We are on the precipice of a price war, and the losers will be workers September 11, 2020 James Reed argues that nobody stands to gain from a price war in the long run – least of all Britain’s workers. Over 100m meals were claimed on the government’s Eat Out to Help Out scheme last month, but the end of the measure on 31 August has left businesses in the hospitality sector split [...]
Coppa Club owner Various Eateries circles struggling competitors September 10, 2020 Various Eateries, the owner of restaurant chains Strada and Coppa Club, is planning to raise £25m through an AIM listing as it seeks to buy competitors that have fallen victim to the coronavirus crisis. The firm, which was founded by Hugh Osmond, who led the rapid expansion of Pizza Express, is aiming to expand by [...]
Pure Gym secures £100m cash injection to provide buffer against second lockdown September 10, 2020 Pure Gym has secured a £100m cash injection from shareholders to help it recover from the coronavirus crisis and provide a buffer in the event of a second lockdown. Alongside the equity injection from shareholders Leonard Green Partners, the budget gym operator has also boosted its Revolving Credit Facility by £50m, increasing total liquidity to [...]
The Savoy prepares to reopen its doors later this month September 10, 2020 Iconic London landmark the Savoy will reopen its doors from 24 September in the latest sign that life is starting to return to the capital. The luxury hotel based on the Strand has announced a phased approach to reopening, announcing the Savoy Grill will be open from 21 September. From 24 September the Thames Foyer [...]
LVMH to launch ‘vigorous’ defence against Tiffany lawsuit over $16bn merger September 10, 2020 Louis Vuitton owner LVMH said it will defend itself “vigorously” against a lawsuit filed by Tiffany & Co, which was launched after the luxury goods giant pulled out of a $16bn deal to acquire the jeweller. Tiffany yesterday said it would sue LVMH to force it to complete the merger after the French conglomerate announced [...]
Shares in fast food group Yum China fall on Hong Kong debut September 10, 2020 Shares in Yum China fell more than six per cent this morning after the fast food group made its debut on the Hong Kong market, as investors reacted to uncertainty in global markets. The Shanghai-based company, which operates KFC, Taco Bell and Pizza Hut restaurants in China, raised $2.2bn (£1.7bn) in the listing having sold [...]
The Hut Group confirms £4.5bn stock market listing September 10, 2020 The Hut Group has confirmed it is set to price its initial public offering at £5 per share, valuing the e-commerce retailer at £4.5bn The £920m float will make it the largest listing of a British company since 2013. The Hut Group will list at least 20 per cent of its stock. It is also [...]
Fuller’s sales rebound after Eat Out to Help Out brings customers back to pubs September 10, 2020 Pub chain Fuller, Smith and Turner said sales had reached 80 per cent of last year’s levels after trade was buoyed by the Eat Out to Help Out scheme. Fuller’s said the discount scheme had encouraged customers to return to the pub after lockdown, “reinstating it in their routine”. Stronger trading in suburban and countryside [...]
India’s Reliance to woo Amazon with $20bn retail stake September 10, 2020 Indian digital giant Reliance is said to be considering offering Amazon a $20bn stake in its retail arm, as it tries to recruit more major tech brass to its roster of backers. Reliance is willing to sell a stake of up to 40 per cent in its retail business to the e-commerce giant, a person [...]
Games Workshop shares level up on expectations beat September 10, 2020 Shares in Games Workshop jumped more than 18 per cent today, after the retailer said trading for the most recent quarter came in ahead of expectations. Strong performance in its online segment has meant current estimates for the three months to the end of August show sales of approximately £90m, up from £78m year on [...]