Finance – Page 72
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NewsPrezzo vacated 30 sites after pre-pack
The majority of the business was sold in February 2021 to a vehicle owned by Cain International for £5.04m in a pre-pack administration
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NewsState of Play secures $35m of growth capital
The operator of Bounce ping pong venues, and modern bingo concept Hijingo, is looking to accelerate its expansion in Europe and the US, including the roll-out of Flight Club which it operates under licence in North America
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NewsNightcap revenues up more than 700%
The late-night bar group has seen like-for-like growth of 24.8% for the nine weeks ended 27 February 2022, compared to 2020, and has readied itself for “fast and sustainable growth” this year and beyond
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NewsHostmore reduces losses following year of growth
The operator of Fridays and 63rd + 1st saw strong like-for-like (lfl) growth last year, but in the eight weeks to 27 February 2022 lfl sales were down around 3% on 2019 levels
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NewsWasabi targeting suburban growth as part of portfolio expansion
In accounts just published for the group, Wasabi said its business model had undergone significant changes as a result of the pandemic.
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NewsKPMG fined over Revolution audit errors
The firm was severely reprimanded by the Financial Reporting Council for breaching standards in its audits of Revolution for the 2015/2016 financial years
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NewsTasty EBITDA positive
The Wildwood restaurant operator plans to open five or six new units this year
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NewsDomino’s hails transformational year
Having reached a resolution in a dispute with its franchisees, the pizza group has increased its medium-term expansion targets to exceed 200 new stores
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NewsGreggs a ‘stronger and better business’
The brand is targeting 150 net new shop openings in 2022, and sees potential for at least 3,000 shops in the UK long term. The bakery business grew sales by 5.3% in 2021 to reach £1.2bn vs 2019
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NewsItsu expects to resume lfl growth in the first half of 2022
In its most recent accounts, the business said it was well positioned to take advantage of the opportunities created by the pandemic
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NewsVarious Eateries’ revenue up by a third
The appeal of the group’s Coppa Club and Tavolino brands held strong last year with trading momentum encouraging since the year end in October, and strong pipeline of prime sites in place, it said
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NewsRoadchef in £900m takeover deal
The motorway services operator is set to be acquired by Australian financial services group Macquarie
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NewsJust Eat sees substantial shift in UK&I delivery mix
Orders more than doubled in the UK & Ireland in 2021, with Just Eat achieving year-on-year revenue growth of 63% in the segment
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NewsDemand for food to go boosts EG’s performance
A strong full year and Q4 performance was driven by EG Group’s enhanced foodservice proposition following the acquisition of Leon and Cooplands Bakery last year.
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NewsWahaca has ‘solid platform to grow’
The Mexican-inspired restaurant group reported adjusted operating profit of £2.2m in 2021
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NewsRevolution demonstrates ‘renewed confidence’
The bars group achieved EBITDA of £12.2m in the 26 weeks to 1 January 2022, just shy of the £12.8m it achieved two years previously
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NewsCorbin & King wins £4.4m insurance case
The restaurant group has won its High Court case against Axa, which had refused to pay out for the losses incurred by the business during the lockdowns of 2020
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NewsBurger King UK’s £600m float stalls over Ukraine nerves
Plans to list the UK division of the hamburger chain on the London Stock Exchange have been slowed by the hostilities, the Mail on Sunday reports
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NewsYO! owner bolsters advisor line-up in advance of £750m IPO
Barclays, Peel Hunt and Jefferies are now working with the group, with March or April earmarked as possible dates to announce its intention to float, Sky New reports
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Analysis & InsightRevolution in strong position to ramp up expansion
Strong like-for-like sales in restriction free trading periods coupled with less competition in the late night sector puts Revolution in a favourable position, analyst Peel Hunt believes