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 [...]
Big Four client numbers fall but FTSE 100 stranglehold remains December 2, 2019 The number of clients audited by the Big Four accountancy firms has fallen but they retain an iron grip on the FTSE 100, figures published today show. Figures from Adviser Rankings for the quarter to 6 November showed the number of stock market clients audited by PwC (353), KPMG (312) and Deloitte (225) all fell [...]
Troubled burrito bond chain Chilango postpones AGM amid questions over future November 26, 2019 Chilango has postponed its annual general meeting (AGM) amid continued questions over the burrito chain’s future, City A.M. can reveal. The Mexican restaurant group is in talks with restructuring firm RSM to secure its long-term future, and is almost eight weeks late posting its accounts to Companies House. Read more: FCA to ban marketing of [...]
Sports Direct to rebrand as Frasers Group as Mike Ashley attempts to elevate image November 25, 2019 Sports Direct International has announced it will rebrand as Frasers Group as retail tycoon owner Mike Ashley attempts to improve the company’s image. The proposed rebrand, which will be voted on by shareholders on 16 December, follows the announcement that the company is planning to launch a chain of of luxury high street stores named [...]
Tossed owner Zest Food seeks rent cuts in restructuring plan November 20, 2019 Zest Food, the owner of healthy eating brand Tossed, is the latest casual dining chain to seek a company voluntary arrangement (CVA) restructuring plan. The company is asking landlords to agree to a combination of zero rent and rent reduction arrangements as part of the rescue plan. Read more: UK’s top restaurants swing to £93m [...]
Mike Ashley demands landlords link rent to sales November 17, 2019 Retail tycoon Mike Ashley, the founder of Sports Direct, has demanded that new rent deals are tied to sales across his high street empire. Ashley has reportedly asked landlords to agree to turnover rents, where up to 15 per cent of the rent payable is linked to in-store sales. Read more: Sports Direct ends two [...]
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 [...]
Goals Soccer Centres bought by Soccerworld and private equity firm Inflexion after accounting fiasco October 31, 2019 Five-a-side football operator Goals Soccer Centres has been acquired today by rival Soccerworld and private equity firm Inflexion. Goals has been hit by an accounting scandal after its auditor BDO discovered it had mis-declared VAT amounting to at least £13.2m. The company delisted its shares from Aim in August after it declared it was unable [...]