All news articles – Page 359
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NewsEngland’s regional tiers announced
Just three areas will exit the second national lockdown into the lowest level of restrictions next week, with the majority of the country facing tier 2 and tier 3, the Government has announced. From 3 December, most regions will enter tier 2, with cities including London and Liverpool - which was previously in tier 3 - subject to tightened alcohol and mixed household rules. Three regions – the Isle of White, Cornwall and Isles of Scilly – will be in the lowest tier, whilst around 21 local authority areas will be in the quasi-lockdown tier 3 level.
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NewsIndividual Restaurants acquired in £40m rescue deal
Individual Restaurants, including the Piccolino, Restaurant Bar & Grill, Opera Grill and Bank brands, has been acquired by the directors of Iceland supermarket, in a transaction worth more than £40m.
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NewsNewRiver: Remaining resilient
NewRiver CEO Allan Lockhart has said the business has proved to be “resilient” during a period of “unprecedented disruption”. Announcing its half year results, he said the business had seen a “significant increase in leasing activity, with over half a million square feet of transactions completed, which has led to occupancy in our retail portfolio increasing to more than 96% during the period. This reflects both our affordable rents and focus on essential and convenience retail.
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NewsFuller’s CEO Simon Emeny: Staying positive
Fuller’s has said sales for the first half of the year (for the 26 weeks to 26 September 2020) hit £45.6m, down from £167.1m it made last year. It also reported an adjusted loss before tax of £22.2m compared to a profit of £17.9m last year. “The tightening of the tier system will present further challenges over the winter months, but we welcome the Prime Minister’s comments that we will see the need for restrictions fall away in the spring,” said CEO Simon Emeny. “When the current lockdown was announced, we acted swiftly to implement the lessons learned last time round and this latest closure has been made with minimal stock losses.
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NewsM&B: Staying optimistic about recovery
Mitchells and Butlers has reported a 34.1% sales fall compared to last year, coming in at £1,475m. It made a pre-tax loss of £123m compared to a profit of £177m last year. “Throughout a very uncertain and challenging year our businesses and teams have adapted quickly, creating a safe environment for guests and putting us in a strong position to benefit when consumers are able to eat out again,” said CEO Phil Urban.
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NewsNational Living Wage to rise with inflation
The Government has announced the National Living Wage (NLW) and National Minimum Wage (NMW) rates which will come into force from April 2021.
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NewsBusiness rates multiplier frozen
Hospitality and retail businesses will benefit from a freeze to the business rates multiplier, though the move announced in chancellor Rishi Sunak’s spending review falls short of wider relief of the controversial levy.
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NewsSlim Chickens signs second franchise deal
Slim Chickens, the Boparan Restaurant Group-owned fast causal concept, has entered into its second franchise agreement. The new deal between Boparan and franchisee KK Restaurants SW will see the brand open five restaurants across the south west of England, with the first due to open in Exeter next month. The Exeter restaurant will be Slim Chickens’ tenth UK site, and second franchise-operated location following its Manchester Trafford Centre opening last month with partner JRK Restaurants.
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NewsBusinesses claimed £849m through EOHO
Businesses claimed £849m through the chancellor’s Eat Out to Help Out scheme, discounting more than 160 million meals, according to new figures from HMRC. New figures have revealed that almost 50,000 hospitality operators made a claim through the scheme by 30 September, which offered government subsidies of up to £10 on meals Monday to Wednesday in August. About a third (34%) of discounted meals were claimed by businesses with more than 25 outlets, accounting for more than a quarter (27%) of the total amount claimed. The majority of claims were made by restaurants (55%), with pubs claiming 28% of meals.
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NewsDeliveroo lines up Arney as chair
Deliveroo is lining up Claudia Arney to chair its board as the company prepares to float on the stock market, Sky News reports.
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NewsBird appoints new MD, founders depart
Fried chicken and waffle concept Bird has appointed Andrew Clover as managing director to deliver on an ambitious expansion plan.
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NewsBlack Sheep presses ahead with expansion
Black Sheep Coffee is pressing ahead with its ambitious expansion plans with a new opening in Battersea Power Station.
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NewsFulham Shore eyes low rent property
Franco Manca operator Fulham Shore will continue to take advantage of properties coming to the market at “ever lower rents”, the company has said in a financial update.
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NewsDefiance grows in face of Christmas rules
News that the hospitality trade would once again be the worst loser from government restrictions over Christmas has been met with a growing sense of rebellion, as pub leaders suggested they may openly defy the rules.
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NewsNo Christmas bubbles in hospitality venues
Families will be able to meet two other households in private homes in a “Christmas bubble”, though this will not extend to meeting pubs and restaurants.
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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.