Finance – Page 56
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NewsGrowth prospects for UK economy have fallen
Chancellor Jeremy Hunt will be left with a multi-billion-pound hole before the next budget in March, the Office for Budget Responsibility has warned.
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NewsWetherspoon's sales down on pre-pandemic levels
Like-for-like sales at the pub company were 0.7% lower in the 25 weeks to 22 January 2023, compared to the period immediately before the pandemic, and 2% lower in the past 12 weeks.
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NewsInvestment group pay £640k for Crussh
Acquisition vehicle Keep in Business is part owned by Tolladine Estates, which includes Crussh creditors Simon Waterfield and Ralph Congreve as shareholders
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Analysis & InsightAnalysts examine Fuller’s profit downgrade
The pub company was left rueing the damage done by rail strikes in its latest trading update, which saw like-for-like sales down 5% vs 2019 in the four week Christmas and New Year period
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NewsCity Pub Group trading ‘better than expected’
The pub operator achieved strong like-for-like sales growth over Christmas, as it announced board changes and two new site acquisitions
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NewsMarston’s sees ‘positive sales momentum’
Like-for-like sales were up 4.5% for the 16-week period to 21 January 2023 compared to 2020, the last period unaffected by Covid-19
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NewsFuller’s revises profit expectations
Despite strong trading over the festive season, industrial strike action has significantly impacted profitability and held sales behind pre-pandemic levels
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NewsHedge fund Oasis takes 5% stake in The Restaurant Group
Hong Kong-based fund could shake up owner of Wagamama and Frankie & Benny’s chains, the FT reports
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NewsSalonica Maroon ups stake in Creams
The 100-strong dessert parlour brand is looking to “turbo charge” its growth nationally and internationally
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NewsGaucho announces record trading and three new openings
Turnover at the Argentinian steakhouse brand has increased from £55m to £73m over the past year
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NewsStarbucks franchisee posts sales of £75m
23.5 Degrees has grown to 93 sites and now has a pipeline of 50 new openings
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NewsDeliveroo hails ‘significant improvements in profitability’
Orders declined by 2% year-on-year, but this was offset by growth in value per order, driven by item price inflation and consumer fees
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NewsJust Eat maintains focus on profitability
The delivery company continued to see orders decline from their pandemic peak, but maintained a stable gross transaction value despite lower volumes
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NewsBrexit leaves 330,000 worker shortfall
A joint study by pro-European think-tanks said that the ending of free movement was constricting the UK economy, adding to inflation and “contributing significantly” to labour shortages
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NewsWagamama appoints new CFO
Matt Crumpler is due to join the Asian restaurant brand next month from his role as FD at The Restaurant Group
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NewsRevolution Bars Group closes on Mondays and Tuesdays to save energy
The group has revised down its profit expectations for the year after its bars were down 9% over Christmas due to the rail strikes
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NewsCooks Coffee lines up seven new cafes
The New Zealand-based company has openings planned under its Esquires and Triple Two brands across Northamptonshire, Leicestershire and Bedfordshire, London and southern England
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NewsOakman looks to raise £5.3m from shareholders
The discounted share placement will provide a buffer to protect the business from a further worsening of the trading environment
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NewsSupport needed when Covid loans fall due
UKHospitality’s chief executive Kate Nicholls has said the government could ask banks to be more lenient with borrowers or demand that lenders automatically extend loan repayment terms to applicants.
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NewsUK economy grew in November
GDP rose by 0.1% on the previous month, according to the Office for National Statistics, boosted in part by a strong performance by pubs and bars during the FIFA World Cup in Qatar