Finance – Page 94
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NewsChilango gives notice of intent to appoint administrators
Burrito chain Chilango has given notice of its intention to appoint administrators, in a further blow to bond-holders.
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NewsHugh Osmond to return to stock market with $400m float
Sun Capital Partners founder Hugh Osmond is set to embark on a stock market comeback in listing a cash shell to target a UK company affected by the coronavirus crisis.
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NewsVapiano UK bought by Savour-backed team
Vapiano’s UK restaurants have been bought by a group of investors led by former Vapiano director Mario Bauer in partnership with the Savour Group in a deal that safeguards 209 jobs.
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NewsAzzurri in advanced talks over pre-pack sale
Azzurri Group could be on the verge of a pre-pack administration which would involve the closure of 20-25 restaurants, The Times reports.
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NewsPizza Express to exit up to 75 sites in CVA
Pizza Express is expected to close up to 75 restaurants as part of a financial restructuring at parent company Hony Capital.
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NewsShelley Sandzer and Gerald Edelman launch corporate finance firm
Shelley Sandzer, the specialist leisure property agency, and Gerald Edelman, a mid-market advisory firms, are launching a new business, Shelley Sandzer Corporate Finance (SSCF).
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NewsBistrot Pierre sold in pre-pack, six restaurants to close
Bistrot Pierre has been sold in a pre-pack administration with six restaurants to close.
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Analysis & InsightAnalysis: Clinging to life in the ghost town
London, you may have heard, is a ghost town. In the latest round of borderline dystopian statistics to surface as a result of the pandemic, just 7,000 of the 120,000 workers based in Canary Wharf are back at their desks. And although office workers across the capital may be thrilled to be without the twice daily commuter Hunger Games, for those in hospitality, a few stifling minutes on the Central line is a non-issue if the alternative is unemployment. In the last month alone, city-based to-go brands including Wasabi, Tossed, Pret and most recently Itsu have appointed advisors to assess their options, but whilst, historically, the mention of advisors might ring alarm bells, faced with the current economic climate, it could be time to shed the stigma.
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NewsBrewhouse & Kitchen sees positive return to trading
Brewhouse & Kitchen has reported a 2.9% like-for-like sales growth in its first week of post-lockdown trading.
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NewsItsu explores restructure
Itsu has become the latest high street name to appoint advisors to explore a potential restructure.
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NewsEpiris frontrunner to buy CDG
The former backer of TGI Friday’s is in advanced talks to buy Casual Dining Group, Sky News reports.
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NewsTRG secures £50m through CLBILS
The Restaurant Group has secured a loan of £50m through the Coronavirus Large Business Interruption Loan Scheme (CLBISL) as it looks to increase flexibility in its banking facilities.
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NewsRockfish secures £1m through CIBLS
Rockfish, the Mitch Tonks-owned seafood restaurant group, has secured a loan of more than £1m to see it through the recovery period.
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NewsWhitbread opens 24 restaurants
Whitbread has reopened 24 restaurants and 270 UK hotels, with the the majority of the rest of the estate due to reopen throughout July.
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NewsElliott Advisors eyes CDG
American hedge fund Elliott Advisers is among investors vying to take over Casual Dining Group (CDG), Sky News reports.
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Analysis & Insight
Berenberg: UK pubs and restaurants guide to reopening
Having been closed for more than three months since the UK went into lockdown on 23 March, the UK’s pubs and restaurants will be allowed to reopen from this Saturday, 4 July. Having spoken to management teams across the sector numerous times over the last 19 weeks, we have pulled together a “cheat sheet” on reopening plans and key points to watch in the months ahead.
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Analysis & InsightMorgan Stanley on Mitchells & Butlers
M&B’s pubs are mostly large, branded, food-led, freehold in residential areas, so better able to cope with Covid-19 pressures and take share as supply exits. We want to be positive, but its securitised debt needs the PLC to inject cash to fund it, and it might need to replace PLC debt with equity.
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NewsRed Oak Taverns secures £2.6m from CBILS
Red Oak Taverns has secured a £2.6m loan from Oak North via the government’s Coronavirus Business Interruption Loan Scheme (CBILS).
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NewsMitchells & Butlers: 'The fundamental strengths of our business remain'
Mitchells & Butlers has said that despite the significant financial impact of the coronavirus crisis, it is focused on emerging in a position of strength, “with the intention of continuing to build the business and outperform the industry.”
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NewsShepherd Neame secures £25m credit facility
Shepherd Neame has strengthened its financial position in securing a borrowing facility through the Coronavirus Large Business Interruption Loan Scheme.