Pub companies urged to help tenants amid coronavirus crisis April 7, 2020 Pub companies have been ordered to do more to support tenants during the coronavirus crisis, after it was revealed that most regulated firms have not offered to waive rents. The Pubs Code Adjudicator, which regulates companies that own 500 or more tenanted pubs in England and Wales, said five out of six firms had not [...]
Coronavirus: The Restaurant Group boss to take 40 per cent pay cut April 6, 2020 The boss of Wagamama owner The Restaurant Group will take a 40 per cent pay cut as the casual dining company battles the financial impact of coronavirus. Chief executive officer Andy Hornby, who joined the company in August last year, will also forego his bonus of £98,000. The Restaurant Group finance chief Kirk Davis has [...]
Fuller’s suspends dividend during closure of pub estate April 3, 2020 Fuller’s has suspended its dividend as part of cost-cutting measures during the closure of its entire pub estate amid the coronavirus lockdown. Like a number of firms exposed to the impact of the coronavirus lockdown, the Fuller’s board has decided to preserve further cash and suspend the final dividend. The pub firm said it had [...]
Accountancy firm criticises ‘alarmist’ prediction of 800,000 coronavirus insolvencies April 2, 2020 Restructuring specialists at accountancy firm RSM said media reports that 800,000 to 1m UK businesses could collapse as a result of the coronavirus crisis are “alarmist at best”. Yesterday, the BBC, citing an unnamed accounting firm, said 800,000 to 1m businesses, a fifth of the UK total, “may soon have to close”. RSM partner Gareth [...]
Nearly 1m people apply for Universal Credit as coronavirus lockdown paralyses economy April 1, 2020 Nearly 1m people in the UK have applied for Universal Credit in the two weeks since Prime Minister Boris Johnson implemented strict lockdown measures, the government said today. There are normally around 100,000 applicants per two week period – in the last two weeks there were 950,000. The government has moved 10,000 staff to process [...]
Coronavirus: Deliveroo to provide 500,000 free meals to NHS staff March 29, 2020 Deliveroo has pledged to deliver 500,000 free meals to NHS workers across the country as the UK gears up for the peak of the coronavirus outbreak. The delivery firm said it has begun providing meals to NHS trusts, while customers will be able to donate funds to buy food for doctors and nurses through its [...]
UK coronavirus: Chief medical officer Chris Whitty self-isolates March 27, 2020 Chris Whitty, the UK’s chief medical officer, has self-isolated after experiencing coronavirus symptoms. Whitty, charged with advising Prime Minister Boris Johnson on the UK’s response to the coronavirus outbreak, said today he has tested positive for the virus. Johnson and health minister Matt Hancock earlier confirmed they have caught coronavirus and are self-isolating. Whitty said [...]
Coronavirus dividend cuts produce £4.4bn hit to investor portfolios March 27, 2020 With more UK firms announcing coronavirus-fuelled dividend cuts this week, the total loss of investor income so far this year is now £4.4bn. The pace of dividend cuts is accelerating as coronavirus wreaks havoc on world economies. In March 116 companies have suspended their dividends totalling £4.2bn, according to investment fund AJ Bell. That compares [...]
City Pub Group plans to raise £22m to strengthen balance sheet March 27, 2020 City Pub Group is planning to raise £22m to bolster its balance sheet after the outbreak of coronavirus forced the closure of its pubs. The firm has already raised £15m through the placing of 30m new shares at 50p each, a 10.7 per cent discount to its closing price yesterday, to certain existing shareholders and [...]
Coronavirus: US stocks shake off dire unemployment data March 26, 2020 US stocks shook off awful unemployment data this afternoon to climb higher as traders pinned their hopes on a $2 trillion economic stimulus package. The Nasdaq rose 3.5 per cent by 4.30pm, while the Dow Jones climbed a whopping 4.9 per cent. The S&P 500 posted a large rise of 4.3 per cent. Yesterday the [...]