‘Gun to our heads’: Frustrated shareholders plan to vote through Patisserie Valerie rescue deal November 1, 2018 Shareholders are set to vote through a rescue deal to keep Patisserie Valerie afloat this morning, despite frustration at being kept in the dark about its accounting scandal. The cake shop has asked shareholders to approve a £15m cash injection to keep the business alive, but has refused to tell investors what has gone wrong [...]
Eat it up: Chiquito owner’s share price sinks as it confirms £559m Wagamama takeover October 30, 2018 Frankie & Benny's owner The Restaurant Group (TRG) saw its shares crash by almost 18 per cent in early trading today, as it launched a takeover approach for Wagamama. TRG has agreed to buy the holding company behind the pan-Asian restaurant chain, Mabel Topco, for a cash sum of £357m, saying it represents an enterprise [...]
Chiquito owner The Restaurant Group to bid £600m for Wagamama October 29, 2018 The Restaurant Group (TRG), which owns brands such as Frankie & Benny’s, Chiquito and Garfunkel’s, is in advanced negotiations to acquire Asian fusion restaurant chain Wagamama for £600m. TRG is now the preferred bidder in the sales process, which was initiated in June by Goldman Sachs on behalf of Wagamama’s private equity backers Duke Street [...]
Interiors: London’s newest retail and design hub Coal Drops Yard is now open in a revamped King’s Cross October 29, 2018 Dressed in high-vis, I stood in the autumn sunshine in King’s Cross for my sneak peak of the newest district to open within its regeneration project – Coal Drops Yard, which opens today. While I waited for my tour, I was diverted by a hording plastered with covers of The Face from 1991 – magazines [...]
How much of Route 66 can you see in one weekend? We head to Chicago to find out… October 29, 2018 Route 66, America’s most legendary highway, is a month-long mission for many who attempt to drive the whole thing. It starts in downtown Chicago and ends 2,448 miles later in front of the Santa Monica Pier in Los Angeles. But what if you only have a weekend to Get Your Kicks on Route 66? With [...]
Restaurant profits plummet by 80 per cent as overfed chains struggle to fill tables October 29, 2018 Britain’s top restaurants have seen their profits devastated in the past year after several dealt with branch closures and the casual dining sector struggled to attract customers. Pre-tax profits at the UK’s top 100 restaurants fell by 80 percent to £37m, down from £194m twelve months ago, according to data compiled by accountancy network UHY [...]
High street turmoil: Debenhams cancels dividend as it confirms £500m loss October 25, 2018 Debenhams scrapped its dividend this morning as it confirmed a loss of almost £500m amid plans to close up to 50 stores, after news of the troubled retailer’s desperate outlook broke late last night. The department store’s biggest loss in its 240-year history came as chief executive Sergio Bucher insisted the company remains a “profitable business”, [...]
Gourmet Burger Kitchen earmarks 17 restaurants for closure as it enters company voluntary agreement October 24, 2018 Famous Brands, the South Africa-based owner of Gourmet Burger Kitchen, has announced the restaurant chain will initiate a company voluntary arrangement (CVA) amid financial woes. The company said it has 17 restaurants earmarked for potential closure, affecting 250 jobs. The company would not comment on which locations may be closed. It will hold a meeting with creditors [...]
M’s man Martin squashes the beef at Gaucho October 23, 2018 The boss of Gaucho has declared the days of London suits going out and “eating a kilo of steak” are over, as the restaurant chain prepares to rebound out of administration with a fresh, millennial-friendly look. Martin Williams, founder and chief executive of M Restaurants, is back in the saddle at Gaucho after leaving in [...]
Focus On Borough: Huge change is coming to the ancient part of central London. Is it time to buy? October 19, 2018 In many ways, Borough is typical of London. Some parts of it are eye-wateringly old, like foodie haven Borough Market, which celebrated its 1,000th birthday this year. Other parts are tediously touristy, like London Dungeons. Other parts are so recharged, they’re unrecognisable, like Hays Galleria or anything within 100m of The Shard. It’s a muddle, [...]