Finance – Page 24
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NewsNightcap raises additional £1.5m
The bar operator has now received subscription commitments for a total of £2.25m as it looks to capitalise on opportunties to consolidate the bar sector
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NewsCrosstown made losses of £3m in last two years
The doughnut brand saw a drop-off in demand for its premium products, and was impacted by supply side cost inflation, before being acquired by Karali Group in a pre-pack administration for £500,000
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NewsZuber Issa to take on forecourt franchises
As part of his £228m exit from EG Group, co-founder Zuber Issa will take on foodservice outlets at 30+ forecourt locations, which includes franchise sites for Starbucks, Greggs, Subway, Cinnabon, Sbarro and Chaiiwala
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NewsMiddle East buyers miss out as Caring walks away from The Ivy
Sovereign wealth funds from Abu Dhabi and Saudi were beaten to Troia restaurants by a mystery bidder as the owner decides to cash in his stake completely
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NewsEG Group sells off parts of foodservice business in £228m deal
EG Group has agreed to sell its remaining UK forecourt business and certain standalone foodservice locations to co-founder Zuber Issa. EG will retain Cooplands and its Starbucks franchise business. Meanwhile TDR Capital has acquired Zuber’s shares in Asda, taking its ownership to 67.5%
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NewsC&C chief steps down over €17m accounting mistakes
Former Marston’s CEO Ralph Findlay will become CEO at the Irish drinks group after “errors of judgement” and “failures in reporting” were discovered
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NewsVagabond Gatwick sites sold to ARE
The final two remaining Vagabond sites have been sold by administrators after the majority of the estate was sold in a pre-pack to Majestic Wines
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NewsCrosstown Doughnuts acquired by Karali Group
Crosstown CEO Howard Ebison said the Karali Group brings a wealth of experience and an exceptional track record growing hospitality brands, with the investment a testament to the strength of the Crosstown brand
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NewsChopstix sees ‘huge opportunity’ in travel hubs
The pan-Asian QSR concept has reported £51.6m in turnover for the year as it opens its 18th site with MSA operator Welcome Break
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NewsTasty restructuring plan approved by creditors
The loan and restructuring plan are expected to stabilise the Wildwood and Dim-T operator, while ensuring its transformation to meet new opportunities in FY25
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NewsKokoro pauses expansion plans
The Korean-Japanese concept, which operates c60 sites across the UK, has transitioned away from “pursuing aggressive growth” amid cost pressures
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NewsHostmore year-to-date LFL down 10%
The TGI Fridays operator is negotiating a finance package for its reverse takeover of its US parent company, which is on track to complete before the end of Q3 2024
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NewsCooks Coffee targets 300 stores
The 75-strong coffee shop operator behind Esquires hopes to reach the target within the next ten years, with nearly 28 planned this financial year
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InterviewsLiberation Group: ‘Our growth is hard-earned’
CEO Jonathan Lawson speaks to MCA about double-digit growth in accommodation, prioritising quality over scale, and giving customers a reason to keep coming back, as the pub operator and brewer reports group revenues up 20%
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NewsSoho House rejects takeover bid that would have seen it leave New York stock market
The celebrity haunt said the bid ‘did not adequately reflect the value of the company’, This is Money reports
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NewsRevolution ends formal sales process
After failing to receove any offers for the entire company, the group is now launching its restructuring plan, which will see it amend its lending facilities, close loss-making sites, and seek rent redution on others
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NewsSubway borrows $3.35bn in record securitization
The asset-backed bonds will help fund the sandwich chain’s buyout by Roark Capital, with demand from investors vastly outstripping supply
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NewsRed Oak acquires 19 pubs from Marston’s
The tied tenanted pub package is the third transaction between the two companies in the last 15 months
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NewsNightcap passes on opportunity to make offer for Revolution
Nightcap stated today that at no point did it receive legal advice to suggest its non-binding proposal was not capable of being delivered, as Revolution said earlier this week
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NewsRevolution shareholders urged to back fundraising plan
The pub and bar group warned without £12.5m equity fundraising, shareholders risk losing all their investment in the company