Finance
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The owner of Hôtel de Crillon in Paris, investment firm Starwood Capital, is in the middle of a legal dispute with JJW Hotels & Resorts which is preparing to sue for €50m (£44m). The Saudi-backed company JJW Hotels & Resorts had been negotiating to buy the Crillon but has now said ...
Posted: 14 September 2009 | 12:22
A round-up of the weekend's news affecting the hospitality industry. News includes: Owners of New York's Tavern on the Green file for Chapter 11 bankruptcy; Gaggia coffee machine customers left in the lurch as UK distributor collapses; Cadbury boss dismisses £10bn bid from Kraft Foods.
Posted: 14 September 2009 | 10:41
Italian restaurant chain Prezzo has reported a ‘robust’ half-year performance but remains cautious about the future. Chairman Michael Carlton said that trade in the 26 weeks to 28 June 2009 had proved “better than we had feared” during a “particularly challenging period”.
He regarded Prezzo’s performance as “strong” ...
Posted: 14 September 2009 | 08:00
Pub operator JD Wetherspoon’s profits have been propped up by its food and coffee sales as well as cheap drink promotions such as offering a pint for 99p.
The pub group, which operates 731 pubs said like-for-like sales were 1.2% ahead of the previous year in the months leading up to July...
Posted: 11 September 2009 | 12:13
When his restaurant business went into administration at the beginning of the year Antony Worrall Thompson must have been tempted to sit back and rely on his TV and writing work. In fact, he's back in the kitchen seven days a week. Janet Harmer reports.
Posted: 11 September 2009 | 10:22
Pub group Greene King has seen a rise in sales in the first four months of its financial year, thanks to a strong appetite for pub food. The company, which runs about 2,400 pubs in England and Scotland, said like-for-like sales at managed pubs in England grew by 4.6% in the 17 weeks to 30 August.
Posted: 09 September 2009 | 11:26
One hotel company goes bust every other day despite 'staycation' Britons taking more holidays at home, it was revealed today. There were 53 hotel insolvencies in the April-June 2009 period, according to figures from accountancy firm Wilkins Kennedy. Overall, there were 6,588 company insolvencies ...
Posted: 08 September 2009 | 09:00
Charlton House is weathering the financial storm with £11m of new business and contract retentions since January. The independent corporate catering firm has secured a string of new contracts such as the Palace of Holyroodhouse in Edinburgh, Portsmouth Historic Dockyard, Ladbrokes and ...
Posted: 08 September 2009 | 08:00
The UK’s largest hotel and restaurant operator Whitbread has announced a 2.6% drop in like-for-like sales in the six months up to 13 August. The operator’s budget hotel chain Premier Inn was the worst hit by the recession, experiencing a drop of 7.7% in like-for-like sales...
Posted: 07 September 2009 | 11:46
A round-up of the weekend's news affecting the hospitality industry. News includes: Antony Worrall Thompson in wrangle over fine wines; Center Parcs may form part of £2b flotation of Merlin Entertainment; Whitbread closes final-salary pension for all staff; Jamie Oliver slams Downing Street kitchens ...
Posted: 07 September 2009 | 10:19
Pub group Punch Taverns has come under fire after it announced it will no longer take slot machine income into account when setting rent levels. The move away from 'rentalising income' is intended to ensure Punch complies with Business and Enterprise Committee recommendations on transparency ...
Posted: 03 September 2009 | 09:00
A round-up of the week's news affecting the hospitality industry. News includes: Scottish alcohol reform costs licensees £60m; David Yeo to open first hotel; Punch to spend £45m on revitalising Spirit; Middle Eastern restaurants tipped to overtake curry houses in popularity; and more…
Posted: 01 September 2009 | 10:26
Entrepreneur David Heeley, president of Hi-Life Diner's Club which he co-founded in 1985, explains how it has grown to become the UK and Ireland's largest two-for-one dining club, with 100,000 plus members and a network of more than 2,500 restaurants.
Posted: 01 September 2009 | 08:00
French hotel group Accor has said that it is considering splitting its business between its hotel operations and its pre-paid services division after reporting a near-halving of its operating profits in the first half of the year. The group, which operates the Sofitel and Ibis brands...
Posted: 28 August 2009 | 17:24
Know what is in your management agreement and where you stand legally if your landlord defaults on mortgage payments and a Law of Property Act receiver is appointed. Solicitor Janice Northover explains the finer points.
Posted: 28 August 2009 | 13:56
The Restaurant Group (TRG) has reported a “resilient” first six months of trading to June 2009. TRG reported a 3% increase in adjusted earnings (before interest, taxes, depreciation and amoritization), to £36.3m, a 4% rise in share earnings to 7.49p and, while revenue increased ...
Posted: 28 August 2009 | 12:25
The chairman of Malmaison and Hotel du Vin chains remains cautious about the short-term future after its group revenue remained unchanged and pre-tax losses continue for the first six months of the year.
Group revenue for the Marylebone Warwick Balfour (MWB) group was up slightly to £135.7m from
Posted: 28 August 2009 | 09:30
Bollywood actress Shilpa Shetty has bought a 33% stake in Indian food group V8 Gourmet Holdings and plans to launch a range of ready-made meals across Britain in the New Year. Shetty’s Gourmet Creation Range will be initially North Indian, her native region. The selection will include fish, lamb, chicken ...
Posted: 26 August 2009 | 14:14
Punch Taverns has reduced its debt by more than £1b since the beginning of the year, causing its share price to soar by 11%. Analysts expect Punch’s debts of £4.5b at the start of the year to be reduced to £3.5b by the end of the year. In a pre-close trading statement, the operator of 7,500 ...
Posted: 25 August 2009 | 12:19
A round-up of the weekend's news affecting the hospitality industry. News includes: Kinnaird hotel owner to retire as Skibo Castle slips into the red; Adnams uses improved results to chastise rebel shareholder; ‘Staycations’ boost some businesses … but rain sparks surge in late bookings abroad.
Posted: 24 August 2009 | 10:10
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