Finance
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The freezing January weather is being blamed for a drop in pub beer sales of nearly 6.9 million pints in the first quarter of 2010 as snowbound drinkers were forced to stay at home. The British Beer and Pub Association revealed...
Posted: 21 May 2010 | 10:05
The well-known London nightspot Buddha Bar on Victoria Embankment has entered administration with the loss of 80 jobs. Buddha Bar, famed for an 18ft-high Buddha statue in the dining room, opened in August 2008, shortly after the collapse of the bank Lehman Brothers.
Posted: 20 May 2010 | 11:58
The future growth of the tourism industry in London could be at risk from a proposed levy on all new hotel developments. InterContinental Hotel Group (IHG), Wyndham and Travelodge are amongst a number of leading hotel companies...
Posted: 19 May 2010 | 14:51
The future growth of the tourism industry in London could be at risk from a proposed levy on all new hotel developments. InterContinental Hotel Group (IHG), Wyndham and Travelodge are amongst a number of leading hotel companies which have signed a letter to London Mayor Boris Johnson urging him to abandon his plans
Posted: 19 May 2010 | 10:35
Italian restaurant chain Carluccio’s has posted an 8% rise in pretax profit to £2.7m for the first half of the financial year but warned that trading conditions are likely to remain uncertain. The company reported strong trading for the six months to 28 March...
Posted: 17 May 2010 | 11:08
Chancellor George Osborne has announced that an emergency Budget will be held on Tuesday 22 June as he begins paving the way for public spending cuts. The first Budget of the new Conservative/Liberal Democrat coalition Government...
Posted: 17 May 2010 | 11:00
Marc Bradley, the chief financial officer of BaxterStorey's parent company, Westbury Street Holdings (WSH), has been named Young Finance Director of the Year at FDs' Excellence Awards. Bradley, who saw off competition from five other finance directors, including Brian Mullens from McDonald's Restaurants, received his award at a ceremony held at the London Marriott, Grosvenor Square, on 12 May.
Posted: 14 May 2010 | 16:23
Tourism is set to suffer from the £66m of financial cuts which are expected to be made by the renamed Department for Culture, Media and Sport (DCMS). Newly appointed Secretary of State for the department, Jeremy Hunt, told the BBC’s Newsnight that none of the department’s budgets are protected.
Posted: 13 May 2010 | 15:30
Chez Gerard owner Paramount Restaurants is expected to be put up for sale, following a suspected split over strategy at the firm. Non-executive chairman Sir David Michels and chief executive Mark Phillips...
Posted: 13 May 2010 | 10:54
Compass Group has seen revenue fall 4.5% but maintained flat operating profit for the six months to 31 March 2010. Revenues in the UK and Ireland were £897m, down from £939m for the same period in 2009.
Posted: 12 May 2010 | 11:24
Enterprise Inns claims to have stemmed the decline in net income per pub, as it unveiled a £625m refinancing package this morning. The company said that average net income per pub was £31,200 for the six months ended 31 March 2010, down from £32,200 over the same period in 2009.
Posted: 11 May 2010 | 10:57
Enterprise chief executive could step into the role of chairman and allow chief operating officer Simon Townsend to succeed him if a £1b refinancing deal goes through. Townsend could succeed Tuppen within the next 18 months, according to reports in the Times today.
Posted: 10 May 2010 | 12:46
Pub operator Enterprise Inns could be close to agreeing a £1b refinancing package. The pub company could announce a deal within the next few weeks, and possibly as early as Tuesday when it announces its half-year earnings, according to the Sunday Times.
Posted: 10 May 2010 | 11:42
Our weekly round of of the week's hospitality news includes: Majestic Hotel blaze: missing man named, Duncan Bannatyne unveils plans to expand Charlton House hotel;US wine merchant sues Gordon Ramsay over £27,000 of unpaid bills and more...
Posted: 07 May 2010 | 15:39
The Restaurant Group (TRG) saw sales at its airport businesses plummet 90% for five days because of the effects of the volcanic ash cloud last month. The company, which owns the Chiquito, Frankie & Benny's and Garfunkel's brands, said like-for-like sales...
Posted: 06 May 2010 | 10:31
Millennium & Copthorne Hotels' first-quarter results for 2010 shows some signs of recovery, but the company said that it is too early to predict trading for the rest of the year. Overall, revenue per available room (revpar) in Q1 increased across the group’s 105 hotels worldwide by 3.2%...
Posted: 05 May 2010 | 15:44
Dragons’ Den star Duncan Bannatyne has been confirmed as the new owner of the four-AA-red- star, 26 bedroom Charlton House hotel in Shepton Mallet, Somerset. His company, the Bannatyne Group, has purchased the property from administrators BDO, safeguarding the jobs of all 62 staff.
Posted: 05 May 2010 | 10:45
Managed pub operator JD Wetherspoon has warned that it feels "slightly more cautious" about the next financial year, as it revealed a 0.8% in like for like sales for the 13 weeks to 25 April. Overall sales were up 3.6% thanks to the opening of 26 new pubs ...
Posted: 05 May 2010 | 09:58
The number of hotel companies going bust during 2009 soared by 61% compared to the previous year, according to accountancy firm Wilkins Kennedy.
Hotels which went into liquidation, receivership, administration and company voluntary arrangements rose to 122, up from 76 in 2008.
Posted: 04 May 2010 | 14:48
A round-up of the weekend's news affecting the hospitality industry. News includes: hotel insolvencies rise by 61%; Bannatyne Group buys Charlton House hotel for £3m; Armani opens his first hotel in Dubai; tourism boss calls for Government funds for Scottish B&Bs and more...
Posted: 04 May 2010 | 10:16
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