21/02/2023 10:14:00
A shareholder in The Restaurant Group (TRG) has called for an 'immediate and near-term' change of governance at the business following what it says has been poor performance in its share prices, advises Big Hospitality. In a public letter, Oasis Management, the Hong Kong-based hedge fund that owns a 6.5% stake in the business, describe TRG as having "one of the worst performing share prices of any UK leisure company; materially worse than its closest peers, and disproportionately worse than what the impact of the challenging sector backdrop would alone justify".
Dalata Hotel Group, a hotel operator in Ireland with a growing presence in the UK and continental Europe, has announced the acquisition of its first Maldron hotel in London for £44.3m. The purchase of the new 192-bedroom hotel located in Finsbury Park, north London, marks the group's 18th hotel in the UK. Dalata is set to finance the purchase through existing cash and banking facilities, reports Property Week.
Casual dining restaurant brand Bill's has closed another 12 sites in the UK amid a challenging trading environment, following a wave of closures during the pandemic, reports Food Service Equipment Journal. The chain, which has almost 50 sites listed on its website, closed 14 of its locations during the pandemic in 2020, following a review of its portfolio. In its latest financial update for the year ending 2 January 2022, the firm said that the 12 sites ceased trading and were exited post year-end, with the restaurants either being sublet or surrendered.
Time Out Market has appointed Gillingham Bell International as its global real estate partner to increase its number of food hall and cultural markets, CoStar News has revealed. There are seven Time Out Markets open and another eight signed with expected opening dates between 2023 and 2027. It says there is a pipeline of other locations in advanced negotiations. As part of its expansion strategy, Time Out Market is focusing on management agreements with landlords and real estate developers.
Businesses serving alcohol after midnight in Liverpool will continue to be charged a late night levy after the city council said it could not afford to abolish the tax. The Caterer reports that a review of the levy was held by Liverpool City Council's Licensing and Gambling Committee, following a consultation process. The committee said: "Whilst [it was] not unsympathetic to the problems faced by the hospitality industry, the levy provided a valuable source of income for resourcing useful initiatives targeted at mitigating the problems that flowed from the late night supply of alcohol in the city."
BrewDog is to expand in China after Budweiser tie-up. It says it wants to take advantage of Chinese drinkers' growing interest in craft beer reports the Financial Times.