Finance
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Luxury hotel group Mandarin Oriental’s profits have been hit exceptionally hard in the first six months of 2009, falling by almost $35m (£20.6m). The company reported profits of just $1.1m (£0.64m) after tax for the first six months of the year, compared with $35.7m (£21.03m) for the year ended 31 December 2008.
Posted: 06 August 2009 | 12:28
Following on from the British Insurance Brokers Association's recent findings about the high levels of confusion surrounding getting the right insurance cover, here Christie Insurance advises operators what they need to consider to get the right deal.
Posted: 06 August 2009 | 11:25
The historic Aerodrome hotel in Croydon, which claims to be the world’s first airport hotel, is now up for sale for £9m after entering administration. The 109-bedroom hotel, which has recently undergone an extensive refurbishment, went into administration in June after current economic conditions ...
Posted: 05 August 2009 | 10:00
Trouble is brewing for Premium Bars & Restaurants after its sale to the wealthy Reuben brothers reportedly collapsed.Negotiations over a £48m deal fell apart last week after David and Simon Reuben, who own 32.5% of PBR, attempted to reduce the amount of debt they would take on ...
Posted: 04 August 2009 | 16:49
Midlands brewer Marston’s plans to open 60 new managed pubs over the next three years largely funded by its £165m rights issue agreed at the end of last month.
Posted: 04 August 2009 | 11:56
A preferred bidder has been selected for the £3m luxury Ellington hotel in Leeds with a deal expected to be completed within weeks. The 35-bedroom Ellington, which only opened in September last year, was previously managed by Pantin Hotels and put up for sale in March after its owner City Retreats ...
Posted: 04 August 2009 | 10:00
Pub landlords are jumping at the chance to boost trade and place the pub at the heart of their community by offering customers a parcel collection service. Pub campaigning group useyourlocal.com has set up the service which enables punters left frustrated by missed deliveries to stop by their local ...
Posted: 04 August 2009 | 09:00
Gordon Ramsay’s flagship operation at the London Hotel in New York, is being pursued by creditors and has been hit by complaints from customers about its service and quality of food. According to the assistant restaurant manager Jeffrey Giordano, who resigned on Thursday, there is also an infestation ...
Posted: 03 August 2009 | 17:25
Friday is normally a quiet day in the office but Caterer has learnt that French chef Eric Chavot is set to leave the two-Michelin-starred restaurant at the Capital hotel in London. The surprise move sees Chavot leave the restaurant in Knightsbridge after more than a decade behind the stove.
Posted: 31 July 2009 | 16:22
Nightclub operator Luminar is to raise £35.7m from share issues so that it can take advantage of cheap property prices and expand its portfolio. The company, whose brands includes Liquid, Life and Lava & Ignite, is raising the money by issuing shares at a discounted 95p (from 141p) each ...
Posted: 31 July 2009 | 13:11
French hotel giant Accor says it will continue to cut costs and capital expenditure after reporting a sharp drop in revenue for the first half of 2009. The group saw a fall in overall revenue from €2.803b (£2.403b) in the first half of 2008 to €2.534b (£2.172b) in 2009. This represents a decline of 9.6% ...
Posted: 29 July 2009 | 14:58
The Bay Restaurant Group, the owner of the La Tasca and Slug and Lettuce chains, has undergone a refinancing involving a debt-for-equity swap. The company, which was previously part of the Laurel Pub Company, has agreed terms with Icelandic bank Kaupthing and Commerzbank of Germany ...
Posted: 28 July 2009 | 18:13
CAMRA’s referral of the beer tie to the Office of Fair Trading has received a mixed response, with the British Beer and Pub Association branding it an “unnecessary distraction”. The Campaign for Real Ale (CAMRA) exercised its right to issue a ‘super-complaint’ to the OFT on Friday ...
Posted: 27 July 2009 | 15:20
A round-up of the weekend's news affecting the hospitality industry. News includes: Dorchester Group bucks economic gloom; Scottish food-hamper firm plans café/deli chain; liver specialist calls for alcohol clamp-down; Italian minister plans commission to stop tourists being ripped off and more...
Posted: 27 July 2009 | 10:12
The Campaign for Real Ale (CAMRA) has lodged a “super-complaint” to the Office of Fair Trading (OFT) calling for a reform of the beer tie and an end to excessive rents. A super-complaint is a fast-track system open to designated consumer bodies.
CAMRA’s super-complaint ...
Posted: 27 July 2009 | 10:00
Suppliers and creditors are being urged to give leeway to restaurant owners as the recession tightens its grip, or see more businesses go to the wall completely. John Cullen, insolvency practitioner at Harris Lipman chartered accountants, said the sector as a whole has severe problems.
Posted: 27 July 2009 | 07:00
The week kicked off with arguably the biggest chef move of this year as double-Catey-winner John Campbell announced his decision to leave the Vineyard at Stockcross and join the Dorchester Collection's Coworth Park near Ascot. Campbell has notched up no less than two Michelin ...
Posted: 24 July 2009 | 14:55
Contract catering giant Compass Group saw its shares fall by 4.9% today, following an announcement that sales growth has slowed.The fall in share price came after the world’s largest catering company said in its third-quarter trading statement that it expected revenue growth to be “broadly flat” ...
Posted: 24 July 2009 | 09:30
Catering Academy growth continues despite the downturn with a turnover of £20m anticipated for 2009. Formed in 2004, Catering Academy has enjoyed consistent year-on-year increases with a 33% spike on 2008’s figures. Kevin Cannon, company director, said: “The success ...
Posted: 24 July 2009 | 09:00
The half-completed £25m hotel on the Strand designed by Lord Foster of Thames Bank has gone into receivership after more than six months of inactivity.
PricewaterhouseCoopers (PwC) has now been appointed receiver on controversial 11-storey development on the Strand,...
Posted: 24 July 2009 | 08:00
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