Inside ‘co-living’: the flats where millennials trade living space for free craft workshops and yoga December 12, 2019 My alarm goes off at 6.30am, which means it’s time for yoga. As I wipe the sleep from my eyes, I glance around the unfamiliar apartment I’ve just spent the night in, which doesn’t take long because it’s barely bigger than a walk-in wardrobe. I get dressed and stumble out the door, traipsing down the [...]
Has-beans? What Chilango’s CVA tells us about the struggling casual dining sector December 11, 2019 Mexican chain Chilango offers its customers a choice between three different types of salsa: mild, medium, or hot. Faced with those options, who chooses the middle one? This is – in a way – the conundrum facing the increasingly polarised casual dining sector. Nowadays, customers either want fast, cheap fuel, or they want a quality [...]
Amazon’s Deliveroo investment raises competition concerns, watchdog finds December 11, 2019 Amazon’s proposed investment in food delivery platform Deliveroo has been thrown off course after the competition watchdog said the deal raises serious concerns. The Competition and Markets Authority (CMA) today said the investment may require an in-depth investigation. Amazon led a $575m funding round in Deliveroo in May, however the CMA has put the brakes [...]
Booze boom: UK pub numbers grow for the first time in a decade December 11, 2019 The number of UK pubs and bars grew in 2019, sparking hopes of a turnaround in fortunes for Britain’s boozers after a decade of decline. New figures from the Office of National Statistics (ONS) revealed that there was a net gain of 320 pubs this year. Read more: UK restaurants and pubs hope for festive [...]
Sky-high skiing and Mario Kart sledding in France’s Three Valleys December 10, 2019 I’ve mastered the chair lift, and nine times out of 10 will make it to the top of a drag lift without ending up on my behind in the snow. The suggestion I received over drinks in a bar that I might want to try “skiing on a rope” at 100 km an hour, however, [...]
Chilango launches CVA that could wipe out burrito bond investors December 10, 2019 Around 1,500 bondholders are set to be left with a sour taste in their mouths after Chilango launched a company voluntary arrangement (CVA) that could see their investments rendered virtually worthless. The stricken Mexican chain raised over £5.8m across two mini-bond offerings – dubbed burrito bonds – in 2014 and 2019, with bondholders promised eight [...]
Insolvency firm Begbies Traynor’s boss says retail carnage expected to continue December 10, 2019 The executive chairman of restructuring and insolvency specialist Begbies Traynor said today that there was no sign of the carnage on the High Street ending as the growth in e-retailing and shaky consumer confidence continued to take their toll. “Headwinds in terms of consumer demand with uncertainty over what the future will hold and structural [...]
Turtle Bay’s profit dives in challenging casual dining market December 10, 2019 Caribbean-style restaurant chain Turtle Bay suffered a sharp drop in profit in its last trading period, following a pattern seen across the UK’s casual dining sector. Profit fell from £4.43m last year to £1.39m in the year ended 2 March, as the company grappled with economic uncertainty and rising costs. Read more: Chilango confirms plans [...]
Chilango confirms plans to launch CVA and exit leases December 9, 2019 Embattled Mexican chain Chilango has confirmed plans to launch a company voluntary arrangement (CVA) in a bid to secure its future. City A.M. revealed yesterday that the chain was planning to launch a CVA – a controversial restructuring agreement that would allow it to re-open rent negotiations with landlords – as it battles cash-flow issues. [...]
Exclusive: Chilango eyes restaurant closures as it prepares to launch CVA December 8, 2019 Chilango is considering shutting some of its restaurants as it fights to avoid administration. The stricken Mexican chain will launch a company voluntary arrangement (CVA) as soon as tomorrow, ahead of a crunch meeting with shareholders next week. Read more: Questions over Chilango’s future after burrito chain calls in restructuring firm RSM The controversial restructuring [...]