Finance
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The owner of City restaurant One Lombard Street has urged the Government to suspend stamp duty on business leases for the duration of the recession. Soren Jessen’s call came after he was landed with a £54,000 stamp duty charge when renewing his lease on the restaurant’s premises...
Posted: 18 June 2009 | 12:42
Budget hotel group Travelodge is aiming to secure a £100m war chest to take over going-concern hotels from existing operators, banks and administrators. The company has teamed up with property fund manager Meghraj Properties Limited in a bid to raise £40m of equity...
Posted: 17 June 2009 | 00:01
Hospitality operators in London have been counting the cost of last week’s strike by Tube workers which paralysed the capital’s public transport system. The action by the RMT union, which closed down large parts of the Tube network for 48 hours from 7pm on Tuesday (9 June), had a severe ...
Posted: 16 June 2009 | 11:55
Whitbread’s budget hotel chain Premier Inn has seen its like-for-like sales fall 7.9% in the first quarter of the year. The chain, whose advertising campaign is fronted by British comedian Lenny Henry, saw revenue per available room tumble 9.6% in a tough market. However, Whitbread’s ,,,
Posted: 16 June 2009 | 10:38
Punch Taverns, the UK’s largest pub owner, hopes to raise £350m with a share issue as its struggles to service its £5b debt. The company wants to raise the money to insure it has enough cash to pay back £275m of convertible bonds (used to purchase Spirit Group in 2006), which mature ...
Posted: 15 June 2009 | 12:19
A round-up of the weekend's news affecting the hospitality industry. News includes: Lloyds makes £450m loss on Admiral Tavern; Reuben brothers make £48m bid for Premium Bars and Restaurants;
Fergus Henderson learns Eritrean cooking to support refugees; Premier Inn launches price war ...
Posted: 15 June 2009 | 10:27
Embattled bar operator Regent Inns will delist from the London Stock Exchange on Monday 15 June. The Walkabout owner, which reported an annual loss of £58.1m last October, believes it could save around £200,000 by delisting. The move comes after the company admitted in February ...
Posted: 12 June 2009 | 16:47
In the economic downturn, struggling businesses may be able to spread the cost of their tax bills,says Chris Lane, a partner at accountancy firm Kingston Smith LLP
Posted: 12 June 2009 | 15:26
Group hotel revenue at Park Plaza Hotels has fallen 15% in the first five months of the year in a “challenging” hotel market. Group hotel revenue in the five months ended 31 May 2009 was €29.1m (£25m) compared with €34.4m (£29.6m) a year ago.
Although group occupancy has ...
Posted: 10 June 2009 | 15:01
Catey winner Firmdale Hotels saw its pre-tax profits slump by almost two thirds last year as operational and financial costs rocketed.
The company, which operates six hotels including the Charlotte Street Hotel and the Covent Garden Hotel, suffered a 64% drop in profits to £1.48m in the 12 months to the end of January.
Posted: 08 June 2009 | 12:59
A round-up of the weekend's news affecting the hospitality industry. News includes: New tipping laws may not benefit staff; Pret and Itsu ban bluefin tuna ; Starwood seeks €300m for landmark Paris hotel; profits fall at Firmdale Hotels;; detective seeks male partners of missing chef
Posted: 08 June 2009 | 10:20
Pub company and brewer Fuller, Smith & Turner delivered “a strong set of results” in a difficult year.
In the 52 weeks ended 28 March the company saw turnover increase 3% to £210m (2008: £203.1m). Pre tax profit was £14.4m compared with £23m a year earlier due, in the main ...
Posted: 05 June 2009 | 16:16
The cult of the celebrity chef isn't dead, despite the high-profile difficulties of Gordon Ramsay and John Burton Race, industry figures have insisted. Last weekend, Ramsay publicly admitted for the first time that his restaurant business came close to collapse earlier this year.
Posted: 05 June 2009 | 15:49
To celebrate the re-opening of the Waterside Inn following the new kitchen installation, Hobart is offering one lucky Caterersearch reader dinner for two at The Waterside Inn, including a glass of Champagne on arrival. Six lucky runners up will win a signed copy of Michel Roux's latest book, Pastry.
Posted: 05 June 2009 | 15:01
With predictions of a bloodbath in the restaurant sector earlier this year, it would be easy to overlook the difficulties being suffered by many hotel groups. Gemma Sharkey reports.
Posted: 04 June 2009 | 12:47
Just St James restaurant in central London is in a dispute with its landlord over a massive increase to its rent and service charge payments. The restaurant said its landlord, Legal & General, is demanding an annual increase of £75,000 in rental payments plus a new service charge of £50,000 ...
Posted: 03 June 2009 | 07:00
Celebrity chef John Burton Race declared himself bankrupt in March, it emerged this weekend. It comes two months after his ex-wife Kim was herself made bankrupt following an application to the High Court from a creditor who was owed £15,000, according to a report in the Telegraph.
Posted: 01 June 2009 | 11:03
Gordon Ramsay has publicly admitted for the first time that his restaurant business came close to collapse earlier this year. Speculation was rife in January that Gordon Ramsay Holdings (GRH) had breached covenants on a £10m loan and £500,000 overdraft with Royal Bank of Scotland ...
Posted: 01 June 2009 | 10:34
A round-up of the weekend's news affecting the hospitality industry. News includes: Boisdale plans £5m expansion in UK and abroad; Travelodge predicts bumper summer for domestic tourism; make-up increases waitresses’ earning power
Posted: 01 June 2009 | 10:23
Hospitality operators are increasingly turning to discount wholesalers such as Booker to cut costs, the company said today.
Unveiling a pre-tax profit rise of 30% from £36.2m to £47.2m in the year to March 27, Booker said sales to caterers – including restaurants and pub chains - had grown the fastest, rising 7% compared with 1% growth in sales to retailers. Overall, revenue increased 3% to £3.2b.
Posted: 29 May 2009 | 15:22
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