Landlords approve Leon’s rescue plan to save 670 jobs December 18, 2020 Healthy fast food chain Leon has secured backing from its landlords to implement a rescue plan which will save 670 jobs. The company announced this evening that 90 per cent of creditors approved the company voluntary arrangement proposals, which will allow Leon to switch to turnover-rents during the coronavirus pandemic. Leon’s branches, which are predominantly [...]
Lost the plot: City A.M’s pick of the best books of 2020 December 18, 2020 Whether it was a period of furlough, a cancelled trip or endless weekends with no pubs, restaurants, museums or cinemas open: there has definitely been more time for most of us to get stuck into a good book this year. As we turn the last page of 2020, whether you’re looking for a page-turner during [...]
Franco Manca owner on a bargain hunt despite revenue hit December 18, 2020 Restaurant group Fulham Shore is on a bargain hunt for expansion sites despite a 44 per cent fall in revenues in the six months to September. The group, which operates more than fifty Franco Manca pizza restaurants and 19 The Real Greek outlets, saw revenues fall from £36m in 2019 to £19.9m as lockdowns took [...]
Nation of beer drinkers: Brits spend extra £2.1bn on booze in lockdown December 18, 2020 Booze-drinking Brits spent an extra £2.1bn on alcoholic beverages this year as they stocked up on lager, wine and spirits while pubs were closed during lockdown. Despite its name, Corona was one of the lager brands to toast the largest growth, with sales up £68m compared to last year. Lager was the fastest growing drink [...]
Breaking: Matt Hancock extends Tier 3 to most of southeast England December 17, 2020 The health secretary has extended Tier 3 to almost all of the southeast of England following a huge surge in cases, thought to be the result of a new coronavirus mutation. Speaking in the Commons, Matt Hancock said: “In the last week hospital admissions are up by nearly half. It is therefore necessary to apply [...]
Rishi Sunak ‘to extend emergency Covid business loan schemes’ December 17, 2020 Chancellor Rishi Sunak is set to extend the UK’s £68bn coronavirus emergency loan schemes to help support businesses hit with the double whammy of Covid and Brexit, according to reports. Officials are drawing up plans to extend the three main loan guarantee schemes, including the government’s £43.5bn coronavirus bounce back loans programme, the Financial Times [...]
UK businesses return to growth in December after lockdowns December 16, 2020 The UK’s businesses clawed their way back to growth in December after the England-wide lockdown hit the economy in November, a new survey has shown, although conditions were better in manufacturing than the all-important services sector. An early reading of the IHS Markit purchasing managers’ index (PMI) – a closely watched economic gauge – rose [...]
Before the Bell: Flash PMIs and Federal Reserve in focus December 16, 2020 The pound had a pretty good day yesterday as optimism grows that a UK/EU deal on trade could well be within reach after some positive comments from Irish PM Micheal Martin. “While we’ve been here many times before, the prospect of an imminent deadline can help concentrate minds, and despite some push back over fear [...]
‘We will lose £400k’: The cost of Tier 3 for the hospitality sector December 15, 2020 As the hospitality sector begins to count the cost of the latest Tier 3 lockdown, we spoke to one industry figure who says his company will lose £400,000. Stuart Procter, COO of Mayfair hotel and restaurant The Stafford, said the latest blow has left his company reeling in a year he’s already had to make [...]
Millions worth of festive food could go to waste as London enters Tier 3 December 15, 2020 Millions of pounds worth of food could go to waste as a result of the government’s decision to send London into Tier 3 at midnight tonight. In Tier 3 all bars and restaurants will be forced to close, although they are able to offer take-away and delivery services. Restaurateurs say the rug has been pulled [...]