All articles by Georgi Gyton – Page 92
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NewsTRG commits to new £500m debt facilities
The Restaurant Group (TRG) has signed commitments in relation to £500m of new debt facilities, which comprise a £380m term loan facility and a £120m super senior revolving credit facility.
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NewsLicensed premises closing at rate of 30 per day
Almost 12,000 licensed premises have closed in Britain since December 2019, according to the latest CGA and AlixPartners Market Recovery Monitor.
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NewsHospitality had highest take-up of furlough scheme in January
The hospitality sector had the highest take-up of the furlough scheme, of all sectors, between the end of December and end of January, according to the latest government data.
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NewsFuller’s FD to step down
Fuller’s finance director Adam Councell has informed the board of his intention to step down from his role at the pub and hotel business.
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NewsYO! appoints new chairman
Global Japanese and Asian food group YO! has appointed John Walden as its new chairman, with Eric Nicoli to step down.
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NewsChancellor warned over business failures
In a letter to the Chancellor, more than 200 industry leaders and trade bodies have warned that more hospitality businesses will go under unless a substantial package of support is announced in the Budget next week.
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NewsSunak to replace emergency schemes with new business loan
Chancellor Rishi Sunak is expected to unveil plans for a new UK-state guaranteed loan programme in next week’s Budget, which would replace emergency coronavirus schemes, according to the Financial Times.
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NewsConservative MPs call for cut in beer duty
A group of 68 Conservative MPs have signed a letter calling for the Chancellor Rishi Sunak to cut beer duty in his upcoming Budget announcement on 3 March.
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Analysis & InsightTwo-thirds say April opening not viable
Almost two-thirds (63%) of those surveyed said that it was not viable for them to reopen in April when outside trading is permitted, according to the latest Hospitality Leader’s Poll from Lumina Intelligence.
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NewsTGI Friday’s positioned to emerge strongly from lockdown
TGI Friday’s has performed strongly despite the turbulent trading conditions of 2020, according to parent company Electra Private Equity, with several new openings in the pipeline.
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NewsGordon Ramsay sees turnover drop almost £60m during pandemic
Gordon Ramsay has said the pandemic has so far cost his restaurant business close to £60m in lost revenue.
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NewsHospitality companies see stocks rise on back of roadmap announcement
Investors have snapped up hospitality and leisure stocks following the announcement by Boris Johnson of his roadmap out of lockdown on Monday.
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NewsNewRiver acquires £41m retail and leisure estate
NewRiver has acquired Sheffield leisure and retail estate The Moor in a joint venture (JV) agreement with Bravo Strategies III, for £41m.
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NewsZabardast pauses franchise drive to focus on digital; eyes investment
Indian wrap company Zabardast has paused its search for franchisees as it looks to pivot its business to become more digitally and delivery focused. But it has not scrapped plans to scale up the business, and is looking to launch an investment round.
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NewsDardis says industry needs certainty on reopening
Patrick Dardis, chief executive of Young’s Pubs has told the Evening Standard that although he would have preferred an April reopening date for the pub sector, he would take a clear roadmap with a later opening over uncertainty.
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NewsExtension to furlough and business rates holiday expected
Chancellor Rishi Sunak is expected to announce an extension to the year-long business rates holiday and furlough scheme, in the Budget next month.
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Analysis & InsightTrading would not be viable with alcohol ban, says majority
More than two-thirds (67%) of operators surveyed said they could not reopen sites if there was a ban on serving alcohol, according to the latest Hospitality Leaders’ Poll.
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NewsExtension of JV arrangements for Ego Restaurants
Mitchells & Butlers (M&B) has reached an agreement with James Horler, CEO of 3Sixty Restaurants, and its other shareholders, to continue with the joint venture arrangements, in relation to the development of Ego Restaurants, for a further period.
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NewsOakman raises £4.4m
Oakman Group, the operator behind Oakman Inns and Restaurants and Ashmore Inns, has closed its latest equity raise – receiving applications for £4.4m of shares from almost 300 new investors.
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NewsRed Oak acquires pub package; in talks over £35m extra capital
Red Oak Taverns has acquired a package of 10 leased and tenanted pubs from Wells & Co, taking its total estate to 190, and is in the process of finalising terms for an additional £35m of capital.