Finance – Page 96
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NewsYoung’s: ‘Our pubs will reopen in August, but sales won’t normalise until FY22’
Young’s expects to have the majority of its 276 pubs reopened by 3 August, but has said that sales will not return to normal levels until FY22 “when this unprecedented period is at an end.”
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NewsBoparan paid £3.4m for Carluccio’s
Trading at Carluccio’s had recovered before coronavirus struck, but the dramatic sales decline that accompanied lockdown left it unable to continue, an administrators report shows.
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NewsComptoir has ‘strong balance sheet’ to weather crisis
Comptoir Group is in a “reasonably healthy cash position” with minimal bank debt to service during lockdown.
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NewsHollywood Bowl ‘remains well positioned for growth’
Hollywood Bowl Group has said it remains well positioned to carry out its growth strategy despite the ongoing impact of the coronavirus.
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NewsYoung’s cancels dividend, enters coronavirus financing arrangements
Young’s has cancelled its interim dividend for the financial year ending 29 March 2021 as it enters into its various coronavirus financing arrangements.
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NewsWhitbread launches £980 million rights issue raise
Whitbread has proposed that it intends to raise £980 million - approximately £1,009 million in gross proceeds - by way of a rights issue.
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NewsBoparan poised to take over Carluccio’s
Boparan Restaurant Group is poised to buy Carluccio’s out of administration, Sky News reports.
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Analysis & Insight
J.P. Morgan on the UK pub sector
Although PM Boris Johnson’s speech on Sunday appeared to create more confusion around broader re-opening plans, hopes have been raised about select openings at some point in July for the broader “hospitality” industry. While we are unsurprisingly left with more questions than answers, we thought a quick piece was merited to highlight our views, recent investor feedback, what we’re watching for re-openings, and some incremental news in the last two weeks.
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NewsAmazon/Deliveroo platform will ‘substantially decimate margins’
Deliveroo have been a major part of the destruction of the restaurant industry and demise of the high street, All Our Bars CEO Paul Wigham has said.
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NewsMarston’s agrees £70 million bank facility
Marston’s has agreed a £70 million, 180-day, increased bank facility to provide it with sufficient liquidity to support the group beyond the end of the financial year.
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NewsBrighton Pier Group sets out cash conservation measures
The Brighton Pier Group has announced the implementation of a number of measures to conserve and raise cash through the coronavirus closure period.
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NewsGovernment to support suppliers through trade credit insurance guarantee
The Government has announced that it will provide a short-term guarantee to trade credit insurers, confirming the majority of business-to-business insurance coverage will be maintained.
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NewsTrade bodies call on insurers to meet obligations for pub sector
Hospitality trade bodies have called on the Association of British Insurers to agree to a meeting to discuss further support for pubs and breweries affected by the coronavirus crisis.
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Analysis & InsightGoodbody on The Restaurant Group
While Restaurant Group has faced a number of well documented challenges before the advent of the current coronavirus crisis took hold, including the oversupply of branded restaurant chains in the UK, cost inflation, high rents and struggling legacy brands, the closure of the sector for a quarter has presented a ...
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NewsTen Entertainment well positioned for ‘new normal’
Ten Entertainment Group is reconfiguring its bowling alley sites to make them “covid secure”.
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NewsYoung’s has £285m of liquidity to handle ‘prolonged closure’
Young’s Pubs has secured £30m under the Bank of England’s Covid Corporate Financing Facility.
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NewsTory MPs back Raise the Bar campaign
A group of 86 Conservative MPs have written to the chancellor calling for hospitality businesses with a rateable value above £51,000 to be included in a grant scheme.
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NewsPrezzo appoints advisors
Prezzo is the latest casual dining name to appoint in advisors to consider its post-coronavirus funding options.
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NewsWetherspoon raises £141m
JD Wetherspoon has raised funds of £141m through the placing of 15,668,430 new ordinary shares, which it will use to secure the business through the coronavirus crisis.
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NewsGovernment looks to extend JRS for hospitality
Government is “actively looking” at extending the Coronavirus Jobs Retention Scheme for hospitality but would like to take other areas of the economy off the scheme where possible, Kate Nicholls, UK Hospitality CEO has said.