All Finance articles – Page 42
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NewsCaring makes ‘verbal commitment’ to continue The Ivy backing
The Ivy backer Richard Caring has indicated he would be willing to support the restaurant group should cash funding through its banks become unavailable. Following a similar commitment to Bill’s Restaurants, of which Caring is a major shareholder, the Caprice Holdings chairman made a verbal agreement to extend support until May 2021.
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NewsMarston’s seeks bondholder waivers for third time
Marston’s has once again asked its bondholders for a number of waivers of its financial covenants, for the second half of 2021.
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NewsState aid cap upped to £10.9m
The state aid cap on government grants has been raised to £10.9m, Paul Scully, the minister for business, consumers and labour markets has confirmed.
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NewsChancellor’s Budget unveiled
The business rates holiday and 5% VAT rate will be extended in their current state until the end of June, and phased out over the coming year, the Chancellor has announced.
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NewsWelsh hospitality set for additional £180m in lockdown support
Hospitality, leisure and tourism businesses affected by ongoing coronavirus restrictions in Wales could see an additional £180m in extra support, the Welsh Government has announced.
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NewsReilley: ‘Budget the most important day in history of hospitality’
The Budget is arguably the most important day in the history of the hospitality sector, with Sunak’s support set to either provide “desperately needed hope” or “a single, devastating blow,” Loungers Chairman Alex Reilley has said.
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NewsFurlough to be extended until end of September
Chancellor Rishi Sunak will extend the furlough scheme until the end of September in today’s Budget, which is expected to include a support package in excess of £20bn.
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NewsAPPG for Hospitality and Tourism urges Chancellor to offer financial support
The All-Party Parliamentary Group for Hospitality and Tourism has called on Chancellor Rishi Sunak to provide decisive financial support to the sector in his upcoming Budget.
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NewsUrban Pubs & Bars sees significant lockdown losses
Urban Pubs & Bars lost out on £2.5m in sales in the first month of the March lockdown, and incurred a significant shortfall in profit due to its inability to mitigate costs immediately at the point of closure.
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InterviewsMatt Snell: Furlough costs Gusto £50k a month
The furlough scheme is a benefit for employees, rather than businesses, and must be understood as such, MCA’s The Conversation has heard.
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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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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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InterviewsHero Award: ‘There’s a level of compassion sometimes missing in finance’
As part of the new Hero Award at the Retailers’ Retailer, MCA is profiling five senior managers who have gone above and beyond in steering their business through the crisis.
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NewsBounce Back extension to give “valuable breathing space” to hospitality
An extension of the Chancellor’s Pay as You Grow repayment flexibilities will “give valuable breathing space” to many hospitality businesses, as long as banks cooperate with the new flexible terms, UK Hospitality CEO Kate Nicholls has said.
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NewsRestaurant losses up 112%
Losses at the top 100 UK restaurant groups increased 112% to £517m last year, rising from reported losses of £269m at the end of last month.
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NewsOaktree backs Anand’s pub vehicle
Rooney Anand’s pub investment vehicle Redcat Pub Company has been backed by US investment firm Oaktree, the Telegraph reports.
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NewsWhitbread refinances debt with green bonds
Whitbread has refinanced its debt, with the pricing of two green bonds, extension of its revolving credit facility and its intention to repay private placement notes.
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NewsFormer Just Eat CEO invests in Egypt’s fastest growing delivery company
Former Just Eat CEO David Buttress has made his largest personal business investment to date, in Egyptian food delivery company Elmenus.
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NewsFever-Tree grows global trade amid home decline
UK revenues at Fever-Tree declined by 22% to £103m in 2020, though this mostly was offset by growth in Europe and the US, leading to a more modest global decline of 3%, and total revenues of £252m.
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Analysis & InsightHospitality sales down 54% in 2020
Hospitality lost out on over half of its expected sales in 2020, with back-to-back lockdowns and ever-increasing restrictions costing the sector approximately £200m a day.