Restaurants and pubs boost sales during Dry January February 13, 2020 Restaurants and pubs had a strong start to the year despite sluggish growth in London, as they catered for vegan diets and Dry January, according to the latest research. The UK’s managed pub, bar and restaurant sector reported sales growth of 1.9 per cent in January compared to the same month last year, as relatively [...]
Mike Ashley’s Sports Direct bags stake in designer brand Mulberry February 3, 2020 Sports Direct owner Mike Ashley has snapped up a stake in British luxury handbag company Mulberry, as the billionaire businessman seeks to rebrand his company as a premium retailer. Sports Direct, which has recently been rebranded as Frasers Group, has taken a 12.5 per cent stake in the designer brand. The deal signals a further [...]
Not as easy as 1,2,3: Seven accounting errors that rocked FTSE firms January 22, 2020 Ted Baker today experienced the dubious honour of joining a list of FTSE firms that have been shaken by accounting errors in the past year. The fashion retailer revealed an accounting error was more than twice as bad as it previously thought, knocking shares down seven per cent. But it is by no means the [...]
Chilango CVA: Creditors back rescue plan for struggling burrito chain January 6, 2020 Chilango’s creditors and shareholders have backed a rescue package to keep the struggling Mexican restaurant chain afloat, paving the way for the company to slash rents and exit some leases. Chilango launched a company voluntary arrangement (CVA) in early December, which was first reported by City A.M., in a bid to avoid administration. Read more: [...]
Sports Direct auditor RSM informs regulator and replaces management after internal accounting error January 5, 2020 The new auditor for retail chain Sports Direct has cleared out its top management team and informed the audit regulator after discovering an error in its own accounts. Challenger accountancy firm RSM scored a coup last year when it was appointed as auditor to FTSE 250 retailer Sports Direct (now Frasers Group). However, accounts for [...]
Sports Direct shares soar on profit jump December 16, 2019 Sports Direct’s shares soared this morning as the retailer posted a jump in profit and revealed that it was beginning to see the “green shoots of recovery” at House of Fraser. The figures The company’s share price surged more than 30 per cent to 470p after the high street store said reported profit before tax [...]
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 [...]
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. [...]
UK restaurants and pubs hope for festive spending surge December 9, 2019 Restaurant and pub operators are hoping for a surge in festive spending after a slump in dining-out dented restaurant and pub food sales in the run-up to Christmas, according to research analysing sales at some of the UK’s best-known chains. Restaurant groups suffered a 0.1 per cent slump in food sales in November as wet [...]
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 [...]