All articles by Georgia Cronin – Page 14
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InterviewsImbiba partner Darrel Connell: ‘You can’t predict the future in a period of flux’
Imbiba partner Darrel Connell has advised businesses against drawing “too many conclusions about what the future will look like” with the country still in the midst of the pandemic.
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NewsDishoom debuts in Brighton
Indian restaurant concept Dishoom has launched its seventh delivery-only kitchen today in Brighton. Its debut in the town, the Deliveroo Editions site is Dishoom’s first outside of London, and will operate from 12pm to 10.30pm daily in most postcodes between Brighton Marina and Shoreham harbour, as well as Mile Oak and Patcham. The menu – available on the Dishoom site through its ‘brought to you by Deliveroo’ tab or directly through the aggregator – will mirror that of its other delivery sites, offering dishes including keema pau, chicken ruby and house black daal.
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NewsCineworld secures $750m lifeline
Cineworld has secured a $750m (£552m) funding package to see it through the crisis as it hopes for a possible spring reopening. Following news last week that the global chain – which has 127 UK sites – was considering a company voluntary arrangement to secure its future, the latest support package is said to be a “lifeline” for the business. The funding includes $450m (£331m) in new loans, as well as issued warrants that could hand around 10% of shares to creditors. Cineworld has also secured debt waivers until 2022, the extension of a $111m (£82m) line of credit until 2024 and the early repayment of a $200m (£147m) tax rebate.
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NewsLeon considers CVA
Healthy fast-food concept Leon has become the latest chain to consider a company voluntary arrangement (CVA) in a bid to cut its rent bill. The business appointed consultancy firm Quantuma in June to advise it on seeking new rent terms, but is now said to be drawing up CVA proposals as a result of pressures caused by the second national lockdown. According to Sky News, plans are at an early stage and the implications for store closures and jobs are yet to be disclosed.
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NewsFive Guys to push on with expansion following strong lockdown trading
Five Guys will push on with its expansion plans despite the uncertainty of the coronavirus pandemic, with at least three new openings set before the end of the year.
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NewsTightened tier system a “straitjacket on hospitality” and “will destroy sector”
The proposed tightened tiered system is a “straitjacket” on hospitality businesses and will destroy the sector if they go ahead, industry trade bodies have warned.
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NewsJohnson confirms tighter tiering and enhanced hospitality restrictions
The restrictions on hospitality in tiers 2 and 3 are to be increased on 3 December and more areas are likely to exit lockdown into the higher alert levels, the Prime Minister has announced. Speaking via video link to the Commons today, Johnson confirmed that lockdown restrictions will be lifted on 2 December and will not be renewed, but the country will enter a tightened regional tiered approach. As has been speculated over the weekend, pubs and bars in tier 2 areas will be required to close unless operating as restaurants – serving alcohol with a ‘substantial meal’ – and in tier 3, all hospitality businesses will be closed with the exception of takeaway, drive-through and delivery. One marginal positive for businesses in tiers 1 and 2 is a revision of the 10pm curfew, which will be extended until 11pm – with last orders now at 10pm rather than complete closure.
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Analysis & InsightPHE: Hospitality just 4.1% of coronavirus exposure ‘common locations’
Hospitality spaces made up just 4.1% of coronavirus exposure ‘common locations’ for the first few weeks of November, with transmission rates far below the likes of supermarkets, schools and care homes, according to Public Health England.
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NewsDeltic warns landlords of collapse without sale
Nightclub operator Deltic has warned landlords that it faces collapse unless a sale is agreed imminently, Sky News reports.
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NewsDishoom launch vegan at-home kit
Indian restaurant concept Dishoom has expanded its at-home range with the addition of a vegan sausage naan roll kit. The business launched its first at-home offer – the bacon naan roll kit – during the March lockdown, but following calls from plant-based consumers has created a second kit for its online store. The vegan sausage naan roll kit will include ingredients for two rolls with masala chai, alongside cooking instructions, for £16 including delivery.
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NewsCineworld considers CVA
Cineworld, the world’s second largest cinema chain, is considering a company voluntary arrangement (CVA) as part of a wider restructuring process to secure its future.
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Analysis & Insight72% of hospitality businesses face closure in 2021
Almost three quarters (72%) of all hospitality businesses expect to become unviable and close in 2021 without additional support, sector trade bodies have warned.
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Analysis & InsightCGA: ‘We will pull through this crisis’
The sector is living through its toughest period in eight years, but consumer data proves it will pull through, CGA chief executive Phil Tate has said. Speaking at this year’s virtual Peach event, Tate highlighted the devastating impact the pandemic continues to have on hospitality but said there was reason to be positive as consumer behaviour is not set to change long-term.
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InterviewsPizza Hut Restaurants CEO Jens Hofma: ‘CVA a necessary evil’
Pizza Hut UK’s company voluntary arrangement (CVA) was a “necessary evil” and has left the business in “a more robust position,” CEO Jens Hofma has said. Speaking at MCA’s the Conversation, Hofma revealed that the business had made several attempts to find an alternative solution to deal with outstanding lockdown rent debts with landlords, but the hostility of some left it with “no other choice” but to turn to a CVA. But with landlord break clauses still a live issue, he added that the business has come up against a number of newer operators “circling the estate” to see if they can “tempt landlords to go for the new kid on the block rather than sticking with tenants who’ve been around for decades.”
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NewsJollibee launches third UK site ahead of 2021 expansion drive
Jollibee, the Filipino fast food chain, is to open its third UK site this week in Leicester.
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InterviewsVagabond MD Stephen Finch: Forced shutdown ‘almost preferable’ to previous restrictions
The restrictions imposed on hospitality in the past few months couldn’t have been more at odds with the concept of London-based bar group Vagabond Wines, managing director Stephen Finch has said.
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NewsSelfridges swaps Hemsley + Hemsley for new concept Hive
London’s Selfridges is set to launch a honey-themed restaurant concept, Hive, next month. Due to open in early December, the concept will replace Hemsley + Hemsley on the building’s third floor and will serve a menu focused around the brand’s on-site-produced honey. Alongside its all-day menu, the restaurant will offer a range of honey and cheese pairings and a cheese and honey afternoon tea experience.
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NewsPoké The Bear set for expansion with ‘Michelin Star’ menu
Poké The Bear, the delivery-only brand from TV personality Calum Best, has added two sites to its estate and announced an overhaul to its menu.
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NewsSacha Lord releases recovery plan, warns bounce back ‘could take five years’
Manchester’s night time economy advisor Sacha Lord has released a plan detailing how businesses can be supported to recover from the pandemic, but warned it could take five years for the sector to recover.
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NewsLegal challenge to curfew set for second court hearing
A legal challenge to the 10pm curfew in England is set for a second court hearing at the beginning of next month.