Finance
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Choice Hotels International has reported earnings of £104.5m for the year 2009, a fall from £130m during the previous year. The group, one of the largest lodging franchisors in the world, revealed that franchising revenues declined by £29.1m or 15% to £162.5m in 2009...
Posted: 15 February 2010 | 16:29
The Rezidor Hotel Group has reported a net loss of £24.5m for 2009, down from a profit of £22.6m in 2008. Revenue for the group – which operates the Radisson Blu, Park Inn and Hotel Missoni brands – also fell by 13.7% to £588m. Like-for-like revenue per available room (revpar) decreased...
Posted: 15 February 2010 | 15:02
Pub operator London Town has seen the price of its shares fall to just 0.5p this morning following reports that it is set to enter a pre-pack administration. The company, which has specialised in working with companies like Punch Taverns and Enterprise Inns to reopen closed pubs and turn them around,...
Posted: 15 February 2010 | 12:26
Pubs, restaurants and hotels across the country could share up to £20m in refunds after the British Hospitality Association (BHA) and British Beer and Pub Association (BBPA) won a High Court legal battle over the charges they pay to play recorded music. Phonographic Performance (PPL) appealed...
Posted: 15 February 2010 | 10:32
A round-up of the weekend's news affecting the hospitality industry. News includes: pubs and hotels win court battle over music fees; Paramount private members’ club averts administration; US ‘breast-aurant’ chain Hooters up for sale for $250m; JD Wetherspoon backs move to Euro time zone...
Posted: 15 February 2010 | 10:17
Story of the week: Two major chef departures this week as rumours surround Cliveden and the news that Chris Horridge, star of the Great British Menu and head chef of the property’s Waldo’s restaurant, is to leave, while earlier in the week Michelin-starred chef Ryan Simpson – and his brigade – quit the Goose...
Posted: 12 February 2010 | 14:33
The majority of small and independent hotels fail to spot the warning signs of an impending financial crisis and take action too late. Jean-Pierre Van Der Rest and Jan Adriaanse look at what measures you can take to ward off insolvency.
Posted: 12 February 2010 | 12:28
A hotel in north Norfolk is to continue trading normally, despite its owner being declared bankrupt. A bankruptcy order was issued against Ranald Maxted, who traded as Aylsham Lodge hotel.
Posted: 10 February 2010 | 15:46
A round-up of the weekend's news affecting the hospitality industry. News includes: Compass cuts sales decline and buys Canadian firm; Scottish hotelier to launch country’s first home-grown commercial wine; PizzaExpress named as Britain’s most valuable casual dining brand and more...
Posted: 08 February 2010 | 10:07
American-owned Starwood Hotels and Resorts has predicted a 'rebound' in 2010, despite seeing losses from continuing operations deepen to $186m (£117m) in the fourth quarter of 2009. Profits were hurt by a $362m (£228m) impairment charge, largely caused by calling a halt to the development...
Posted: 05 February 2010 | 16:11
If former Mitchells & Butlers (M&B) chairman Simon Laffin needed a drink after being thrown off the company's board last week, it's a fair bet he stayed away from All Bar One, O'Neill's or any of its other 2,000 outlets. The row between Laffin and the firm's major shareholders - billionaire Joe Lewis...
Posted: 05 February 2010 | 11:55
Italian restaurant chain Carluccio’s said it expects overall trading conditions to remain challenging in 2010 but added it was set to meet its five store opening target for the year. The company reported strong trading over the festive period and said that turnover for the 17 weeks to 24 January...
Posted: 05 February 2010 | 10:31
Fuller, Smith & Turner has reported 'record sales' in December for its managed pubs and hotels and predicted that full year results would be ‘ahead of expectations’. But the freezing January weather "took the gloss off" its figures for the businesses, with like-for-like sales rising 2.6% ...
Posted: 04 February 2010 | 14:58
Hotels are being warned that they have only weeks left to reclaim tens of thousands of pounds each in overpaid business rates from the last five years.
Manchester-based Commercial Valuers and Surveyors (CVS), which has helped its hotel clients save over £7m by challenging...
Posted: 03 February 2010 | 15:06
Pubs are "back on investor' radars" as fears over debt and, deregulation and property subside, according to a City analyst. In a note on the sector yesterday from Merrill Lynch, analyst Lena Thakkar said: "A recovery could come faster than anticipated with an economic upturn, boost from the World Cup...
Posted: 03 February 2010 | 14:15
Hospitality and food and beverage industry bosses are more optimistic about recovery in the sector than they were 12 months ago. That's the result of a survey of 311 executives by London-based management Allegra Strategies. But senior industry figures were still cautious about the prospects for 2010...
Posted: 03 February 2010 | 10:32
The Capital Pub Company has bought two more pubs in London, as it said it had seen 'robust' trading since November last year. The firm said it had taken a 40% stake in Ensco 600, the company which owns the Havelock Tavern, a freehold pub in Brook Green, W14, for £280,000. It plans to buy the remaining 60% from January 2011 onwards.
Posted: 03 February 2010 | 10:23
Cockburn's of Leith, Scotland's oldest wine dealer, has collapsed into administration.The Edinburgh-based firm, which once supplied Charles Dickens and a banquet of King George IV, started trading in 1796 and became the first commercial importer in Scotland.
Posted: 01 February 2010 | 10:21
A round-up of the weekend's news affecting the hospitality industry. News includes: Analysts upgrade forecasts for Premier Inn and Costa Coffee; investors back Costa acquisition of Coffeeheaven Sir John Ritblat fails to buy back Merchant Inns; actor urges diners to shop ‘unsustainable’ fish restaurants and more...
Posted: 01 February 2010 | 10:09
Story of the week: Spanish celebrity chef Ferran Adrià dominated the news this week with the announcement at Madrid Fusion that he is to close his three-Michelin-starred restaurant El Bulli for two years. Still on the theme of iconic chefs, French patissier-chocolatier Pierre Herme...
Posted: 29 January 2010 | 16:01
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