Pub and restaurant giants circle struggling firms and property in post-pandemic expansion push February 17, 2021 Pub and restaurant giants and private equity firms are circling smaller chains and vacant properties, looking to snap up expansion opportunities at a discounted price during the Covid pandemic and reap the rewards when the industry bounces back. Merger and acquisition activity in the hospitality industry has already begun. Figures from restructuring firm Resolve showed [...]
Before the Bell: Rising recovery optimism keeps markets buoyant February 16, 2021 With US markets closed for President’s Day yesterday, they will have some significant catching up to do after yesterday’s stellar European session, when they return from their long weekend later today. Having seen the Nikkei225 push above 30,000 for the first time since 1990, a move that continued in Asia this morning, European markets [...]
Whitbread – at the end of the day, someone has to pay December 24, 2020 Whitbread, the owner of popular hospitality chains Premier Inn, Beefeater and Brewers Fayre, has written to the landlords of its properties asking for a rent reduction of 50% for the next three months, to “share some of the pain” of the ongoing pandemic and the restrictions on hospitality. It seems, prima facie, a reasonable request. [...]
Pub chain Fuller’s to axe one in 10 jobs with London facing biggest cuts September 30, 2020 The head of pub chain Fuller’s has revealed at least 10 per cent of his around 5,000 staff are facing redundancy. Simon Emeny said the government’s decision to encourage people to work from home where possible will hit Fuller’s city-centre pubs hardest and result in job losses. “We are doing everything possible to minimise that, [...]
Premier Inn owner Whitbread warns of stalling profits as it launches share buyback scheme January 17, 2019 Whitbread will kick off the process of giving £500m back to shareholders today after completing the £3.9bn sale of Costa, but warned that uncertainty would stall profits next year. It said Premier Inn has added over 2,000 new rooms since the financial year began in March. The company has grown sales in its accomodation business [...]
FTSE flattens mid-afternoon November 23, 2020 Cineworld, Tui, BA owner and pub companies lead FTSE vaccine bounce
Landlords desert Travelodge to set up rival operator July 24, 2020 Dozens of Travelodge landlords are set to ditch the budget hotel chain to set up a rival company, following an acrimonious battle with the firm over rent cuts during the pandemic. Around 80 hotels will desert Travelodge to sign new leases with Goodnight, a new brand set to be formally announced later today. The Goodnight [...]
Aviva Investors buys Docklands hotel site for £106m January 15, 2020 Aviva Investors’ Lime Property Fund has bought a £106m hotel development site near Canary Wharf. The asset management arm of Aviva has acquired the freehold interest in the site next to Westferry DLR station, where developer Rockwell will build a 30-storey Premier Inn Hotel. Read more: London luxury hotel market booms Whitbread, the owner of [...]
Irn-Bru owner AG Barr shares pop despite slump in revenue September 22, 2020 Irn-Bru maker AG Barr shares hiked this morning as it clung onto its revised full-year expectations despite receiving a hammer blow during the coronavirus crisis. The figures Revenue fell 7.6 per cent year on year to £113.2m for the six months to 25 July. Profit before tax climbed 19.4 per cent to £16.6m over the [...]
Why the government must give more support to London’s hospitality sector October 1, 2020 Hospitality and tourism have felt the force of Covid-19 like no other sector. Green shoots started to emerge during the summer months, as Eat Out to Help Out, a staycation boom and the warm weather put much-needed cash in the registers of hotels and restaurants across the UK. While London remained quiet, there was some [...]