Axa vows not to appeal ruling over Corbin & King’s £4.4m claim for Covid linked losses April 3, 2022 Axa has said it will not appeal a High Court ruling ordering it to pay out £4.36m to high end restaurateur Corbin & King, after the firm was forced to close its restaurants during the pandemic. The French insurer said it would not appeal the February decision after it initially refused to pay the restaurant [...]
Roman ‘hole in the wall’: World’s oldest cash machine found in UK April 1, 2022 A team of archaeologists have unearthed evidence of the world’s first cash machine dating back to the Roman empire, buried for centuries in an unassuming field in Hatfield, England. The ‘noteworthy’ discovery suggests Juno Moneta, the Roman Goddess of Money and Funds, was smiling on the British Isles as early as AD 265. The discovery, [...]
After an explosion of apps and billion dollar valuations, is the ultra-fast bubble about to burst? April 1, 2022 Any Londoner on a stroll down a main road in the city is bound to encounter a handful of instant grocery delivery riders zipping past. With Getir, Gorillas and Gopuff among other players on the scene, the category has exploded over the past couple of years with some receiving billion-dollar valuations. The pandemic saw many [...]
Huel: No rush for IPO as meal replacement drinks biz passes £100m revenue March 30, 2022 The CEO of start-up Huel has said its £1.50 meal replacement drinks offer struggling households affordable nutrition as inflation skyrockets. “We feel we can support [people in the cost of living crunch,] given our products start at £1.50 a meal,” CEO James McMaster told CityA.M. Households are facing sharp grocery bill increases this spring, as [...]
Asda launches new and larger value range and kills off Smart Price in race to kickstart stalling growth March 29, 2022 Supermarket giant Asda, which was bought by the Issa brothers and backers TDR Capital last year, said this afternoon it will axe its Smart Price range and replace it with new Just Essentials by Asda products. In fact, Asda is launching a new and larger value range, amid the cost of living crisis, as the [...]
As tourism returns, we say: ‘Good morning Vietnam!’ March 28, 2022 Like much of the world, Vietnam was on its knees these last few years. Around 18 million foreign tourists visited in 2019 compared to a paltry 3,500 in 2021. But now visitors are flocking back. What’s more, there’s never been a better time to go: some high-end resorts are offering 25 per cent discounts on [...]
Wildwood restaurant owner Tasty remains ‘cautiously optimistic’ amid ongoing labour shortages and inflation woes March 23, 2022 Wildwood restaurant owner Tasty reported a 44 per cent revenue boost to £34.9m this morning, despite obstacles in re-opening stores.
Hospitality chiefs call on Sunak to reverse VAT hike or leave London businesses ‘unviable overnight’ March 20, 2022 Hospitality heads have said the government’s plans to increase VAT from current rates of 12.5 per cent to highs of 20 per cent at the start of next month will see some London businesses “become unviable overnight.” Industry chiefs warned that Chancellor Rishi Sunak’s plans to hike consumer taxes on food, soft drinks, accommodation, and [...]
Moscow’s ‘Uncle Vanya’s’ fast-food chain unveils new logo following McDonalds exit from Russia March 18, 2022 A Russian fast-food chain is readying itself to become Russia’s own version of McDonalds after unveiling a new logo that bears a number similarities to the hamburger restaurant’s Golden Arches crest. The Moscow headquartered firm filed an application to patent its red and gold symbol, after a Russian politician said the country should start its [...]
Owner of Burger King says local operator in Russia ‘simply refuses’ to shut down all 800 fast food branches March 18, 2022 The owner of Burger King has said the operator of its 800 stores in Russia has “refused” to close them. The president of Restaurant Brands International (RBI), which owns Burger King and has operated its restaurants in Russia for a decade in a joint venture which includes Alexander Kolobov, said the company was attempting to [...]