All articles by Georgia Cronin – Page 11
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NewsShaftesbury reports loss as pandemic has “significant impact” on portfolio
West End landlord Shaftesbury has reported a loss after tax of £699.5m for the year to 30 September 2020 as the pandemic has a “significant impact” on the business. In the six months to the end of September, the group collected 53% of contracted rents, with 34% deferred or waived and 13% outstanding. Net property income was down 24.2% to £74.3m (2019: £98.0m), with a 3.5% like-for-like decline in rental income, and charges for expected credit losses and impairments of £21.9m.
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NewsGSG Hospitality to launch new concept in Liverpool’s The Plaza
Liverpool-based restaurant and bar group GSG Hospitality is set to open a new concept as part of a transformation of the city’s Plaza building. In partnership with Bruntwood Works, which is embarking on a £3m redesign of the building, GSG will create a social space, including a coffee shop, restaurant, cocktail bar and pop-up retail area. The concept, which will be revealed next year, will sit alongside a customer lounge and coworking suites on The Plaza’s ground floor.
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NewsWetherspoon completes £30.4m development in Dublin
JD Wetherspoon has made the largest investment in its 41-year history in the development of a pub and hotel in Dublin.
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NewsScottish government fails to provide evidence for hospitality restrictions
The Scottish government has failed to respond to a freedom of information request asking for the evidence on which its hospitality restrictions have been based.
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NewsTier 3 confirmed for London
Thousands of pubs, bars and restaurants in London will be forced to close as the capital is set to move into tier 3 imminently, Health Secretary Matt Hancock has confirmed.
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NewsBerisha promoted to CEO at Caring restaurant estate
Baton Berisha has been promoted to CEO of The Ivy Collection, Bill’s Restaurants, Caprice Restaurants and The Birley Group.
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NewsOakman Group opens share offer to customer base
Oakman Group, the operator behind Oakman Inns and Restaurants and Ashmore Inns, is looking to capitalise on the post-pandemic market and double its estate by 2026.
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Analysis & InsightWet-led sector sees 90% sales slump in lockdown
Pub and bar groups saw a staggering 90% drop in sales last month as lockdown in England and ongoing restrictions in Scotland and Wales took their toll, the Coffer Peach Business Tracker has revealed. According to the tracker, bar groups were the worst affected with sales down 90.2% on November last year, closely followed by drink-led managed pubs (down 88.8%). Food-led operations faired slightly better, with some still able to rely on delivery revenue, though total sales in group-owned restaurants still fell by 65.9% year-on-year, and food-led pubs were down 85%.
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NewsLeading operators come together to establish Zero Carbon Forum
Burger King, Brewdog, Nando’s and The Restaurant Group are among leading hospitality operators who have come together to establish the Zero Carbon Forum.
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NewsHugh Osmond: ‘Curtains for most operators without rent arrears write-off'
Thousands of pubs and restaurants will collapse unless the bulk of their rent arrears are permanently written off, Hugh Osmond has said.
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NewsDeltic files for administration
Nightclub operator Deltic has filed a notice to appoint administrators. The group, which owns late-night brands including Pryzm and Bar and Beyond, announced its intention to sell in October, but has been as yet unable to secure a buyer. Over the last few weeks, private equity firms Greybull Capital and Aurelius emerged as interested parties in the group, but Scandinavia bar operator Rekom Group has since come to the fore as the preferred bidder to buy Deltic through a pre-pack administration. It’s understood that any deal could see the permanent closure of some of its 52 sites.
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NewsHospitality restrictions take toll on GDP growth
Hospitality restrictions have contributed significantly to the dip in the UK’s economic growth and will likely continue to do so unless measures are rethought, UK Hospitality has warned. New figures from the Office for National Statistics show that GDP grew by just 0.4% in October, down from 1.1% in September and the weakest its been since the economy started its recovery from the pandemic-induced recession earlier this year. The services sector – which represents four-fifths of economic output – grew by just 0.2% as a result of increased restrictions, declining by 0.37% month-on-month.
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NewsParliamentary group formed to support late-night businesses
A group of cross-party MPs and peers have formed an All-Party Parliamentary Group (APPG) for the night-time economy.
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NewsRamsay rolls out ‘street’ restaurant concepts
Gordon Ramsay has announced plans to expand his ‘street concept’ restaurant portfolio across London, with three openings set before the end of the year.
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NewsJust Eat to create 1,000 jobs through new agency worker model
Just Eat has launched a new agency worker model for couriers, which will switch contracts to hourly pay and could create more than 1,000 jobs by March, the company has said.
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NewsEviction moratorium extended
The eviction moratorium on commercial property tenants has been extended until the end of March 2021.
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InterviewsShepherd Neame CEO Jonathan Neame: ‘Hancock is a latter-day Champagne Charlie’
The government should expect a “huge political backlash” on the other side of the pandemic for its “disproportionate” and “arbitrary” restrictions on the pub sector, Shepherd Neame CEO Jonathan Neame has said.
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InterviewsSwingers co-founder Matt Grech-Smith: ‘Our long-term plans remain the same’
Swingers, the London-based competitive socialising concept, will continue to push on with its international expansion plans despite the ongoing uncertainty of the coronavirus pandemic, Matt Grech-Smith, co-founder of parent operator the Institute of Competitive Socialising has said.
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Analysis & InsightHospitality jobs job losses hit 650,000
Jobs in the hospitality sector have dropped by 26% year-on-year, with November seeing another huge wave of job losses, according to Fourth.
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NewsNew hospitality restrictions hit footfall in Wales
New rules restricting the sale of alcohol in Welsh hospitality businesses has had an immediate and significant impact on footfall, according to the latest data from Wireless Social.