All articles by Georgi Gyton – Page 56
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NewsOpenings of the week
MCA rounds up the latest openings stories, with new venues for Electric Shuffle, The Cocktail Club, Temper, and more.
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Analysis & InsightMinimum wage hikes: ‘We are not in a position to help’
The TUC has set out plans for the attainment of a £15 per hour minimum wage rate – but operators are not convinced. Featuring commentary from Giggling Squid, 3Sixty Restaurants and Chop’d.
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Analysis & InsightEnergy crisis: The cost of doing business
Many operators are still cushioned from the impact of rising utility bills, but some are facing the very real prospect of seismic increases. MCA spoke to operators including Heart With Smart, Oakman, New World Trading Co, McMullen and Various Eateries to find out how they are faring.
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InterviewsOakman: ‘Impact of price rises on consumer is biggest concern’
Despite worries about a dip in consumer spending, the group can’t rule out further menu prices increases, CEO Dermot King told MCA
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NewsMcDonald’s Corp makes boardroom changes
Marriott International CEO Anthony Capuano will join the board, while non-executive director Sheila Penrose – who led sustainability and CSR – is to retire from her role at the end of September
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Analysis & InsightWarnings over sky-high inflation forecasts
Consumers already struggling with rising prices are set to feel even more pressure after UK inflation was forecast to hit 18.6% early next year.
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NewsNQ64 secures £2.5m in funding from ThinCats
The retro arcade bar, backed by Imbiba, has opened five sites within the past 18 months and is targeting openings in major UK cities, including Leeds, Bristol and Brighton
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OpinionTim Martin renews call for tax equality
The JD Wetherspoon chairman said that if pubs are to survive and thrive they need to be treated fairly by the Treasury, and that the big pubcos need to campaign for permanent tax reduction
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NewsNightcap secures flagship site for Barrio Familia
The late-night bar operator has signed a lease for the former Tropicana Beach Club for its first Barrio opening since the acquisition last November.
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NewsLoungers’ Alex Reilley highlights ‘obscene’ energy price rises
The business, which hedged its energy costs last May, until 2024, said entering a hedge today would have cost it an extra £17m
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NewsRestaurant businesses form buying group
MeatLiquor and The Real Greek are among several operators that have formed an unofficial buying group in order to tackle to the rising price of ingredients such as chicken.
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NewsNew global CFO appointed at Richard Caring-backed restaurant empire
Humera Afzal has been appointed global CFO at Caprice Holdings, The Birley Group, The Ivy Collection and Bill’s Restaurants,
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NewsEgo Restaurants makes ‘significant progress’
3Sixty Restaurants, which operates the Ego JV with Mitchells & Butlers, reported profit for the year to March 2022 of £3.8m, compared to a loss of £842k in 2021
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NewsJust Eat to dispose of iFood stake
The delivery company has announced it has entered into an agreement to sell its equity stake of around 33% in the iFood joint venture to Prosus, for a cash consideration of up to €1.8bn.
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NewsGreene King makes apprentice pledge
The pub operator and brewer has committed to taking on 5,000 new apprentices by 2025.
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Analysis & InsightConsumer confidence hits all-time low
The measure for overall UK consumer confidence fell to -44 this month, compared to -8 this time last year, in GfK’s Consumer Confidence Index - the lowest since records began in 1974.
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NewsThe Alchemist sees sales treble
The Palatine-backed operator achieved a “very strong financial performance” in FY2021/22, with profit before tax of £2.35m, compared to a loss of £5.5m in 2021
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NewsBob Bob Ricard secures 'seven-figure sum' for expansion
The luxury London restaurant business has obtained additional growth capital funding from alternative lender ThinCats
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InterviewsBrakspear: ‘We are back in survival mode’
The 120-strong pub operator may still be seeing good levels of trade, but the focus now is on keeping costs in check in order to ride out the storm of cost pressures, CEO Tom Davies has told MCA
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NewsWendy’s to launch ‘next gen’ restaurants
The global burger chain has announced it will be rolling out a ‘global next gen’ restaurant design as standard, with the first new look site due to open in 2023.