Profit jumps at Upper Crust owner SSP despite sluggish European performance December 3, 2024 In the 2024 financial year, the firm's operating profit jumped by 23 per cent to £206m, up from £167m last year. Pretax profit rose by 35 per cent.
Tom Kerridge warns Budget tax hike will have ‘catastrophic’ effect on hospitality firms December 3, 2024 Tom Kerridge has warned that the government's tax hikes will have a "catastrophic" impact on many hospitality firms in the new year.
Marston’s rings in Christmas bookings as profit jumps in ‘defining year’ December 3, 2024 Pub operator Marston’s has surpassed market expectations as pre-Christmas bookings begin to introduce hope for another bumper year of trade. The Wolverhampton-headquartered firm told markets this morning that its total revenue for the year ending 28 September, 2024, increased to £898.6m, up three per cent from £872.3m the prior 12 months. Pre-tax profit for Marston’s [...]
Hospitality firms are bracing for the return of inflation November 21, 2024 October’s inflation figure has worried hospitality firms. While it is not too far above target – 2.3 per cent versus the sweet spot of two per cent – and one month does not constitute a trend, it has exacerbated concerns companies already had about the future of their industry. There are two reasons hospitality is [...]
Why a 24 per cent drop in insolvencies is not all it seems November 19, 2024 At first glance, the Government’s new figures on insolvencies appear cheery, with the number of companies going bust over the last year down 24 per cent, from 2,293 to 1,747. But analysts have suggested figures may have more to do with falling interest rates than the general health of the economy, in addition to warning [...]
Labour’s assault on the private sector will come back to haunt them November 18, 2024 The weekend’s papers groaned under the weight of business leaders’ concerns and complaints about the Labour’s government’s recent Budget and wider policy agenda. “They don’t understand business” ran an FT article, drawing on a host of quotes from alarmed chief executives. “Honeymoon’s over for business chiefs…” was the warning in a similar Sunday Times article. [...]
Company swindled £230k out of customers in F1 British Grand Prix scam November 14, 2024 A scam company which targeted businesses with hospitality tickets for the F1 British Grand Prix has been wound up by the Insolvency Service. Informa Expo Ltd, trading as Informa Hospitality Group, inflicted losses of around £230,000 on customers, according to the insolvency body, by offering hospitality packages to Silverstone. Customers did not receive the tickets [...]
London pubs giant Young’s issues Budget warning after £11m costs hike November 14, 2024 Pub giant Young’s, which has locations across London and the South East, has insisted it has no plans to increase the price of drinks despite the Budget adding around £11m in annual costs. The listed group said it was instead focusing on increasing efficiency, better use of technology and internal investment in order to deal [...]
Square Mile and Me: Farmer J boss Jonathan Recanti on his career (and what salad he orders) November 14, 2024 In this week's Square Mile and Me, Farmer J founder Jonathan Recanti tells us about his career from City banker to Square Mile salad tycoon.
Fuller’s pub boss warns Budget tax changes will drive hospitality to the brink November 13, 2024 The boss of pub chain Fuller, Smith and Turner has made a stark warning about the effect of recent tax rises on hospitality, warning it will increase inflation and drive businesses “to the wall”. Chair of the London-listed firm known as Fuller’s, Michael Turner, said that the changes to employer’s national insurance contributions (NICs) announced [...]