Burger chain Wendy’s to launch ‘ghost kitchens’ in UK August 11, 2021 U.S. burger chain Wendy’s has announced plans for 700 delivery kitchens including in locations across the UK. The company announced a development commitment by REEF to launch 700 ‘ghost kitchens’ over the next five years across the U.S., Canada and UK. The delivery kitchen concept will target consumers keen to maintain at-home leisure habits beyond [...]
Build to rent on track for record investment as investors eye projects outside London August 11, 2021 The build to rent market has received record levels of investment in the first two quarters of the year, according to new research. In the first half of the year, £2.35bn of capital was invested into the sector including more than £1.27bn in Q1 and an additional £1.08bn in Q2. Global property consultancy Knight Frank [...]
Fashion retailer The Very Group refinances debt after raising £575m bond August 11, 2021 Online fashion retailer The Very Group has raised a £575m bond that will expire in 2026 to refinance its debt. The bond was raised through the issuing of senior secured notes due in 2026 and will be used to refinance and extend the group’s existing debt. The 6.5 per cent notes were rated “B3 stable” [...]
Student accomodation sector ‘very positive’ after record results day and £2bn investment August 10, 2021 The purpose-built student accommodation market has been further buoyed after record A-Level results today after investors spent £656m in the sector in the second quarter of this year. Almost half (44.8 per cent) of all A-Level grades received were either A or A*, after exams were cancelled and replaced with teacher predicted grades. There had [...]
Gino D’Acampo chain rescued in £12.9m pre-pandemic bailout August 10, 2021 Celebrity chef Gino D’Acampo’s restaurant chain received a £12.9m bailout before venues were struck by Covid closures. The money was lent by D’Acampo’s co-investors and Iceland bosses, Sir Malcom Walker and Tarsem Dhaliwal, who run the linked company Individual Restaurants. Gino D’Acampo Worldwide Restaurants owes the Piccolinos owner £12.9m, including a £7.125m bank loan taken [...]
Housebuilder Bellway revenue nears pre-pandemic level August 10, 2021 Housebuilder Bellway has reported revenue nearing pre-pandemic level in its latest trading update. Revenue was just 2.5 per cent below the 2019 level thanks to underlying demand, the firm said in an update for the year ended 31 July 2021. Housing revenue rose by 41 per cent to over £3.1bn compared to £2,204.4m in 2020 [...]
Holiday Inn owner IHG swings to profit and set to launch new luxury hotel brand August 10, 2021 InterContinental Hotels (IHG) has announced it will launch a new luxury brand as the brand swung to a profit in the first half. The Holiday Inn owner said travel had been slow to recover in European markets and scrapped its dividend to cut costs. The group will target high quality independent hotels for its new luxury [...]
Watches of Switzerland reports ‘extremely strong’ UK sales August 10, 2021 Luxury watchmaker Watches of Switzerland revenue has almost doubled during its first quarter with “extremely strong” UK trading. Group revenue was £297.5m during the first quarter, up from £151.6m last year, as shoppers were keen to purchase both luxury watches and jewellery. UK sales grew 104.7 per cent compared to the first quarter of the [...]
Skadden agrees 15 year lease for 22 Bishopsgate office August 9, 2021 International law firm Skadden, Arps, Slate, Meagher & Flom LLP and Affiliates, has signed for three floors of 22 Bishopsgate. The City of London’s tallest office building is now 60% let with the US law firm taking 65,000 sq ft of space and planning to move its 250-strong London workforce to the site in late [...]
Venues could escape Covid restrictions if they introduce vaccine passports August 9, 2021 Venues may be given the chance to escape a reimposition of social distancing rules if they introduce vaccine requirements, it has been reported. The Cabinet is looking to incentivise nightclubs and bars to take up vaccine passport systems by allowing them to keep operating without other Covid restrictions, The Telegraph has reported. The Prime Minister [...]