Finance – Page 24
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KFC acquires 218 restaurants from EG Group
The transaction sees KFC significantly expand its corporate estate from a previous 50 units
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Honest Burgers: HMRC chasing crowdfund cash
CEO Frank Hayes has suggested HMRC may have been overzealous in slapping the business with a winding up order after becoming aware it had recently raised £3m via crowdfunding
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Soho Coffee committed to returning to profitability
The 28-strong coffee shop operator reported revenue of £16m in the year to January 2023, along with a commitment to the long-term future of the business
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Various Eateries looks to raise £12m
The Hugh Osmond-backed group, which runs Coppa Club and Noci, is also considering a potential debt for equity swap, as it look to accelerate expansion and capitalise on favourable opportunities in the market
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SSP surpasses pre-pandemic sales
UK sales were up by 22% at the travel concession operator, but profits were hit by the slower recovery in rail and significant disruption caused by strikes
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Marston’s grows revenues and pub operating profit
Revenues were up 9% to £872.3m (2022: £799.5m), as the company targets ‘back to a billion’ in sales
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Gail’s bolstered by continued top line growth
The artisan bakery chain reported turnover of £135m in FY23, with “healthy growth” in its established locations and c28 openings planned for FY24 as it continues expansion outside the Southeast
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Red Oak Taverns refinances debt with OakNorth
OakNorth had previously financed the business for six years, ahead of Red Oak moving to Hayfin in March 2022
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Honest Burgers clashes with the taxman over bill
The business was slapped with a winding-up petition by the taxman last week after talks to agree a “time to pay” arrangement collapsed, The Sunday Times reports
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Gymkhana’s owner raises funds to buy out investor with Abraaj ties
JKS Restaurants has raised in the region of £10m to expand its portfolio of restaurants and bars into more international markets, the Financial Times reports
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Ottolenghi reports strong trading
The group, which operates sites including Nopi and Rovi in London’s West End, reported turnover of £27.8m in the year to March 2023
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Cooks Coffee: Growth underpinned by strong demand
The 68-strong Esquires operator reported a 22% increase in UK store sales in the six months to 30 September
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M&B reports record market outperformance
The Toby Carvery and Harvester operator reported like-for-like growth across its portfolio, with total revenue of £2,503m for the year ended 30 September
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EG Group: Foodservice represents significant growth opportunity
The group’s foodservice gross profit increased by 24% to £174.1m in Q3 2023, boosted by improved margins across the UK and Ireland
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TRG shareholders approve sale to Apollo
In total, 93.53% TRG shareholders voted to approve the deal, which will see the Wagamama and Brunning & Price operator taken private
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Loungers: Not all doom and gloom in the hospitality sector
The cafe-bar group is “living proof” that strong businesses are still capable of thriving, as it reports half year revenue up 22% to £150m
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Joe & the Juice surpasses £45m turnover
Revenue for 2022 grew 66% compared to £27m the prior year, and is expected to grow by another 20-30% in 2023
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Pho continues expansion amid sales growth
The Vietnamese restaurant group reported turnover of £58.3m for the year ended February 2023, with an “extensive pipeline” of new sites being progressed
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Nightcap counts cost of rail strikes
CEO Sarah Willingham railed against the “ruthless continuation” of the industrial action, which is estimated to have cost the company £2.9m in lost revenue, and seen like-for-like revenues decline by 12.5%
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McDonald’s ups stake in China business
The acquisition of investment firm Carlyle’s 28% holding in the burger chain’s China business will allow the corporation to “further benefit from our fastest growing market’s long-term potential”