Finance
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Hilton Worldwide has completed a deal to reduce its debt by almost $4b and extend the maturity by two years. The move, which extends the maturity until November 2015, reduces the Blackstone-owned company’s total debt by nearly $4b (£2.6b) to $16b (£10.4b).
Posted: 09 April 2010 | 10:54
Education caterer Chartwells has been awarded a £1.6m contract extension at Sherborne Girls School in Dorset after a high achieving first year.Compass Group’s education division announced this week the signing of a new five-year deal...
Posted: 08 April 2010 | 12:00
Like-for-like sales in Marston's managed pubs division have risen 1.4% for the half year to 3 April.
In a trading update this morning, the firm said that its performance was 'in line with expectations'. Like-for-like food sales in the division grew 2.5%, while like-for-like wet sales were up 0.5%.
Posted: 07 April 2010 | 10:45
Italian restaurant chain Prezzo has reported strong full year results for what was potentially a “difficult year” and said while it was positive about the future there were still challenges ahead. The company, which operates 140 sites across the UK, posted a 12% rise in pre-tax profits to £12.9m...
Posted: 01 April 2010 | 11:03
Act now to combat rate rises, hospitality operators warned: expected increase in business rates are due to take effect this week, even though the recession has damaged trade
Posted: 31 March 2010 | 15:08
Italian restaurant chain Carluccio’s has had a good start to the financial year and expects to report a moderate increase in profits for the first six months.
The company reported strong trading in the first half of the financial year and said that turnover for the 26 weeks to 28 March was up 8% ...
Posted: 31 March 2010 | 10:41
Pub chain Geronimo Inns has pushed its sales up 26% to £22.3m for the year to June 2009, following the acquisition of four pubs. Like-for-like sales at the company were 5% up compared to the previous year, but the addition of the Red Barn, Five Tuns, Betjeman Arms and the Crown at the end of 2008...
Posted: 29 March 2010 | 14:09
Pizza delivery giant Domino's is expected to reveal an 11% boost in like-for-like sales for the first six weeks of the year in a trading statement ahead of its annual general meeting on Tuesday. Although the snow hampered deliveries from some stores, the overall effect was positive as the cold weather...
Posted: 29 March 2010 | 13:11
Story of the week: Heston Blumenthal has received £200,000 compensation following a food-poisoning outbreak at his three-Michelin-starred Fat Duck restaurant. A young sous chef at the Tate Modern has died after suffering from tonsillitis. Nathan Laity, 23, of Penryn, Cornwall continued to work long hours...
Posted: 26 March 2010 | 17:57
Host Contract Management has managed to turn a profit, despite its turnover falling by almost £4m.
Managing director Jerry Brand said that tight cost controls and the shedding of unprofitable contracts kept the firm in the black. After making a profit of just £41,000 in the 2008 trading period...
Posted: 26 March 2010 | 10:22
Clapham House Group says it will continue to focus on expanding its Gourmet Burger Kitchen (GBK) brand in the UK and abroad as the chain turned in a robust performance for the year to 28 March.
Posted: 25 March 2010 | 11:20
The receivers for the iconic Fridge nightclub in Brixton, London, have indicated that they have already received three 'significant' offers to buy the property.
Christie + Co announced earlier this week that it was marketing the Fridge, after insolvency practitioners David Rubin & Partners...
Posted: 24 March 2010 | 15:48
Pub operator Mitchells & Butlers (M&B) is to speed up its efforts to become a food-led business and plans a withdrawal from the drinks-led business. Those are the headline conclusions of a 55-day review of the company, following John Lovering's appointment as chairman.
Posted: 24 March 2010 | 12:16
Today Alistair Darling will use his pre-election budget speech to deliver what is expected to be the most political budget in decades.
With a general election looming and the economy still in the balance, this year’s budget will be more important than ever to a hospitality sector hoping there will be some break for business and a boost for tourism.
Posted: 24 March 2010 | 10:00
A lack of capital expenditure could see many hotels delay their recovery from the current economic downturn, as well as impact their long-term viability, according to property agent and advisor Christie + Co.
Andreas Scriven, head of consultancy at Christie + Co, said that capital expenditure ...
Posted: 23 March 2010 | 14:34
It has long been apparent that London has enjoyed a certain degree of protection from the ravages of the recession, when compared with the rest of the country.
The publication of the latest Coffer Peach Business Tracker results this week added further weight to this view, and offered further context to it.
Posted: 22 March 2010 | 16:59
Heston Blumenthal has received £200,000 compensation following a food-poisoning outbreak at his three-Michelin-starred Fat Duck restaurant. Blumenthal closed the iconic restaurant in Bray, Berkshire, for two weeks in February and March last year after more than 500 diners were struck down...
Posted: 22 March 2010 | 10:43
Courses at catering colleges could be cut and students turned away because of a looming £200m cut in funding for adult education, it has been claimed.
Further education colleges in England are calling on Chancellor Alistair Darling to protect adult students from cuts in his budget on Wednesday, the BBC said.
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Posted: 22 March 2010 | 10:24
A round-up of the weekend's news affecting the hospitality industry. News includes: alcohol duty forecast to rise by 5%-plus in the Budget; UK’s first dedicated cheese restaurant opens in Chelsea; Gourmet Burger King boss buys a stake in Tortilla and more…
Posted: 22 March 2010 | 10:14
Jarvis Hotels, which operates 42 and five associates properties hotels under the Ramada franchise, is believed to be in talks with its banks regarding the refinancing of its £122m debt. It was reported in the Times that a debt-for-equity swap or property sales are the likely result of a cashflow crisis at Jarvis.
Posted: 16 March 2010 | 15:19
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