Finance – Page 113
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NewsByron hires KPMG to access emergency funding
Byron has hired KPMG to explore options for accessing emergency funding and to shore up its balance sheet, Sky News reports.
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NewsSSP: Sufficient liquidity for year-long trading decline
SSP Group expects to see an ongoing decline in profits until the end of FY2020 but will take significant action to ensure its survival, it has said in a trading update released today.
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NewsShaftesbury: Supporting tenants the ‘right thing to do’
Shaftesbury, the West End landlord, is supporting tenants with rent deferral, to help ease their short-term cash flow issues so they can resume trading once the current restrictions are lifted.
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Analysis & InsightAnalysts’ verdict: Goodbody on the leisure shutdown
With the pubs and restaurants now closed the remainder of the leisure sector saw further restrictions last night with collection and delivery now also being impacted.
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NewsDoubts emerge over loan scheme
Doubts have emerged over the government’s loan scheme, with bank applications insisting on director personal guarantees.
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NewsClarity over eligibility for corporate finance scheme
Hospitality business which do not have a credit rating should not be discouraged from applying for the Covid-19 Corporate Financing Facility, the Bank of England has confirmed.
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NewsFuller’s in a ’strong financial position’ to weather crisis
Fuller’s is in a “strong financial position”, with an excellent relationship with its banks, a healthy balance sheet and significant liquidity headroom.
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NewsBRG closes Ed’s and Giraffe, Slim Chickens still open
Boparan Restaurant Group, the operator behind Giraffe, Ed’s Easy Diner and Slim Chickens, has announced the closure of all sites under its Giraffe and Ed’s brands.
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NewsVapiano applies for insolvency
Vapiano has opened insolvency proceedings and will apply for government assistance programs to avoid bankruptcy, blaming the coronavirus crisis for a further drop in sales.
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NewsLoungers, Fuller’s and BRG announce closures, to-go transitions continue
Loungers is the latest operator to announce an estate-wide temporary restaurant closure due to the impact of COVID-19, and Fuller’s will close all London pubs.
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NewsJDW: ‘If pubs shut, the levels of Government support won’t matter’
Wetherspoon plans to keep pubs open “even under extreme duress,” as chairman Tim Martin warned that should they shut, the levels of Government support for employees will be inconsequential to job losses.
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NewsChancellor expected to announce employee support package today
The Chancellor is expected to announce an employment and wage subsidy package today following late-night talks with business groups and union leaders.
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NewsWetherspoon able to maintain operations in time of uncertainty following strong H1 results
Wetherspoon has “sufficient liquidity to maintain operations at a substantially lower level of sales,” said chairman Tim Martin in a statement regarding its H1 financial report.
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NewsLatest closures include TGI’s, Comptoir, Bills and The Ivy
TGI Friday’s, Comptoir Group, Bills and The Ivy Collection are among the latest operators to announce temporary closures amid the COVID-19 pandemic.
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NewsInterest rate cut to 0.1% amid turmoil for listed restaurant and pub groups
The Bank of England has cut interest rate to 0.1%, while announcing £200bn of quantitative easing.
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NewsYo!, Prezzo and Byron among latest casual dining closures
Yo!, Prezzo and Byron are some of the latest casual dining operators to temporarily close their doors.
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Analysis & Insight
Goodbody on M&B, TRG, Marston’s
Mitchells & Butlers, Restaurant Group and Marston’s all seeing a significant impact from COVID-19
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Analysis & Insight
Morgan Stanley on M&B
Jamie Rollo of Morgan Stanley gives his verdict on Mitchells & Butlers’ latest update.
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Analysis & InsightBDO: ‘The contagion into a deep recession will happen very quickly’
Widescale job losses in the restaurant and bar industry will plunge the UK economy into a deep recession, BDO partner Peter Hemington has told MCA.
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NewsLoungers closures a potential scenario
Loungers has said the partial or complete temporary closure of all of its sites is a potential scenario.