Finance
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Struggling restaurant chain Tootsies has collapsed into administration after becoming the latest victim of the recession. The group called in the administrators today after parent company Clapham House Group withdrew its support and funding. A sale of Tootsies, which Clapham House bought for £25m ...
Posted: 12 October 2009 | 16:43
London cocktail bar chain Be At One has bucked the economic gloom, with a strong start to the financial year. The group, which has nine bars across the capital, has reported a 16% rise in like-for-like sales from £2.32m to £2.69m for the six months to 30 September.
Posted: 12 October 2009 | 11:26
A round-up of the weekend's news affecting the hospitality industry. News includes: Rocco Forte puts Le Richemond hotel in Geneva on the market; Carluccio’s plans to grow into nationwide chain; Punch to slash value of estate by £600m as profits tumble by 40% and more ....
Posted: 12 October 2009 | 10:19
The hospitality industry has proved to be resilient through the recession, with far fewer casualties than anticipated, according to the 2009 British Hospitality Association (BHA) annual report, released today.While hotel and restaurant insolvencies are running at a higher level than in previous years, quick action by operators ...
Posted: 12 October 2009 | 07:00
TripAdvisor and similar user review websites now influence corporate decisions on hotels to the tune of £500m a year, according to research firm BDRC.In a BDRC survey of 1,000 business travellers, 28% said they actively seek advice on websites featuring consumer reviews...
Posted: 09 October 2009 | 12:34
London’s restaurants were boosted by the end of the summer holiday period and the warm weather in September, with nearly half of the 200 operators in the monthly Restaurant Barometer reporting a rise in profits.
Posted: 08 October 2009 | 12:00
Peel Hotels has seen half year operating profits drop by almost 12% as its hotels were hit by lower occupancy rates and falls in revenue per available room (revpar).The company, which operates nine hotels across the UK, saw ...
Posted: 08 October 2009 | 11:35
Italian restaurant chain Carluccio’s today revealed that it expects to post a pre-tax profit ahead of expectations after seeing an 8% rise in turnover for the financial year. Unveiling a trading statement for the year to 27 September...
Posted: 08 October 2009 | 10:42
Gordon Ramsay has abandoned this year’s annual chef’s scholarship which bears his name due to a lack of funding. A spokeswoman for Ramsay said that the Gordon Ramsay Scholar, which was launched in 2001, “is being rested this year” due to a lack of sponsorship.
Posted: 07 October 2009 | 10:22
Domino's Pizza expects to exceed expectations for the full financial year after boosting sales by more than 10% in the third quarter. The pizza takeaway chain saw like-for-like sales rise by 10.8% in the 13 weeks to September 27 as marketing campaigns, including its sponsorship of ITV show ...
Posted: 01 October 2009 | 14:33
Restaurant group Clapham House said the UK eating out sector continued to see widespread discounting and promotional activity hitting net margins. In a trading update, the owner and operator of Gourmet Burger Kitchen (GBK), the Real Greek and Tootsies restaurant chains said while revenue ...
Posted: 30 September 2009 | 08:00
Enterprise Inns has revealed that continued financial support for struggling pubs is draining its overall profits but the rate of closures is slowing. In a pre-close trading statement, the pubco said its core estate has demonstrated resilience during tough trading conditions but profitability ...
Posted: 29 September 2009 | 11:23
Compass Group has benefited from cost cuts, new contract wins and the weak pound, the company said in a trading update today. The world’s largest caterer said that, despite the impact of the recession on its business and industry (B&I), and its sports and leisure divisions...
Posted: 29 September 2009 | 11:06
A round-up of the weekend's news affecting the hospitality industry. News includes: McDonald's seeks greener spuds for its French fries; Luminar profits eclipsed by youth unemployment; Domino’s Pizza to report 25% boost in profits; Government gives go-ahead to three-quarter pints and more …
Posted: 28 September 2009 | 11:56
Story of the week: Heston Blumenthal has issued an official apology to the victims of the food poisoning outbreak at his three-Michelin-starred restaurant the Fat Duck; British people are the rudest guests and poorest tippers, according to a straw-poll of front-of-house staff conducted by Caterer; and more ...
Posted: 25 September 2009 | 17:21
Managed pub operator Mitchells & Butlers has unveiled better- than-expected results so far this year but warns of a gloomy outlook for 2010. The All Bar One and O’Neill’s operator announced like-for-like sales growth of 2.6% over the summer (in the 10 weeks to 19 September 2009...
Posted: 24 September 2009 | 11:56
Red Snapper Events has become the latest casualty of the recession as the catering firm was forced to go into voluntary liquidation. Damian Clarkson, managing director of Red Snapper, took the decision to liquidate the business at the end of July, following a “dark 12 months in a fool’s market.”
Posted: 22 September 2009 | 11:00
Pub group Punch Taverns has repurchased more than one third of one of its convertible bonds reducing the outstanding debt on it to just over £100m. This latest measure to cut debt continues Punch’s drive to cut its overall debt from £5b to £3.5b by the end of 2009. The payoff leaves £101.9m-worth ...
Posted: 21 September 2009 | 12:40
Nightclub operator Luminar is seeking to attract a more mature, solvent clientele in order to boost business during the recession. Chief executive Stephen Thomas announced plans to focus on the expanding “divorced, single and dumped” market to lessen Luminar’s reliance ...
Posted: 15 September 2009 | 11:07
Moorgate Taverns has become the latest victim of the economic downturn after trading at a loss and breaching its banking covenants. Administrator RSM Bentley Jennison has been appointed to assess Moorgate Tavern’s 10-strong estate within Hertfordshire, Oxfordshire and the ...
Posted: 15 September 2009 | 08:00
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