Restaurants News – Page 54
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NewsAzzurri latest to announce closures after rescue deal
The Azzurri Group has been acquired by TowerBrook Capital Partners via a pre-pack administration process, but 75 sites will close. Azzurri, which is made up of 301 restaurants including Zizzi, Ask and Coco di Mama, said when the coronavirus hit it acted “swiftly to protect its employees and customers, deciding to close all restaurants ahead of the government’s lockdown. Azzurri took all possible steps to protect the financial position of the business by ceasing all capex, renegotiating rental payments and food supplier costs and furloughing all restaurant staff and non-critical central staff.”
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NewsAzzurri in advanced talks over pre-pack sale
Azzurri Group could be on the verge of a pre-pack administration which would involve the closure of 20-25 restaurants, The Times reports.
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NewsPizza Express to exit up to 75 sites in CVA
Pizza Express is expected to close up to 75 restaurants as part of a financial restructuring at parent company Hony Capital.
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NewsOperators lower prices after VAT cut
Starbucks, Nando’s, KFCm Pret and JD Wetherspoon have joined McDonald’s in saying they will pass some or all of the VAT cut to customers.
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NewsPotential restructure at Pizza Express
Hony Capital, which owns Pizza Express, could be “all but wiped out in a restructuring” according to a report in the Times. It said Hony Capital, which bought the 627 strong chain for £873m in 2014, had “looked at the possibility of injecting more equity into the business but is now thought to be resigned to ceding control to its bondholders.” It went on to say that “none of the parties involved would comment” but there “were suggestions last night that a financial restructuring, possibly including some restaurant closures, could come as early as next week.”
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NewsMcDonald’s proposes price cuts
McDonald’s plans to cut prices following the reduction in VAT on eating out. It has recommended that franchisees cut prices on Big Macs, Quarter Pounders and Chicken McNuggets, and knocking 40p off combo meal deals and 30p off Happy Meals. It has also suggested a 50p reduction on breakfast meal deals and 30p off McMuffins.
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NewsShake Shack launches click and collect
Shake Shack has launched a new click and collect service from a number of its London sites.
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NewsBurger King set to close up to 10% of its estate
Burger King UK CEO Alasdair Murdoch has said the chain could shut 10% of its restaurants with the loss of up to 1,600 jobs as a result of the coronavirus. The chain has reopened 370 of its 530 strong estate, but Murdoch told the BBC the scale of the crisis was insurmountable, saying “I don’t think you can ever get over the top of this problem.” He said the discount scheme unveiled by Rishi Sunak was an “innovative approach” and that Burger King would take part, but that Burger King could close 5% to 10% of its stores because they were paying rent but “taking absolutely no money”.
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NewsFlat Iron MD Jo Fleet: Lack of demand our biggest challenge
Until there is a shift in messaging around the use of public transport, city centre operators will continue to suffer, MCA’s The Conversation has heard.
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NewsMcDonald’s rolls out breakfast, reopens further sites
McDonald’s will roll out breakfast to a further 1,250 restaurants today (8 July).
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Restaurant auction raises £225k
A restaurant industry fundraiser led by Huw Gott of Hawksmoor and Libby Andrews of Pho has raised more than £225,000 for those hit hardest by the coronavirus lockdown.
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NewsPret to close 30 shops
Pret CEO Pano Christou has said it is a “sad day” for Pret after he announced it was permanently closing 30 shops as a result of the coronavirus crisis. He said the impact of the virus on operating costs and cashflow had been “significant”, with sales down 74% year on year, and that Pret would now look to reduce staff across its remaining shops and at its London HQ. It will also look to sell the lease of the building.
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NewsPret could close 10% of UK stores
Pret A Manger could close up to one in ten of its around 400-strong UK estate as it deals with the dramatic drop-off in city centre footfall.
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NewsPrezzo details phased reopening
Prezzo has confirmed details of its phased reopening plan, with eight restaurants to open tomorrow, with a further 27 following throughout July.
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NewsMitch Tonks: Rockfish will be strongest restaurant business in South West
Rockfish founder Mitch Tonks said the seafood restaurant group has “updated everything” during lockdown, using the crisis to reboot the business as it prepares to reopen on Saturday.
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NewsAlixPartners: Necessity is the mother of invention
Relief, excitement and anxiety seem to be the overriding emotions emanating from hospitality operators since the government finally confirmed that 4 July is the date pubs and restaurants bring up the shutters after three months of inactivity. According to the latest weekly Hospitality Leaders Poll by MCA/HIM, exactly 50% of respondents are set to grasp that opportunity and reopen this coming weekend. The pent-up demand that exists from the public to eat and drink out has been highlighted by the volume of bookings many operators have already taken.
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NewsCasual Dining Group appoints administrators
Casual Dining Group, which operates brands including Las Iguanas, Bella Italia and Café Rouge, has appointed administrators. It said 91 sites would close with immediate effect causing a number of redundancies. The business said in today’s “extreme operating environment it is in the best interests of all stakeholders for the Group to enter administration, to enable the Group to conclude negotiations with landlords regarding the estate.”
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NewsShake Shack debuts in Brighton
Shake Shack is to debut in Brighton and Hove with a kitchen at Deliveroo Editions.
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NewsShepherd Neame CEO Jonathan Neame: Sticking to the extremities of the rent debate won’t help anyone
Landlords and operators “sticking to the extremities” of the rent debate are only prohibiting their chances of finding a viable solution, Shepherd Neame CEO Jonathan Neame has said.
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NewsMcDonald’s to open further 800 takeaway sites, extends menu
McDonald’s will reopen a further 800 sites for takeaway next week as it looks to reintroduce several menu items.