Finance
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The letter urged the company to accept some of Piedmont's nominations to the board, and recommended an election of all directors after 12 months on the basis of their performance. Meanwhile, the Guardian reported this morning that MPs are also set to involve themselves in the conflict.
Posted: 18 January 2010 | 17:24
A round-up of the weekend's news affecting the hospitality industry. News includes: MWB seeks £21m for two Scottish hotels; Carl Leaver tipped as successor to Whitbread chief executive; company managing insolvent hotels triples profits; MPs intervene in M&B boardroom brawl and more…
Posted: 18 January 2010 | 10:20
Pub operator Mitchells & Butlers (M&B) has "reluctantly" accepted a ruling from the City's takeovers watchdog that it found no evidence that investors had acted in concert in a bid to seize control of the company. M&B complained to the Takeovers Panel in November last year that unnamed...
Posted: 15 January 2010 | 15:30
Casual dining restaurant chain operator Tragus is to continue to expand, as it reported a 3.6% rise in revenue for the first half of its financial year. The company, which runs a total of 280 restaurants, saw like for like sales on its key Café Rouge, Bella Italia and Strada brands rise
Posted: 14 January 2010 | 12:20
Poor weather and the recession have hit profits at bar, nightclub and restaurant operator Luminar Group. In a trading update issued this morning, the company said that pre-tax profit for the year to 25 February would be "below market expectations".
Posted: 14 January 2010 | 10:28
The war of words between pub operator Mitchells & Butler (M&B) and investor Joe Lewis rumbles on, as Lewis's investment vehicle Piedmont denied that it was trying to take control of the firm. In an open letter to shareholders, Piedmont said it had "grave concerns" over the way in which the M&B board had tried to present its intentions.
Posted: 13 January 2010 | 13:45
Pub operator Mitchells & Butlers has attempted to patch up a spat with investors by accepting two of the board nominations of majority shareholder Joe Lewis.
The company said in a statement today that it would recommend the appointment of John Lovering and Simon Burke as non-executive directors.
Posted: 11 January 2010 | 17:30
Gordon Ramsay Holdings International made a loss of more than £4m in the year to August 2008 as the celebrity chef rapidly expanded his global restaurant business. The group’s latest accounts, filed at Companies House last week, reveal details of how close Gordon Ramsay’s...
Posted: 11 January 2010 | 17:00
The board of pub operator Mitchells and Butlers (M&B) and its major shareholders are holding crisis talks in a bid to avoid a showdown at the group's annual meeting at the end of the month. Leading shareholder Joe Lewis, the Bahamas-based billionaire who owns a 23% stake in the company, is at odds...
Posted: 11 January 2010 | 13:26
Domino’s Pizza, the UK’s biggest pizza delivery company, remains recession-proof as the company announces surging sales despite the continuing sluggish economy. The Britain’s Got Talent sponsor reported impressive growth with a like-for-like sales lift of 8.6% at its 501 mature stores...
Posted: 11 January 2010 | 12:36
Novus Leisure, which operates the Tiger Tiger bar chain, saw a 10.6% increase in trade over the Christmas period. In a trading update today, the group said that three quarters of its turnover in the six weeks to 2 January was from advance bookings for private and corporate parties. Internet bookings...
Posted: 11 January 2010 | 11:24
Story of the week: It’s been the longest cold spell in 30 years, and Caterer reports on a number of hotels that have provided solace for motorists stranded by the heavy snowfall. Hotels reported buoyant bookings over Christmas and New Year and a year-on-year improvement in business...
Posted: 08 January 2010 | 15:27
A "strong" festive period has boosted like-for-like sales at the Restaurant Group, but the company still saw full-year like-for-like sales decline 2%, according to a trading update this morning. The independent restaurant firm - whose brands include Frankies & Benny's, Garfunkels and Chiquito...
Posted: 08 January 2010 | 13:57
Pub operator Mitchells & Butlers (M&B) has hailed a "strong" performance over Christmas and the New Year, with like-for-like sales up by 3.3% in the 14 weeks to 2 January. The firm said that like-for-like sales in the ten-day period over Christmas and the New Year...
Posted: 08 January 2010 | 11:05
Gravetye Manor, the three-AA-red-star, three-AA-rosette country house hotel near East Grinstead in West Sussex, has appointed KL Dukes and EM Shires as joint administrators to manage its affairs.
Posted: 08 January 2010 | 10:55
The UK’s hotel and restaurant industry has missed the opportunity to save £74m because of “document wastage”, according to a new report. A study by technology company Pitney Bowes has found the restaurant and hotel sector is one of the UK’s “big losers” because of the inefficient ...
Posted: 08 January 2010 | 10:28
East Anglian contract catering firm Edwards & Blake has announced strong trading results with annual turnover for 2009 exceeding £8m. The performance of the Norfolk-based firm was boosted by a string of high profile contracts across the region worth £2m in total.
New clients include Bury St. Edmunds brewer...
Posted: 07 January 2010 | 16:27
Geronimo Inns enjoyed an excellent Christmas with all outlets significantly outperforming sales achieved over the festive period in 2008, the managed pub operator has revealed. The group, which operates 28 sites in and around London, saw sales for the four weeks to 3 January up by 43.7% on 2008...
Posted: 05 January 2010 | 11:21
A round-up of the weekend's news affecting the hospitality industry. News includes: Kraft to increase Cadbury bid; M&B faces shareholder showdown; Hilton tipped for restructure; DCMS to relax live music rules for small venues; Wetherspoon to buy 12 venues and rerun 99p-a-pint promotion; and more...
Posted: 04 January 2010 | 10:16
Story of the week: Italian restaurant chain Strada became the big winner in this year's Caterersearch.com Web Awards, picking up the title of Website of the Year and winner of the Restaurant - Group category. Raymond Blanc chose the winner of The Restaurant last night...
Posted: 18 December 2009 | 15:00
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