligible businesses 67% of each employees’ salary throughout the closure period, up to a maximum of £2,100 a month. In addition to the extension, the government is increasing cash grants to businesses – such as nightclubs and other areas of hospitality - forced to close in England. Grants will be linked to rateable values with up to £3,000 per month payable every two weeks, compared to the up to £1,500 every three weeks which was available previously.
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NewsGreene King increases rent concessions for tied tenants
Greene King Pub Partners has increased the rent concessions for its tied pub tenants to at least 40% until Christmas. Until the end of December, its 975 tied tenants will be granted at least a 40% rent reduction, with pubs that are forced to close in local lockdowns receiving a 90% rent discount for at least four weeks. The move brings its total estimated financial support for its tied tenants to more than £25m since March.
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NewsCMA approves Marston’s/Carlsberg JV
The Competition and Markets Authority has cleared the proposed £780m merger of Marston’s and Carlsberg’s brewing operations.
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NewsTRG’s remuneration and share plan overhaul approved
The Restaurant Group’s proposed new remuneration policy and restricted share plan has been approved by shareholders.
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NewsOakman Group sees highest sales quarter in history
The Oakman Group, comprised of Oakman Inns and Ashmore Inns, has significantly outperformed the market in the past few months, seeing its highest ever sales quarter in Q1 2020.
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NewsMcDonald’s global sales still in decline
McDonald’s has started to see a modest recovery across its markets, though global and UK sales are still down.
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NewsSEV has cash for 12 months
Social Entertainment Ventures, the operator of Bounce, Hijingo and Flight Club USA, has reported it has adequate financial resources to continue operating for at least 12 months based on its forecasts.
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NewsTRG hopes to be “one of the long-term winners” with 40% retained estate
The Restaurant Group has reported “very encouraging” post-lockdown trading as it hopes its 60% estate reduction will allow it to emerge as “one of the long-term winners.”
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NewsCrowdcube to acquire Seedrs
The UK’s leading crowdfunding platforms are set to merge after Crowdcube agreed a deal to acquire Seedrs.
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NewsDeliveroo preps £2bn IPO
Deliveroo has begun working on plans for an initial public offering (IPO) after appointing investment bank Goldman Sachs to advise on the process, Sky News reports.