Finance – Page 98
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NewsSupreme Court backs policyholders over business interruption claims
A Supreme Court ruling set to force insurers to pay out on disputed coronavirus interruption claims by small firms is being celebrated as “very positive news” for hospitality.
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InterviewsTrispan operating partner Robin Rowland OBE: ‘Operators are treading water in the dark’
Trispan operating partner Robin Rowland OBE has joined calls for an extension of the VAT cut and business rates relief beyond March, arguing that operators can only “tread water in the dark” for so long.
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Analysis & InsightServices sector the “main drag” on GDP in November
Accommodation and foodservice saw the largest fall in output between October and November, accounting for the primary drag on GDP growth, according to new data from the Office for National Statistics.
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NewsDeliveroo hires four banks for float
Deliveroo has appointed four investment banks to work on its stock market flotation, Sky News reports.
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NewsWhitbread F&B sales halve
Whitbread has seen its food and beverage sales halve in Q3 2020, affected by heightened tiering and lockdown restrictions.
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NewsJust Eat Takeaway hails uplift in delivery
Just Eat Takeaway has hailed a huge uplift in fourth-quarter UK business on the same period in 2019.
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NewsPizza Express exits further 23 sites
Pizza Express has closed an additional 23 sites, on top of the 74 sites exited as part of the company voluntary arrangement (CVA).
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NewsGiggling Squid proves ‘off-site trading model’
Giggling Squid is currently in a “strong financial position” and “trading well given its regional bias” as it heads into winter, according to its latest financial accounts.
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NewsBritish Land collects less than half of retail rents in December
British Land has so far collected 46% of due December rents in its retail division, with just 32% of its stores able to trade in some way through the latest lockdown.
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NewsElectra to sell TGI Friday’s
TGI Friday’s UK could be put up for sale this year as private equity backer Electra looks to wind down its portfolio.
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NewsLocal councils accused of hoarding business grants
Local councils have been accused of hoarding hundreds of millions of pounds in government support grants intended to help businesses survive lockdown.
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NewsCloud-kitchen secures £1.47m funding
Kitchen Ventures, a cloud kitchen start-up from Rum Kitchen founder Jonny Boud, has received $2M (£1.47m) in seed funding, led by London Impact Ventures.
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NewsPatisserie Valerie auditor faces £200m legal claim
The auditors of Patisserie Valerie is being sued for £200m after the café chain collapsed amid a suspected fraud.
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NewsM&B to explore equity raise to ease cash burn
Mitchells & Butlers is to explore an equity capital raise to increase its “financial and operational flexibility” in the face of significant lockdown cash burn.
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NewsArc Inspirations borrowed £5m “just to stand still”
Northern bar group Arc Inspirations has had to borrow £5m from lenders to survive the rolling lockdown restrictions, CEO Martin Wolstencroft has said.
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NewsDeltic sold for £10m
UK nightlife operator Deltic was bought out of administration by Rekom for £10m, accounts from administrator BDO have revealed.
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NewsGreggs forecasts £15m losses for 2020
Greggs’ sales fell 44% to £811m in the 2020 financial year, the bakery group has reported.
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NewsPunch Pubs reports losses
Punch Pubs, the operator of over 1,200 individual pub business, has reported a loss for the year ending 16 August 2020.
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NewsLaine Pub Company remains confident despite losses
Laine Pub Company is in a strong position to trade ‘for the foreseeable future’, despite losses incurred due to the coronavirus pandemic.
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NewsLord Sugar challenges Caffe Nero CVA
Lord Sugar’s private commercial property group, Amsprop Investments, has lodged a legal challenge against Caffe Nero’s company voluntary arrangement (CVA), Sky News reports.