15/09/2020
Busaba starts CVA process
The 13 strong Thai chain is working with advisory firm Duff & Phelps to exit four leases in a company voluntary arrangement proposal.
Epiris paid £18m for Casual Dining Group
The Private equity company paid £9m up front with a further £9m deferred until assignment of its leasehold portfolio. An administrator's report states there were five bidders - three were interested in buying the group and two Las Iguanas only. The 152 restaurants were purchased by Big Table Group. Secured creditors totalled £126m - it is estimated the return will be about £13m. Epiris will commit £43m of funding for CDG.
Pizza Hut Restauarnts to close 29 sites in CVA
The UK operation is set to close 29 of its 244 restaurants as part of a company voluntary arrangement.
EOTHO raised £250m for government
Government revealed the scheme cost £522m with further claims still to be made. However, trade bodies claim the net cost is a little over half that. The scheme enabled 200,000 staff to come out of furlough early saving almost £150m in furlough costs. VAT on additional food and soft drink sales generated £30m and additional sales of alcoholic drinks raised £65m from VAT. The BBPA, BII and UKH trade bodies said further government investment in the sector was still urgently needed.
PizzaExpress creditors approve CVA
The CVA will see 73 of its 449 UK restaurants close. PizzaExpress has also hired advisers from Lazard to lead a sale process and said if the sale process does not result in any third party providing a bid for the group that is higher than the bid of the holders of the group's secured notes, the holders of the senior secured notes will acquire the business.
Trust Inns reports 'robust' trading since reopening
Mark Brown, MD of the north west-based pub company which owns 350 pubs, has reported trading has been "robust and above expectations". The Company reported turnover fell to £39.6m for the year ending 31 March 2020, compared with £41.1m the previous year. Pre-tax profit was down to £5.6m, from £7.3m the year before.
Brewhouse & Kitchen to raise funds for expansion
The 22-strong brewpub group, has launched a limited rights issue to raise circa £2.5m from existing shareholders, to continue to invest into the current estate including its first brewpub with rooms in Worthing and a further 24 rooms in Bristol and Bournemouth.
UK hotel occupancy hits highest level since March
According to the latest data from STR, occupancy reached 70% on Saturday, 29 August - the highest figure since 4 March. While regional performance was stronger at 75%, hotels in London saw the lowest occupancy at 37% up from 27%, 2 weeks earlier. Plymouth was highest at 96%, followed by Exeter 94% and Brighton 93%.
And Finally...
Loungers have given all their 5000 staff who worked during August a £50 voucher to use in one of their restaurants to say thank you and to recognise their hard work during the EOTHO promotion.