Finance

Hospitality insolvencies jump 20% as trading remains tough

19-Jul-2024 By James McAllister

Insolvencies in accommodation and food service activities rose 20% in the 12 months to May, the latest statistics released by the Government show, the highest year-on-year increase of any sector.

Rising costs cause profits at The Waterside Inn to sink

12-Jul-2024 By Restaurant

Alain Roux’s The Waterside Inn reported a loss last year, with an increase in costs and lower consumer confidence cited as the reasons.

Loungers reports record year as sales and profits surge

09-Jul-2024 By Restaurant

Loungers has announced a record year for sales, profits and site openings in its latest full-year results.

Capdesia exits Marugame Udon Europe

08-Jul-2024 By Restaurant

Marugame Udon Europe parent company Toridoll Holdings is to take full ownership of the noodle restaurant group, with Capdesia successfully exiting its investment.

Carlsberg to buy Britvic for £3.3bn

08-Jul-2024 By Restaurant

Carlsberg has reached an agreement to buy soft drinks manufacturer Britvic in a deal worth £3.3bn.

Tasty looking to 'explore new concepts' as revenues rise

28-Jun-2024 By Restaurant

Wildwood and dim t operator Tasty has reported an increase in revenues as it looks to stabilise the business.

Tasty given green light to restructure

05-Jun-2024 By Restaurant

The group behind high street restaurant brands Wildwood and Dim-T has received approval from its creditors and landlords to carry out its restructuring plans.

Revolution Bars ends formal sales process

31-May-2024 By Restaurant

Revolution Bars Group has ended its formal sales process period and entered into a period of restructuring.

Nightcap ends talks with Revolution Bars over potential takeover

30-May-2024 By Restaurant

Nightcap has abandoned its plans to make an offer for Revolution Bars Group.

Delivery and takeaway sales grow ahead of inflation in April

30-May-2024 By Restaurant

Britain’s top managed restaurant groups achieved year-on-year growth of 4.5% in delivery and takeaway sales in April 2024, new data shows.

Spending on restaurants slows in April

07-May-2024 By Restaurant

Restaurant spending recorded a double digit decline in April, with poor Easter trading following a poor March, new data shows.

Fraud charges denied by ex-Patisserie Valerie finance team

29-Apr-2024 By Restaurant

The former CFO of Patisserie Valerie along with three other defendants, including his wife, have denied being part of a plot to commit fraud at the collapsed café chain.

The Breakfast Club cuts costs in a bid to improve performance

03-Apr-2024 By Restaurant

Cost cutting helped The Breakfast Club improve its financial performance last year, the group’s latest results have shown.

Shares in Revolution Bars suspended after it fails to publish interim results

02-Apr-2024 By James McAllister

Revolution Bars has had its shares temporarily suspended from the AIM index of the London Stock Exchange after being ‘unable’ to publish its interim results last week.

Revolution Bars ‘actively exploring' options to improve its future prospects

26-Mar-2024 By Restaurant

Revolution Bars Group says it is ‘actively exploring all strategic options available’ following press speculation that it is in talks about a sale.

The Gentlemen Baristas bought out of administration

06-Mar-2024 By Restaurant

Coffee shop chain The Gentlemen Baristas has been bought out of administration for £785,000.

Papa John’s to close 50 restaurants

04-Mar-2024 By Restaurant

Papa John’s is to close 50 underperforming sites in the UK as part of a process to boost its UK operations.

Luke Johnson takes a stake in Tortilla

28-Feb-2024 By Finn Scott-Delany

Hospitality entrepreneur Luke Johnson has taken a 3.6% stake in Tortilla Mexican Grill.

Rare Restaurants looks to open ‘30 new sites’ as sales hit £75m

09-Feb-2024 By Joe Lutrario

Gaucho and M operator Rare Restaurants says it has a pipeline of 30 new locations following an ‘outstanding’ year that saw revenues hit a record £75.3m.

The Alchemist to open 10 new sites following £15m investment

02-Feb-2024 By Restaurant

Cocktail bar and restaurant operator The Alchemist has secured a £15m loan to support the roll out of new sites and refinance its existing debt.

Hawksmoor reports record year for turnover and profit

02-Feb-2024 By Restaurant

Hawksmoor has reported record turnover and profit in 2023, with turnover up by over 20% to £90m.

Various Eateries to accelerate growth following a year of 'steady progress'

01-Feb-2024 By Restaurant

Various Eateries plans to open up to 10 Noci sites and three Coppa Clubs in the next phase of its roll-out having reported a ‘solid’ performance in 2023.

McWin buys Sticks'n'Sushi with plans to grow the brand in new and existing markets

31-Jan-2024 By Restaurant

Investor McWin has further bolstered its hospitality portfolio with the acquisition of a majority shareholding in Sticks'n'Sushi.

Compass Group to buy CH&CO for £475m

22-Jan-2024 By Restaurant

Compass Group has signed an agreement to acquire rival contract caterer CH&CO in a deal worth £475m.

The Heartwood Collection sees turnover break £60m

22-Jan-2024 By Restaurant

The Heartwood Collection saw turnover at its pubs and brasseries break £60m in the financial year to June 2023.

Mid-market casual dining faces ongoing struggle as QSR continues to grow

17-Jan-2024 By James McAllister

Mid-market casual dining operators will ‘continue to struggle for real growth’ in the year ahead as more consumers ditch dine-in restaurants, according to a new report from Christie & Co.

TGI Fridays owner reports flat sales growth

16-Jan-2024 By Restaurant

Hostmore has reported flat sales growth in a half year update, with the company saying it is making progress in its turnaround strategy.

Greggs targets 160 new sites in 2024

10-Jan-2024 By Restaurant

Greggs expects to open between 140 and 160 net new venues this year as it looks to continue to grow its estate.

Breal Capital buys Purity Brewing Company out of administration

02-Jan-2024 By Restaurant

The company behind recent deals for D&D London and Vinoteca has purchased Warwickshire-based brewery Purity Brewing Company out of administration.

Lower VAT rate for hospitality leads UKHospitality's 2024 three-point plan

02-Jan-2024 By Restaurant

UK Hospitality has unveiled its three-point plan for the coming year that will focus on growth, investment, and jobs.

Ofgem proposals ‘much needed’ to deliver fairness to hospitality businesses

08-Dec-2023 By James McAllister

Proposals by Ofgem to expand rules on standards of conduct to all businesses and increase transparency for those using third-party brokers have been described as ‘much needed’ to hospitality operators.

Debt pile grows for top restaurant groups leaving some 'in a precarious position'

04-Dec-2023 By James McAllister

The collective debt burden of the UK’s top restaurant groups has broken through the £3bn mark for the first time, new research by UHY Hacker Young shows.

Relief for hospitality as rates relief extended, but operators left wanting by Autumn Statement

22-Nov-2023 By James McAllister

Hospitality leaders have voiced frustration at the Chancellor’s failure to announce any additional support measures for the sector in his Autumn Statement, beyond those already in place.

Chancellor extends business rates discount for hospitality as he delivers Autumn Statement

22-Nov-2023 By James McAllister

Chancellor Jeremy Hunt has confirmed that the business rates discount for hospitality businesses will be extended for a further year, with the multiplier for small premises also frozen.

Key industry players join calls for Government to scrap business rates rise

10-Nov-2023 By James McAllister

Key industry players including Tom Kerridge, Tom Aikens and Monica Galetti have signed a letter calling on the Chancellor Jeremy Hunt to extend business rates support in his Autumn Statement.

Patisserie Valerie fraud trial not scheduled until 2026

07-Nov-2023 By Restaurant

The trial of former employees of the collapsed bakery chain Patisserie Valerie will not take place until 2026, a court has heard.

PizzaExpress to not make an offer for The Restaurant Group

07-Nov-2023 By Restaurant

The owner of PizzaExpress has pulled out of the running for The Restaurant Group (TRG).

Trade bodies push for further business rates support ahead of Autumn Statement

06-Nov-2023 By James McAllister

Hospitality trade bodies have reasserted calls for the Government to extend business rates support, after new data showed inaction would force operators to reduce investment and cut staffing levels.

Hospitality sector driving rise in company insolvencies

01-Nov-2023 By Restaurant

Ongoing challenges in the hospitality and leisure sectors have led to an increase in company insolvencies over the past 12 months, new data shows.

Boxpark sees revenue grow by more than a third

26-Oct-2023 By Restaurant

The Men’s World Cup football championships and Women’s Euros helped Boxpark increase its revenue to £20.5m in the year ending April 2023.

PizzaExpress owner weighs up rival bid for The Restaurant Group

26-Oct-2023 By Restaurant

The owner of PizzaExpress could throw its hat into the ring to buy The Restaurant Group (TRG).

Inflation to drop £864m business rates 'bombshell' on hospitality

18-Oct-2023 By Restaurant

The planned inflation-linked rise in business rates in April will cost hospitality businesses an additional £234m it has been revealed.

Edition Capital: 'cocktail bars and immersive experiences ripe for investment'

16-Oct-2023 By Restaurant

Cocktail bars and food operators in the burgeoning immersive experiences space are the big growth areas for investment in hospitality, according to one investor.

Burger King UK to open 60 restaurants over the next two years

13-Oct-2023 By Restaurant

Burger King UK says it intends to open at least 60 restaurants over the next two years following an injection of funding.

Honest Burgers smashes crowdfunding target

11-Oct-2023 By Restaurant

Honest Burgers has beaten its crowdfunding target, raising almost £3m.

Four people in court over Patisserie Valerie collapse

11-Oct-2023 By Restaurant

Four people have appeared in court over the collapse of bakery chain Patisserie Valerie.

Deliveroo reveals plan to return £250m to shareholders

28-Sep-2023 By Restaurant

Deliveroo has announced its intention to buy back £250m worth of shares through a premium tender.

Buzzworks on expansion trail on the back of strong trading

21-Sep-2023 By Restaurant

Scottish bar and restaurant group Buzzworks Holdings says it is looking to “explore new growth opportunities” after reporting strong trading results.

UKHospitality makes fresh call to freeze business rates amid warning of £220m bill rise

21-Aug-2023 By Restaurant

UKHospitality has made a fresh plea for the Chancellor to freeze business rates, amid warnings a hike in bills could dent investment and leave many small firms ‘on the brink’.

UKHospitality: ‘Interest rate rise only exacerbates financial challenges many are grappling with’

03-Aug-2023 By James McAllister

UKHospitality has warned that the latest interest rates rise will further exacerbate the sector’s financial challenges after the cost of borrowing rose to its highest level in 15 years.