Fridays owner Hostmore admitted to London Stock Exchange November 2, 2021 Hostmore – the new parent company of restaurant chain Fridays – has started trading on the London Stock Exchange. The group – which oversees 63rd+1st as well as Fridays – announced a demerger had been completed, separating it from Electra Private Equity. Shares were admitted to the London Stock Exchange on Tuesday morning with 126,127,279 [...]
French Connection £29m takeover approved by shareholders November 2, 2021 Fashion firm French Connection’s shareholders have put their support behind a £29m takeover. Buyer Apinder Singh Ghura – who has experience in the clothing sector as well as property and care homes – joined forces with partner Amarjit Singh Grewal, and KJR Brothers, headed by textile businessman Rafiq Patel. The move means the retailer is [...]
Paddy Power owner lowers forecasts after “unfavourable” sports results November 2, 2021 Global sports betting and gaming business Flutter entertainment has revealed a cut to its full year guidance following a string of “unfavourable” sports results, despite strong quarterly results. The “customer-friendly” sports results over the course of the first 24 days of October, combined with the halt of its operations in the Netherlands, resulted in Flutter [...]
Publicans loaned £138m to own businesses in battle for survival November 1, 2021 Pub owners injected £138m in loans to their own businesses to keep them afloat during the pandemic. Private equity investment firm Growthdeck found that some 1,730 UK pubs and bar companies ran so short of cash last year that their directors had to make loans to them from their own personal resources. As hospitality venues [...]
Post-pandemic exodus may achieve what levelling up agenda has not as City’s wealthy retreat October 29, 2021 Canada is today unrecognisable from the form it took just two years ago, as the impact of the pandemic has left it relatively quiet and lacking the commuter traffic that has long characterised the Square Mile. In fact, a recent report showed that footfall in London stands at just 35 per cent of pre-pandemic [...]
The party’s over: Pub bosses warn pint prices will rise despite Budget promises October 28, 2021 A major pub boss has swiftly ended the party for cheaper pints, warning prices could creep up by 25p to 30p in spite of the 3p price cut promised by ‘fizzy Rishi’ in Wednesday’s Budget. Speaking to BBC’s Today Programme, Shepherd Neame chief executive Jonathan Neame, whose brewery runs 300 pubs across the South East, [...]
London titans fear business rates relief cap will leave them with ‘same old headache’ October 28, 2021 Central London businesses and landlords have been left disappointed after a cap on a new business rates discount. At the dispatch box on Wednesday, Chancellor Rishi Sunak announced a one-year discount of 50 per cent for businesses in the hospitality, retail and leisure sectors. Eligible businesses will be able to claim a discount on their [...]
World’s largest brewer AB InBev upgrades earnings growth forecast after success in Brazil October 28, 2021 Budweiser maker AB InBev has upgraded its earnings growth forecast for 2021 after it reported a surprise jump in profit. An unexpected third-quarter profit increase came after the world’s largest brewer’s beer sales were boosted by Brazilian consumers. The Belgium-based brewer said on Thursday it anticipated EBITDA to grow between 10 per cent and 12 [...]
Tesco joins forces with Gorillas delivery app October 28, 2021 Tesco has announced it is launching a pilot with speedy delivery company, Gorillas. Supermarket customers will be able to order Tesco products to their doorsteps via the Gorillas app, from Thursday (October 28). Gorillas will set up micro-fulfilment sites at five large Tesco stores, to pick, pack and deliver to customers. The app’s first Tesco [...]
Rishi Sunak: I won’t apologise for cutting alcohol duty on champagne in prosecco in Budget October 28, 2021 Rishi Sunak said this morning he will not apologise for cutting alcohol duty on Champagne, prosecco and other sparkling wine in the Budget. Speaking to Sky News, Rishi Sunak said: “I’m not going to make any apologies for that. We have an irrational system at the moment of how we tax alcohol. “The new system [...]
