Finance News

  • Cineworld

    Cineworld secures $750m lifeline


    Cineworld has secured a $750m (£552m) funding package to see it through the crisis as it hopes for a possible spring reopening. Following news last week that the global chain – which has 127 UK sites – was considering a company voluntary arrangement to secure its future, the latest support package is said to be a “lifeline” for the business. The funding includes $450m (£331m) in new loans, as well as issued warrants that could hand around 10% of shares to creditors. Cineworld has also secured debt waivers until 2022, the extension of a $111m (£82m) line of credit until 2024 and the early repayment of a $200m (£147m) tax rebate.

  • Leon Restaurant

    Leon considers CVA


    Healthy fast-food concept Leon has become the latest chain to consider a company voluntary arrangement (CVA) in a bid to cut its rent bill. The business appointed consultancy firm Quantuma in June to advise it on seeking new rent terms, but is now said to be drawing up CVA proposals as a result of pressures caused by the second national lockdown. According to Sky News, plans are at an early stage and the implications for store closures and jobs are yet to be disclosed.

  • five guys restaurant

    Five Guys to push on with expansion following strong lockdown trading


    Five Guys will push on with its expansion plans despite the uncertainty of the coronavirus pandemic, with at least three new openings set before the end of the year.

  • Cineworld

    Cineworld considers CVA


    Cineworld, the world’s second largest cinema chain, is considering a company voluntary arrangement (CVA) as part of a wider restructuring process to secure its future.

  • Sacha Lord headshot (portrait)

    Sacha Lord releases recovery plan, warns bounce back ‘could take five years’


    Manchester’s night time economy advisor Sacha Lord has released a plan detailing how businesses can be supported to recover from the pandemic, but warned it could take five years for the sector to recover.

  • Everyman

    Everyman hires FTI to assist in rent talks


    Everyman Media Group has become the latest cinema chain to hire financial advisors, Sky News reports.

  • Wahaca_Liverpool

    Wahaca acquired by Nando’s owner


    Wahaca has been acquired in a rescue deal by the billionaire owner of Nando’s.

  • The Deltic Group

    Deltic asks for £1m-a-month government support to see it through sales process


    The Deltic Group has asked government for a £1m-a-month bailout as it continues its sales process, the Mail on Sunday reports.

  • BrewDog

    Brewdog secures £25m CBILs and financing arrangement to tackle crisis


    Brewdog has said it is optimistic about the remainder of 2020 in light of financial measures taken to protect the business going forward.

  • Deliveroo rider

    Deliveroo appoints Worldpay’s Medlock ahead of IPO


    Deliveroo has lined up former Worldpay CFO Rick Medlock to chair its audit committee as it prepares to list, Sky News reports.

  • Revolutions Bar Group

    Revolution Bars approves CVA, closing six sites


    Revolution Bars Group has approved its company voluntary arrangement (CVA), which will see it close six bars.

  • caffe nero coffee

    Caffe Nero enters CVA


    Caffe Nero entered announced it had entered into a Company Voluntary Arrangement (CVA) last night, blaming the second national lockdown.

  • Marston's

    Marston’s seeks waivers from noteholders


    Marston’s has released a formal request to the holders of its secured class A notes for a limited number of further technical waivers during the first half of 2021. In an announcement on the London Stock Exchange today (11 November), the pubco said it was requesting the waivers as a precautionary measure following the renewed lockdown restrictions introduced in Wales on 23 October and England last week.

  • Wetherspoon

    Wetherspoons sales hit by 'baffling' and 'questionable' restrictions


    Wetherspoons sales were significantly lower in October than previous months as the imposition of new restrictions took its toll, the business has revealed in a trading update today.

  • London at night

    Operators call for EIS incentives to help rebuild sector


    London hospitality operators including The Piano Works, Kerb and bar business Lolipop have called on government to adapt the Enterprise Investment Scheme (EIS) to help rebuild the sector. In a letter to chancellor Rishi Sunak seen by City AM, the businesses outlined proposals of an “equity alternative” to the Coronavirus Business Interruption Loan Scheme, which would use tax relief to incentivise investors to support industry recovery.

  • Financial chart stock market algo trading

    Listed groups rally over vaccine news


    Listed pub and restaurant groups have welcomed news of progress in a coronavirus vaccine with cautious optimism on Monday.

  • mindful chef

    Piper sells Mindful Chef to Nestle


    Piper, the backer of Flat Iron, Turtle Bay and Hickory’s, has exited its investment in recipe box and ready meal company Mindful Chef to Nestlé.

  • Purezza

    Vegan pizza chain Purezza set to go global


    Brighton-based vegan pizza concept Purezza has announced global expansion plans after securing £2.4m in funding.

  • The Deltic Group

    Deltic sale piques private equity interest


    Private equity firms Greybull Capital and Aurelius are among interested parties in the Deltic Group, following its emergency sale announcement last month.

  • 50377909323_e8cfa8c69c_o

    Furlough extended until March


    The government’s furlough scheme will be extended until the end of March, chancellor Rishi Sunak has announced.