Upper Crust owner SSP announces £100m share buyback November 20, 2019 Upper Crust owner SSP Group this morning announced plans to buy back £100m of shares as it reported sales grew this year due to an increase in air and rail passengers. The figures SSP Group, which has around 2,800 outlets at global transport hubs, said like for like sales were up 1.9 per cent due [...]
All Bar One owner Mitchells & Butlers cheers rise in profit amid food and drink demand November 20, 2019 All Bar One owner Mitchells & Butlers has toasted a rise in full-year profit as rising appetite for its food and drinks offset fears of a slowdown in the casual dining sector. Shares in the firm jumped seven per cent in early morning trading. Read more: UK retail sales unexpectedly fall as economy slows The [...]
Fevertree cuts forecast as slowdown takes fizz out of UK sales November 20, 2019 Drinks supplier Fevertree has cut its full-year revenue forecast amid “challenging comparators” and a slowdown in UK consumer spending in the second half. The mixer specialist cut its revenue expectations to between £266m and £268m for the full-year, representing year-on-year growth of 12 to 13 per cent. Read more: Fevertree shares go flat as poor [...]
Gourmet Burger Kitchen widens losses after £16m restructuring hit November 18, 2019 Casual dining chain Gourmet Burger Kitchen (GBK) suffered widening losses last year after taking a £15.7m hit on its restaurant closure programme. The burger restaurant completed a company voluntary arrangement (CVA) during the period, which saw it shutter 24 sites, contributing to a pre-tax loss of £24.3m in the year ended 24 February, compared to [...]
Zizzi owner Azzurri shrinks losses despite sector challenges November 18, 2019 Azzurri, the owner of casual dining restaurants Ask Italian and Zizzi, reported shrinking losses this year despite the challenges facing the sector in the UK. Azzurri reported a loss before tax of £16.3m in the 12 months to 30 June, compared to a loss of £23.4m last year, and said it remained confident despite “ongoing [...]
UK’s top restaurants swing to £93m loss November 18, 2019 The UK’s top 100 restaurants swung to a loss this year as they struggled to stay afloat under the increasing pressure of rising overheads and falling sales, which are taking their toll on the casual dining sector. The industry has plunged to a £93m loss in the last 12 months, in a year that has [...]
Focus on Wood Green: First-time buyers flock to this up-and-coming North London locale November 15, 2019 Known to many Londoners as the gateway to a night out at the Alexandra Palace, Wood Green is situated on the border between North East and North West London, just within the North Circular. It is also home to Wood Green Animal Shelter, one of the largest in London which was recently the subject of [...]
Exclusive: Questions over Chilango’s future after burrito chain calls in restructuring firm RSM November 14, 2019 Mexican chain Chilango, best known for its “Burrito Bonds”, is in talks to secure its long-term future with restructuring firm RSM and is more than six weeks late posting its accounts. City A.M. understands from a source familiar with the discussions that the firm is considering all options including administration or a company voluntary arrangement [...]
Ditch the train and test drive a Range Rover Sport on a long weekend at the Victoria Inn November 13, 2019 Some of Great Britain’s best spots are best explored without the disappointment often caused by the UK rail network. But what if you’re one of the thousands of car-less Londoners who yearn for a road-trip but shudder at the thought of queuing at an airport car hire kiosk for an hour just to be handed [...]
Meet our City A.M. PA Awards Judges – Leonid Shutov November 11, 2019 Leonid Shutov is the owner and CEO of Bob Bob Ricard and Bob Bob Cité Bob Bob Cité opened in the summer of this year after much anticipation – how have your first few months been? Very busy and very exciting – there is always much to do when a restaurant first opens. We have [...]