Finance – Page 102
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Analysis & InsightFurlough extension a “wasted investment” without additional support
Hospitality leaders and trade bodies have welcomed the chancellor’s furlough extension until March, but warned that without a clear roadmap and additional support it won’t be enough.
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NewsFurlough extended until March
The government’s furlough scheme will be extended until the end of March, chancellor Rishi Sunak has announced.
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NewsFriska completes CVA, closes Manchester sites
Healthy eating food to go brand Friska has completed a company voluntary arrangement (CVA), with the closure of its three sites in Manchester. Co-founder Ed Brown told MCA it was “very much a covid-19 related CVA”, and said there were “no winners” from the process, which has seen redundancies across ...
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NewsShepherd Neame ‘resilient and well positioned for growth’
Shepherd Neame remains “extremely resilient” as it enters into lockdown, and will emerge in a “position of strength”, the group reported in a financial update.
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NewsCamino saved in rescue deal
Camino, the Spanish tapas restaurant and bar group, has secured a rescue deal, saving four restaurants, two bars, and 77 jobs.
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NewsBrindisa owner takes on former Brunning & Price pub
Brindisa founder and co-owner Ratnesh Bagdai has taken on The Bailiwick pub in Englefield Green in Surrey
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NewsBrighton Pier Group swings to a loss of £10.2m
Brighton Pier Group has written off £8.1m due to the pandemic, much of it related to its bars division.
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NewsTrade bodies call for changes in State Aid restrictions
Up to 20,000 hospitality businesses across the UK will be unable to access lockdown grants without changes to State Aid restrictions, sector trade bodies have warned.
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NewsAB InBev volumes up
AB InBev, the world’s largest brewer, has reported a surprise increase in beer sales in the third quarter, although profits dipped and its interim dividend payment was scrapped due to the coronavirus pandemic.
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NewsBusaba CVA approved
Busaba Eathai’s company voluntary arrangement (CVA) has been approved, with an 81% majority of creditors backing the proposals.
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NewsWhitbread “well placed” to enhance UK market position despite losses
Whitbread has said it is “well placed” to enhance its market leadership position in the UK despite a significant dip in revenue for its H1 trading period.
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NewsRevolution launches CVA
Revolution Bars Group has launched a company voluntary arrangement (CVA) to reduce the size of its estate and rental cost base.
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NewsIbérica closes two sites in CVA
Spanish restaurant chain Ibérica has undergone a company voluntary arrangement (CVA), leading to the closure of two restaurants.
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NewsCaffè Nero considers CVA
Caffè Nero is exploring a company voluntary arrangement (CVA) as it looks to respond to the ongoing impact of the coronavirus crisis, Sky News reports. Last month it was reported the business had hired KPMG to look at negotiating rent cuts, and whilst it is yet to make a final decision about the CVA it is expected in the coming weeks.
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Analysis & InsightSunak splits the sector
From “hugely generous” to “nowhere near enough”, industry response to the chancellor’s latest round of business support was mixed to say the least. Speaking in the Commons yesterday (22 October), Sunak highlighted that the extent of the new funding – which will include £2,100 grants for businesses and an improved Short Time Work Scheme – was predicated on talks with hospitality operators and trade bodies earlier in the day, who informed the chancellor of a “significant fall in consumer demand, causing profound economic harm to their industry.” In light of the unsustainable position in which thousands of hospitality businesses under tier 2 restrictions have found themselves in recent weeks, he added that he made “no apology” for “responding to changing circumstances” - but does this ‘unapologetic’ response go far enough?
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NewsCosta franchise eyes expansion
A Costa Coffee franchise based in the North of England has announced plans to expand after securing a substantial financing facility from HSBC.
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NewsChancellor announces additional tier 2 support
Businesses affected by the tier 2 level restrictions will be legible for direct cash grants and an extension of support under the government’s Short Time Work Scheme, chancellor Rishi Sunak has announced.
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NewsNew support for tier 2 businesses
Chancellor Rishi Sunak is expected to announce new financial support for hospitality businesses in areas tier 2 coronavirus restrictions, including London and Birmingham.
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Analysis & InsightTier 2 prompts 50% sales dip for hospitality
Pubs, bars and restaurants in tier 2 of the government’s system have seen sales drop by half since the introduction of the stricter measures, CGA’s latest data shows.
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Analysis & InsightGraffiti Spirits co-founder Matt Farrell: ‘Government are always two weeks behind’
In its reactive approach to mandating restrictions, the government is “two or three weeks behind every time” when it comes to providing the accompanying support, Graffiti Spirits co-founder Matt Farrell has said.