Exclusive: Richer London boroughs suffer biggest fall in lockdown spending September 11, 2020 Some of London’s most prosperous boroughs suffered the biggest falls in spending during lockdown and saw a more sluggish recovery as richer households’ lifestyles were curtailed, while less affluent areas saw a smaller drop, data provided exclusively to City A.M. has suggested. Yet some of the richer boroughs – where residents have thriving food scenes [...]
We are on the precipice of a price war, and the losers will be workers September 11, 2020 James Reed argues that nobody stands to gain from a price war in the long run – least of all Britain’s workers. Over 100m meals were claimed on the government’s Eat Out to Help Out scheme last month, but the end of the measure on 31 August has left businesses in the hospitality sector split [...]
Coppa Club owner Various Eateries circles struggling competitors September 10, 2020 Various Eateries, the owner of restaurant chains Strada and Coppa Club, is planning to raise £25m through an AIM listing as it seeks to buy competitors that have fallen victim to the coronavirus crisis. The firm, which was founded by Hugh Osmond, who led the rapid expansion of Pizza Express, is aiming to expand by [...]
Shares in fast food group Yum China fall on Hong Kong debut September 10, 2020 Shares in Yum China fell more than six per cent this morning after the fast food group made its debut on the Hong Kong market, as investors reacted to uncertainty in global markets. The Shanghai-based company, which operates KFC, Taco Bell and Pizza Hut restaurants in China, raised $2.2bn (£1.7bn) in the listing having sold [...]
Exclusive: London consumer spending soars during cheap meal scheme September 10, 2020 The Eat Out to Help Out scheme gave London restaurants a huge boost in August, with spending jumping to just 10 per cent below its 2019 level, according to the latest data provided exclusively to City A.M. Food and beverage spending in London in July was a whopping 39.1 per cent lower than a year [...]
Pubs warn new restrictions will damage their recovery from ‘devastating’ year September 9, 2020 The pub industry has warned that the new restrictions outlined by the Prime Minister today will halt their recovery without additional government support. The British Beer and Pub Association said the changes to social gatherings will have an “immediate cooling effect on public confidence to go out and visit our pubs.” From Monday gatherings of [...]
Fever-Tree shares lose fizz as bar closures bite September 8, 2020 Fever-Tree’s share price slipped more than five per cent as markets opened this morning, after lockdown-enforced bar and pub closures left the brand too reliant on supermarket sales. Overall revenue fell 11 per cent year on year in the six months to the end of June, dropping to £104.2m from £117.3m. In the UK a [...]
Brits ignore PM’s diet plea as spending on takeaways surges September 8, 2020 Worried about the nation’s weight, Prime Minister Boris Johnson launched an anti-obesity drive in July. But the latest spending data suggests Britons resoundingly ignored his advice. Spending on takeaways and fast food jumped 20.7 per cent year on year in August, according to Barclaycard data released today. That was the biggest rise since the measure [...]
Which London restaurants are extending Eat Out to Help Out? September 4, 2020 Independent and chain restaurants across London are preparing to launch their own discounts following the success of the government’s Eat Out to Help Out initiative. The government scheme, which offered a 50 per cent discount up to the value of £10 per person, has been popular, with 64m half price meals enjoyed in the first [...]
More than 100m meals eaten through Eat Out to Help Out scheme September 4, 2020 More than 100m meals were eaten in August as a part of the government’s Eat Out to Help Out scheme for a total cost to the Treasury of £522m. The latest figures show there was a large uptick in take up of the scheme in the final two weeks of August, after 35m meals were [...]