Finance – Page 4
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News
McMullen’s breaks +£100m sales milestone
The record sales were driven by price increases as a well as real growth in demand, but profit conversion was impacted by labour cost inflation
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Weekend Press
How the billionaire Issas bit off more than they could chew at Asda
Mohsin and Zuber Issa’s lofty ambitions for the supermarket chain have been stymied in a brutally competitive market. Now the pair are going their separate ways, The Sunday Times reports
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News
The Wolseley Hospitality Group drafts in advisors
Owner Minor Hotels has called in restructuring experts AlixPartners to advise on cost management issues and business strategy, Sky News reports
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News
Cornish Bakery secures new funding
The bakery chain, which has more than 60 sites, has secured funding from Virgin Money to support its ambition to double the size of the business
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News
Fuller’s reports year of ‘excellent progress’
Revenue rose by 7% to £359.1m while like-for-like sales were up 11% in the year ended 30 March, with the pub operator also reporting continued proactive management of the estate to enhance shareholder value
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News
Nightcap 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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News
Crosstown 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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News
Zuber 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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News
Middle 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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News
EG 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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News
C&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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News
Vagabond 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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News
Crosstown 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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News
Chopstix 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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News
Tasty 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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News
Kokoro 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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News
Hostmore 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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News
Cooks 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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Interviews
Liberation 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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News
Soho 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