Finance – Page 248
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News
Financial watchdog to start Tesco investigation
The Financial Conduct Authority (FCA) is to undertake a “full investigation” into Tesco’s announcement last month that it had overstated its expected H1 profits by an estimated £250m
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NewsEclectic FY PBT up 10%
Eclectic has reported a 10% rise in full-year pre-tax profit for the 52 weeks to 29 June, a year in which revenue on continuing operations climbed 11.7% to £23m
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News
Secure Trust Bank launches “alternative” hospitality lending facility
UK banking facility Secure Trust Bank PLC has launched a commercial finance business called Secure Trust Bank Commercial Finance for SMEs in the leisure and hospitality sector
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NewsFulham Shore to acquire Real Greek, to seek AIM listing
Fulham Shore, the David Page-led investment vehicle has announced it has conditionally agreed to acquire Kefi Ltd, the owner of The Real Greek restaurant group, for £13.9m
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Natwest and RBS launch 'business accelerator hubs'
Natwest and RBS have announced the launch of eight new “business accelerator hubs” to offer mentoring to businesses, including the chance to win “growth awards”
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OpinionTalent spotting
Over the next 18 months the industry is set to experience a sustained level of M&A activity, including a number of big ticket deals, but it is mining for “investment gold” at the other end of the business lifecycle that is increasingly moving to the top of the agenda for sector investors in the rush for the next big thing
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Compass expects FY growth of 4%
Compass Group, the global contract caterer, said that it anticipates full-year organic revenue growth of 4%
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Here For You Hospitality pubs had a 'poor year'
Here For You Hospitality, the parent of Yard Glass Pub Company that also operates hotels and fitness clubs, saw pre-tax profits rise from £456,851 to £613,855 in 2013 although its pubs had a “poor year”
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Rick Stein's restaurant business posts sharp rise in profits
The restaurant and dining business of high-profile chef Rick Stein has reported a sharp rise in profits for 2013 as margins improved and wage costs fell, while profits are ahead of budget by £60,000 for the first 21 weeks of 2014
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NewsOsmond completes £37m Strada acquisition
Tragus is to embark on its next stage of growth after completing the £37m sale of Strada to Hugh Osmond’s Sun Capital Partners vehicle
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NewsSpirit storms ahead of M&C20
This week has been one of the most interesting weeks for a while on the M&C20 index which fell 1.9% to 1,203 points, outperforming the All Share Index which fell 3.4% to 1,030 points
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News
Aparthotels enters administration
Blue Rainbow Aparthotels, part of the Blue Rainbow Hospitality Group that operates Tea 42, has entered administration
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NewsAnalyst corner: Rollo on Spirit/Greene King
Jamie Rollo at Morgan Stanley looks at Greene King’s offer for Spirit, and says that integration could drive material synergies of around £50m
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News
H1 EBITDA down at Richoux
Richoux, the operator of the eponymous brand and Dean’s Diner concept, has report a 2.7% decline in adjusted EBITDA to £780k for the 28 weeks to 13 July, describing its half-year figures as “disappointing”
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New Bowland Brewery owners form sister pub company
The new owners of Lancashire-based Bowland Brewery have formed an offshoot pub company, M&C Report has learnt
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News
French: M&B update 'disappointing'
Leading analyst Simon French believes the market will view Mitchells & Butlers’ (M&B) latest trading update as “disappointing”renchL:
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NewsM&B lfls rise 0.1% amid 'difficult' August
Mitchells & Butlers (M&B), the managed operator, has reported a 0.1% rise in like-for-like sales in the nine weeks to 20 September following “difficult” trading conditions in the pub sector in August
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NewsShepherd Neame reports record FY EBITDA
Shepherd Neame, the Kent-based brewer and pub operator, has reported a 8.9% rise in like-for-like sales across its managed pubs and hotels division
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News
French: Spirit now in play
Leading analyst Simon French at Cenkos Leisure says he expects all the other major managed pub companies will be running the numbers on Spirit
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NewsAdmiral launches bespoke beer deal for licensees
Admiral Taverns, the tenanted pub operator, has announced a tie-in with Marston’s to provide all its licensees with a cask beer unique to their pub