All MCA Insight articles in March 2020 – Page 6
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News
Government to offer 60% salary cover
The Government is expected to unveil an employment rescue package which funds 60% of salaries, according to people briefed on the matter.
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News
Mass repossessions if government does not step in
The majority of landlords are refusing to negotiate meaningfully on rent payments despite the threat of widespread restaurant closures, Imbiba property director Kieran Sherlock has told MCA.
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News
Latest closures include TGI’s, Comptoir, Bills and The Ivy
TGI Friday’s, Comptoir Group, Bills and The Ivy Collection are among the latest operators to announce temporary closures amid the COVID-19 pandemic.
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News
Chancellor expected to announce employee support package today
The Chancellor is expected to announce an employment and wage subsidy package today following late-night talks with business groups and union leaders.
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News
Wetherspoon able to maintain operations in time of uncertainty following strong H1 results
Wetherspoon has “sufficient liquidity to maintain operations at a substantially lower level of sales,” said chairman Tim Martin in a statement regarding its H1 financial report.
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News
NWTC and Ping Pong to close
NWTC and Ping Pong have shuttered their restaurants as the coronavirus outbreak continues to decimate the hospitality industry. In a plaintive message to “all our dumpling fans and dim sum lovers” Ping Pong said “it is with a very heavy heart that we need to announce that all seven of our restaurants will be closed from 8pm tonight, Thursday 19th March, until further notice.
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News
Wait until tomorrow, says PM
There was little reassurance for the hospitality industry at this afternoon’s press conference, although the PM suggested there would be an update on employees by chancellor Rishi Sunak tomorrow. “I say to business, stand by your workers because we will stand by you,” said Boris Johnson. “And you will hear more about that in the course of the next day or so.”
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News
Just Eat announces “emergency support package” for small independent restaurants
Just Eat has launched an emergency support package for small restaurants which will rebate 33% on commissions for the next 30 days. It’s also removing commissions on collections and will waive sign-up fees for new restaurants. “These are some of the most challenging times the restaurants we work with have ...
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News
Dishoom says “Goodbye, for now”
Dishoom has become the latest operator to close its restaurants amid the continuing COVID-19 outbreak.
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News
Interest rate cut to 0.1% amid turmoil for listed restaurant and pub groups
The Bank of England has cut interest rate to 0.1%, while announcing £200bn of quantitative easing.
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News
Deltic – ‘we wont close until our employees are supported’
Deltic Group will continue to operate until the Government announce a sufficient support package for its employees, Peter Marks, Deltic CEO, has told MCA.
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News
‘Realistically, landlords are at the back of the queue’
Calls are growing for the Government to create a six-month lease forfeiture moratorium to prevent landlords from evicting operators for non-payment of rent.
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News
Whitbread to close restaurant estate
Whitbread is the latest hospitality giant to announce the temporary closure of its restaurant sites amid the COVID-19 pandemic.
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News
Now is the time to do whatever it takes - and save jobs
“Whatever it takes” is a phrase that will haunt Rishi Sunak if he doesn’t do exactly that to save the economy from meltdown. On Tuesday, a lifetime ago, he promised guaranteed loans for businesses to pay rent, suppliers, salaries or stock – which is something. But he made no specific provision for employees. He needs to do that today.
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News
Greggs takeaway only
Greggs will close all of its seating areas as part of an effort to restrict the spread of COVID-19.
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News
Yo!, Prezzo and Byron among latest casual dining closures
Yo!, Prezzo and Byron are some of the latest casual dining operators to temporarily close their doors.
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Analysis & Insight
Morgan Stanley on M&B
Jamie Rollo of Morgan Stanley gives his verdict on Mitchells & Butlers’ latest update.
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News
Hansen: ‘Mobilise workforce to provide meals for vulnerable’
The hospitality workforce facing layoffs should be mobilised to provide a subsidised meal service for the elderly and vulnerable stuck at home during the covid-19 crisis, corporate advisor Peter Hansen has told MCA.
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Analysis & Insight
Goodbody on M&B, TRG, Marston’s
Mitchells & Butlers, Restaurant Group and Marston’s all seeing a significant impact from COVID-19
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Analysis & Insight
BDO: ‘The contagion into a deep recession will happen very quickly’
Widescale job losses in the restaurant and bar industry will plunge the UK economy into a deep recession, BDO partner Peter Hemington has told MCA.