Wagamama owner TRG hikes profit forecast as it warns of slow battle to recover consumer confidence January 21, 2022 Wagamama owner The Restaurant Group has upgraded its profit expectations after strong trade at the end of last year despite Covid uncertainty. The group was affected by Omicron concerns and restrictions, such as guidance to work from home, but said it continued to trade ahead of the market. In a trading update on Friday, the [...]
French champagne houses sparkle as 2021 sees record sales January 20, 2022 French champagne houses have toasted to record sales worth £4.6bn after demand climbed last year. According to preliminary estimates from the Comité Champagne trade association, sales hit $5.5bn, even though the hospitality sector continued to face lockdown restrictions last year. Some 322m champagne bottles were sold last year, an increase of 32 per cent on [...]
Battle of the City skyscrapers heats up as shiny new 22 Bishopsgate lures law firm McDermott away from Heron Tower January 20, 2022 City law firm McDemott Will & Emery is moving out of the Salesforce Tower, commonly known by its former name as the Heron Tower, to move to the 46th floor of the brand new 22 Bishopsgate skyscraper. The Salesforce Tower, minutes from Liverpool Street, housed the Chicago-based law firm for more than a decade. However, [...]
Furlough fraud exposes the shortcomings of doling out endless amounts of cash January 20, 2022 Outrage has erupted over the news that £5.8bn has been “criminally siphoned off” the emergency Covid-19 schemes that propped up millions of workers and paid for us to eat on the cheap. The very same folk who complained ministers weren’t acting fast enough to provide support, rejecting warnings that furlough was excessively generous, are now [...]
Omicron onslaught: Wave of bankruptcies as insolvencies climb with voluntary liquidations up by 73 per cent January 18, 2022 The latest monthly insolvency statistics, published this morning by The Insolvency Service for the month of December 2021, show that the number of registered company insolvencies in England and Wales is 33 per cent higher than the number registered than two years ago, just before the pandemic. These rises were particularly influenced by the higher [...]
City of London launches grant scheme for Omicron-hit Square Mile businesses January 18, 2022 Retailers and hospitality businesses that have been hit by a collapse in footfall due to work from home guidance will be able to apply for a grant from the City of London Corporation, it was confirmed last night. The Corporation, the Square Mile’s governing body, has put in the majority of the money behind the [...]
Fridays owner Hostmore remains on track despite Omicron cancellations January 17, 2022 Hostmore, which owns Fridays, has confirmed that its earnings and new site pipeline are on track despite weaker trading over the festive period. The hospitality firm’s board expects earnings before interest, taxes, depreciation and amortisation for the year to January 2 to be “well ahead” of £18.6m. London-listed Hostmore, which also owns cocktail bar [...]
How the wine-in-a-can revolution is hotting up thanks to The Uncommon January 14, 2022 Canned wine has had a refresh. The UK market alone is now already worth over £3.5m and has grown 125 per cent over the last two summers. Now the sector has produced the first UK winemaker to achieve B Corp status. The Uncommon has been certified by B Lab, the not-for-profit behind the B Corp [...]
Sessions Arts Club review: A restaurant worthy of all the hype January 14, 2022 Every now and then, sometimes once or twice a year, sometimes less, a place opens that combines all the right elements in just the right order to create the rare alchemy that we call the “it” restaurant. Gloria did it with its maximalist Italian amore della vita, as did Gymkhana with its studiously crafted modern [...]
Pubs lament ‘dreadfully disappointing December’ but toast rebounding January sales January 13, 2022 Pubs and restaurants were knocked back by low trade over the Christmas period, although rebounding sales in recent days have offered a ray of hope for the beleaguered sector. Sales in pubs, restaurants and bars were down 60 per cent on Christmas Day on pre-Covid levels, according to data from UKHospitality and CGA. Transactions were [...]