All Finance articles – Page 26
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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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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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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.
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Analysis & InsightNeighbourhood losses mounted after Manchester closure
East Coast concepts, the Neighbourhood and Victor’s operator recently acquired in a pre-pack administration, was already going through a challenging year even before the coronavirus pandemic struck, posting a loss of £1.7m in the 12 months to 29 February 2020.
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NewsTasty explores potential CVA
Tasty, the operator of Wildwood, is exploring a potential company voluntary agreement (CVA).
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NewsBurger King assessing options for subsidiary
Burger King UK is working with advisers to review options for one of its subsidiary companies.
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NewsCity Pub Group to ‘emerge and rebuild quickly’
City Pub Group has reported it is in a strong financial position to emerge and rebuild quickly from the coronavirus crisis.
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NewsMosaic Pub Group raises £2.5m with City Pub investment
Three companies within the Mosaic Pub and Dining Group have concluded a share offering, raising subscriptions over costs of over £2.5m. The Galaxy, Pioneer and Sovereign City Pub Co. – which make up an estate of 9 pubs, 7 freehold and 2 leasehold – have reduced debt to under £2m ...
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NewsGreggs launches consultation to reduce staff hours
Greggs is launching a consultation on staff costs, which could see job losses minimised by negotiating reduced hours in shops.
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NewsCôte acquired out of administration by Partners Group
Côte Restaurants has been acquired out of administration by Partners Group, the global private markets investment manager.
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NewsChancellor’s Winter Economy Plan: ‘Job Support Scheme,’ ‘pay as you grow’ and VAT cuts
Businesses forced to reduce employee working hours because of the coronavirus crisis will be legible for government wage subsidies of one third of lost pay, The Chancellor has announced. To continue supporting businesses with cashflow, bounceback loans will be merged with a new ‘pay as you grow’ scheme and government guarantees for CIBLS will be extended for up to ten years, and the deadline for all loan schemes will be extended until the end of 2020 whilst government works on a “new successor loan guarantee programme” to start in January 2021. The VAT bill, due to be paid in March 2021, will instead be spread over 11 smaller payments without interest for those businesses who need it, and the Chancellor has cancelled the planned increase in VAT (back to the standard rate of 20%) set for January, with VAT remaining at the reduced 5% rate until 31 March instead.
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NewsM&B 'continues to outperform the market'
Mitchells & Butlers achieved like-for-like sales growth of 1.4% in August, as a result of the Eat Out to Help Out scheme and the reduction in VAT.