All news articles – Page 372
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NewsNew River feeling positive post-lockdown
New River has said “almost all” of its pubs in England, Scotland and Wales are now open and trading. In a trading update it said its Hawthorne Leisure pub portfolio has “outperformed the wider market since the easing of lockdown restrictions. “For the 12 week period since 5 July 2020, the day pubs were allowed to open in England, like-for-like volumes in our Leased & Tenanted pubs were down only 8% compared to the same period in 2019, and like-for-like sales in our Operator Managed pubs were down 16% compared to the same period in 2019. “Our trading performance compares favourably to the wider market over the same period, with data from the Coffer Peach Business Tracker reporting that pub like-for-like sales are down 18% compared to the same period last year.
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NewsPeach Pubs: A second national lockdown would be hugely costly
Peach has released its 2019 results and offered an update on current trading. Founder Hamish Stoddart said in 2019, the business was “flat like-for-like at £27m, whilst operating profit before exceptional items was £423k for 2019, down from £671k in 2018. The decrease is a disappointment reflecting the growing cost pressure on hospitality businesses in general between 2017 and 2019.” In 2020, Peach refinanced the business, selling four freeholds for ground rent leases and removing most of its debt. It opened a new pub in Maidenhead with a £750,000 refurbishment which closed after one day alongside all UK pubs on 20 March.
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NewsLPQ appoints new MD
Bakery chain Le Pain Quotidien has appointed Steven Whibley as its new managing director.
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NewsShutdown ordered in Scotland
Pubs and licensed premises in five of Scotland’s most populous areas will have to shut for 16 days from Friday, Nicola Sturgeon has announced.
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NewsGreene King to cut 800 jobs and close 80 sites
Greene King is planning to cut around 800 jobs and shut dozens of pubs following a drop off in trade as a result of the 10pm curfew.
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NewsScrimgeour leaves Cote, Holbrook steps up
Cote CEO Alex Scrimgeour is leaving the business following its acquisition by Partners Group, with Jane Holbrook to take over as executive chair.
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NewsWhich Wich launches delivery kitchens
Which Which, the US sandwich chain, is expanding its UK operations with the launch of two new dark kitchens, in Battersea and Bethnal Green.
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NewsChaiiwala signs deal with Domino’s franchisees
Indian street food café franchise Chaiiwala has signed an area agreement to roll out 10 new sites in Birmingham.
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NewsKhan warns Deliveroo over treating restaurants fairly
Mayor of London Sadiq Khan has written to Deliveroo amid claims the delivery company is over charging small restaurants groups.
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NewsSEV has cash for 12 months
Social Entertainment Ventures, the operator of Bounce, Hijingo and Flight Club USA, has reported it has adequate financial resources to continue operating for at least 12 months based on its forecasts.
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NewsMPs told of ‘severe and devastating impact’ of curfew
UK Hospitality CEO Kate Nicholls urged MPs to rethink the 10pm curfew yesterday, saying it was “crippling hospitality businesses”.
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NewsCurfew vote postponed amid Tory rebellion
A parliamentary vote on the 10pm curfew was postponed last night amid a growing Tory rebellion over the measure.
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NewsSunak: Don’t jump to ‘simplistic conclusions’ on virus transmission
Chancellor Rishi Sunak has defended his Eat Out to Help Out scheme, arguing people should be “cautious about jumping to simplistic conclusions” about causes of transmission.
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NewsAnalysts Verdict: The Restaurant Group
J.P. Morgan: We expect a positive market reaction to Restaurant Group’s 1H results. The Group shows it is taking decisive action with its restructuring plan exiting underperforming sites and agreeing improved rental terms with landlord and airport partners. Trading performance post-lockdown is encouraging with Wagamama and Pubs seeing solid LFL growth and outperform their markets, while Leisure has traded in line with the market, and Concessions’ sales being ahead of the passenger declines. In response to COVID-19, costs have been reduced and liquidity has been improved with ND of c.£311m being better than management earlier anticipated. We update our model, reducing forecasts and hence lower our Dec-20 DCF based price target to 110p. Remain OW.
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NewsTory rebels could overturn curfew in parliamentary vote
The 10pm curfew could be voted out as it has emerged a group of Tory backbenchers are prepared to move against the measure, the Telegraph reports.
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NewsSurvey - 69% looking at restructuring or insolvency
More than 80% of UK hospitality operators believe their commercial terms with landlords will not be sufficient to see their businesses through this next phase of trading restrictions.
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NewsTRG hopes to be “one of the long-term winners” with 40% retained estate
The Restaurant Group has reported “very encouraging” post-lockdown trading as it hopes its 60% estate reduction will allow it to emerge as “one of the long-term winners.”
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NewsCrowdcube to acquire Seedrs
The UK’s leading crowdfunding platforms are set to merge after Crowdcube agreed a deal to acquire Seedrs.
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NewsOdeon to cut opening times
Odeon is to cut the opening hours in several of its UK and Ireland cinemas response to delays in new film releases.
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NewsCurfew prompts mass late-night redundancies
The implementation of the 10pm curfew and further restrictions on hospitality last month have confirmed mass job cuts across the late-night sector, according to the latest insight from Sprout CRM and the Night Time Industries Association.