25/08/2020
Pizza Express CVA
Pizza Express has announced they are entering a CVA with 73 out of 449 restaurants set to close, resulting in the loss of 1,100 jobs. Wasabi have also launched their own CVA.
Greene King 2020 Accounts Show Revenue Down 13.4%
Greene King's latest company accounts have been released, reporting group revenue of £1,919m, down 13.4% on the prior year. Pub Partners revenue was down 16.9% with like for like net income down 12.7%.
UK Hospitality - And the survey says...
UK Hospitality has conducted a survey of 140 members (12,000 venues) and found that 20% are not planning to reopen all their venues, with some to remain closed permanently. At the same time, calls have been made for the Eat Out To Help Out Scheme to be extended for another month. Source: Propel.
Carlsberg-Marstons merger under investigation
The Competition and Markets Authority has launched an investigation into the proposed merger of Carlsberg and Marstons with comments to be submitted by 2nd September 2020. Source: This is Money.
Nightclubs plea for help
With late night businesses remaining under enforced closure and with no reopening date in sight, the Night Time Industries Association (amongst others) has called on the government for additional financial support. Operators have warned of mass redundancies unless action is taken reports The Guardian. Meanwhile, small grass roots music venues have been granted a further financial support package as part of the Culture Recovery Fund which will help protect their futures. Venues benefiting from the funding include The Troubadour in London and The Jacaranda in Liverpool. Source: Gov.uk
And Finally...
Fleurets and Allsop have brought to the market The Georgian Hotel in Haslemere. The property will be sold at auction on 22nd September 2020 off a guide price of £4.5m (if not sold before or withdrawn). The hotel and spa includes 43 bedrooms and is available with vacant possession. The site includes planning consent for a part-conversion/part-new build to provide 16 self-contained flats and 2 cottages. Full details can be viewed here.