Finance
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Our regular catch-up of what has brought a burst of sunshine - or a mantle of storm clouds - to the catering and hospitality world this week.
Posted: 29 January 2010 | 14:42
If you want to start a business, a comprehensive business plan is crucial. With Nestlé's Toque d'Or set to challenge a new group of students, we explain how to make sure your plan has the clout to take off, and what you need to cover. Rosie Birkett reports.
Posted: 29 January 2010 | 12:57
Marston's has been hit by January's big freeze, as it reported that a rise in like-for-like sales in its managed pubs division was dragged down by cold weather. Like-for-like sales over the 16-week period to 23 January 2010 in its Inns and Taverns business were up by 1.5% on the previous year.
Posted: 29 January 2010 | 11:34
Mitchells and Butlers (M&B) chairman Simon Laffin has been ousted from the company's board at yesterday's annual meeting, after he lost his battle with billionaire Joe Lewis.
Posted: 29 January 2010 | 10:16
WSH, the UK’s largest independent food services management operator, has weathered the turbulent economic conditions of 2009 with a 10% trading uplift and revenues in excess of £300m. Alastair Storey, chairman and chief executive of WSH, described 2009 as an “incredibly challenging year”...
Posted: 28 January 2010 | 10:00
Sir Rocco Forte confirmed this week that a new financial arrangement to ensure the future operation of his 13-strong luxury hotel company had been secured. “We have agreed a new facility with the Halifax Bank of Scotland (HBOS), with whom we are very pleased to continue to have a strong...
Posted: 27 January 2010 | 15:05
The removal of Mitchells and Butlers (M&B) chairman Simon Laffin now looks like a near certainty, after another major shareholder indicated it had aligned itself with billionaire Joe Lewis. Elpida, the investment vehicle owned by racing tycoons JP McManus and John Magnier which holds a 17.6%...
Posted: 27 January 2010 | 11:23
Greene King has bought eight pubs from Punch Taverns for £15.9m, as it reported 'relatively strong' growth in the 38 weeks to 24 January 2010. In a trading update this morning, the company said that like-for-like sales in its managed pubs division were up by 4.3%, although they rose by 5%...
Posted: 27 January 2010 | 11:15
Venue of the 2010 Ryder Cup, the Celtic Manor Resort in Newport, South Wales, has announced a record year for leisure visitors. The five-star, 400 bedroom resort sold 20,000 more room nights to leisure visitors in 2009 than it did in 2008.
Posted: 26 January 2010 | 14:35
Manchester-based Hydes' Brewery has sunk into the red with a £1.3m pre-tax loss for 2009 after profits were dragged down by more bad debts. The company, which brews Hydes' Original and Manchester's Finest, as well as operating an estate of around 80 pubs...
Posted: 26 January 2010 | 12:24
A lack of corporate customers has rocked independent provincial hotels, as it was revealed that insolvencies in the hotel sector have rocketed. New figures from PricewaterhouseCoopers (PWC) showed that insolvencies fell all UK industry sectors apart from hospitality and leisure...
Posted: 26 January 2010 | 10:24
Mitchells & Butlers chairman Simon Laffin has likened the ongoing spat between the company's board and its major shareholders to "a John Grisham novel".
Laffin, who has a background at Mars and was drafted in as a new director in the face of the Northern Rock collapse, told the Observer newspaper...
Posted: 25 January 2010 | 10:52
A round-up of the weekend's news affecting the hospitality industry. News includes: Gordon Ramsay angers recruitment firm – and TV viewers; Ducasse laments loss of home cooking skills in France; Suffolk Center Parc beefs up security after crime spree; Jamie Oliver to launch barbecue-based brand and more…
Posted: 25 January 2010 | 10:30
Story of the week: Last Friday saw the rather unexpected release of the results of the 2010 Michelin Guide for Great Britain & Ireland, which were unveiled five days ahead of schedule after online retailer Amazon accidentally shipped copies of the guide ahead of its publication date.
Posted: 22 January 2010 | 15:57
A statutory demand for payment can be a very effective shortcut but can only be used in cases where the amount of debt is not disputed. Ashkhan Candey explains what your options are should you receive one of these demands.
Posted: 22 January 2010 | 14:41
A major investor in Mitchells & Butlers has issued an alert over a failure of corporate governance at the company, as hopes of a reconciliation and an end to its boardroom crisis faded. The Association of British Insurers (ABI), which represents around 20% of shareholders at the company...
Posted: 22 January 2010 | 10:45
The hotel investment volume in Europe, Middle East and Africa (EMEA) fell to €2.9b (£2.5b) in 2009, reflecting the lowest volume of transactions since the late 1990s and a drop of 63% compared with 2008, according to global hotel investments services firm Jones Lang LaSalle Hotels.
Posted: 21 January 2010 | 15:33
UK businesses have significantly improved the time it takes them to settle their bills, according to the latest Late Payment Index from Experian, the global information services company. During December 2009, businesses were paying their late bills an average of 20.88 days after agreed terms - an improvement of over two and a half days from 23.54 days in December 2008.
Posted: 21 January 2010 | 15:24
The fall in average net income in Enterprise Inns' pubs has eased to around 4%, the company said in a trading update today. Enterprise said that last year average net income dropped by 8%, but disposals of underperforming pubs had helped to stem the fall in income.
Posted: 21 January 2010 | 10:59
Belu, the sustainable water company that supplies Fifteen, Lime Wood, and the Hoxton Grill, has hauled itself back into the black for 2008 with a wafer-thin profit. The company made a pre-tax profit of £4,300 for the 15 months to 31 December 2008, compared with a pre-tax loss of £698,800 in the year to 30 September 2007.
Posted: 19 January 2010 | 13:26
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