Finance – Page 100
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NewsRent debt pile of £1.6bn threatens new year bloodbath
The hospitality sector is facing a devastating rent tipping-point that will trigger a new year bloodbath of business failures and the potential for hundreds of thousands more job losses, UK Hospitality has warned.
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NewsBrewDog crowdfund breaks £10m
BrewDog’s Equity for Punks Tomorrow fundraise has broken the £10m mark, with 54 days remaining to reach its target of £15m.
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NewsBarburrito secures new investment, closes three sites
Barburrito has undergone restructure, with the closure of three sites, and a new injection of investment led by chairman Graham Turner.
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NewsMarston’s waivers request approved by noteholders
Marston’s request to the holders of its secured class A notes for a number of further technical waivers during the first half of 2021 has been approved. In an announcement to the London Stock Exchange last month, the pubco formally requested the waivers as a precautionary measure following the renewed lockdown restrictions introduced in Wales and England.
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NewsTim Martin sells £5m of shares
JD Wetherspoon chairman Tim Martin has sold £5m worth of shares in the company.
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NewsCaffè Nero founder pledges £5m ‘survival fund’ to see it through CVA
Caffè Nero founder Gerry Ford is pledging a £5m ‘survival fund’ to see the struggling coffee chain through its financial restructuring, Sky News reports.
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NewsUKH calls for new sector support fund following Tesco grant repayment
UK Hospitality has called on the government to establish a Hospitality and Tourism Recovery Fund to support businesses without grant support and at risk of closure.
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NewsCaffe Nero approves CVA amid takeover approach
Caffè Nero has approved its Company Voluntary Arrangement (CVA), including a modification that the company will ensure compromised creditors, including landlords, will have their arrears paid in full in the event that a sale of the group to the third party occurs within the next six months.
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NewsLoungers holds profit despite lockdowns
Loungers saw its turnover fall 33% to £53.5m in the 24 weeks to 4 October, but still managed to turn a profit despite a raft of restrictions.
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NewsLeon circulates restructuring plan
Leon has served creditors with a restructuring plan that includes a multimillion pound investment from shareholders to secure its future.
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NewsCaffè Nero rejects ‘disruptive’ EG Group bid
Caffè Nero will press ahead with its company voluntary arrangement after rejecting a last-minute takeover bid from petrol forecourt and fast food operator EG Group.
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NewsEG Group eyes bid for Caffe Nero
EG Group, the petrol forecourt and fast food operator, is eyeing a takeover bid for Caffe Nero, Sky News reports.
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NewsNew rescue package for hospitality sector
Pubs and restaurants hit by new coronavirus restrictions will be given extra cash to help get them through Christmas, the Telegraph reports.
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InterviewsM&B CEO Phil Urban on the ‘cruel irony’ of tier 3 restrictions
It’s an oft-told observation that coronavirus and the work from home directive has led to empty city centres but thriving suburban neighbourhoods.
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NewsIndividual Restaurants acquired in £40m rescue deal
Individual Restaurants, including the Piccolino, Restaurant Bar & Grill, Opera Grill and Bank brands, has been acquired by the directors of Iceland supermarket, in a transaction worth more than £40m.
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NewsNational Living Wage to rise with inflation
The Government has announced the National Living Wage (NLW) and National Minimum Wage (NMW) rates which will come into force from April 2021.
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NewsBusiness rates multiplier frozen
Hospitality and retail businesses will benefit from a freeze to the business rates multiplier, though the move announced in chancellor Rishi Sunak’s spending review falls short of wider relief of the controversial levy.
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NewsBusinesses claimed £849m through EOHO
Businesses claimed £849m through the chancellor’s Eat Out to Help Out scheme, discounting more than 160 million meals, according to new figures from HMRC. New figures have revealed that almost 50,000 hospitality operators made a claim through the scheme by 30 September, which offered government subsidies of up to £10 on meals Monday to Wednesday in August. About a third (34%) of discounted meals were claimed by businesses with more than 25 outlets, accounting for more than a quarter (27%) of the total amount claimed. The majority of claims were made by restaurants (55%), with pubs claiming 28% of meals.
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NewsFulham Shore eyes low rent property
Franco Manca operator Fulham Shore will continue to take advantage of properties coming to the market at “ever lower rents”, the company has said in a financial update.
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NewsCineworld 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.