Finance
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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
Next week 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: 16 March 2010 | 14:58
A round-up of the weekend's news affecting the hospitality industry. News includes: tourism could lead UK growth with government support; Punch to shake up board to reconnect with shareholders; Center Parcs believed to be heading for flotation; Titanic menus reproduced for memorial cruise...
Posted: 15 March 2010 | 10:13
Nightclub operator Luminar has seen same-outlet sales drop by nearly 10% for the year to February 2010, it revealed ahead of its full-year results on 13 May. The company, which said the final two months of the year were "severely affected by persistent poor weather across most of the UK"...
Posted: 12 March 2010 | 11:04
Pub operator JD Wetherspoon has announced that it is to start opening its pubs at 7am, as it brought cheer to the sector with a 41% rise in pre-tax profits for the first half of the year. The company started opening its pubs at 9am five years ago and said it now sold around 275,000 breakfasts per week
Posted: 11 March 2010 | 10:50
The Alternative Hotel Group (AHG) which operates De Vere Hotels and Resorts and Village Hotels and Leisure, has successfully completed a £650m debt-for-equity swap with the Bank of Scotland (BoS).
As a result of the debt restructuring negotiations, BoS will swap about £650m of debt ...
Posted: 08 March 2010 | 16:49
Hospitality operators in the UK are optimistic about business prospects in the first half of 2010 despite a tough trading environment in the last six months of 2009, a survey has found. According to the Santander Corporate Banking Business Confidence Index, which questioned nearly 875 businesses...
Posted: 05 March 2010 | 17:27
Story of the week: Industry figures have paid tribute to Rose Gray, the co-founder of the acclaimed River Café in London, who has died aged 71 after a prolonged battle with cancer. It was Hotelympia 2010 this week, and to round off the five-day event, the godfathers of the British culinary scene...
Posted: 05 March 2010 | 16:10
Costa Coffee continued to be the driving force behind sales growth at Whitbread, which announced a group sales lift of 5.4% in a trading update released today.
Like-for-like sales at Costa for the three months to 18 February grew by 9.5%, benefiting from the launch of Costa’s new ‘Flat White’ coffee ...
Posted: 04 March 2010 | 10:54
The Restaurant Group (TRG), owner of the Garfunkels, Chiquito and Frankie & Benny's chains, reported a marginal rise in pre-tax profit for 2009 and said it has had a good start to the current year. The company said pre-tax profit in the 12 months to 27 December 2009 rose by 2% to £48.33m ....
Posted: 03 March 2010 | 12:01
Cipriani London, the Mayfair restaurant and celebrity haunt, has called in the administrators after losing a costly trademark battle with the owners of the Hotel Cipriani in Venice. Cipriani International has appointed Ian Franses Associates “to protect its assets” after it was forced to pay £1.57m...
Posted: 03 March 2010 | 11:10
Gravetye Manor, the three-AA-red-star, three-AA-rosette country house hotel near East Grinstead in West Sussex, has been rescued from administration. The property, which collapsed into administration in January because it was carrying too much debt, has been sold to Saphos Hotels...
Posted: 02 March 2010 | 16:01
A round-up of the weekend's news affecting the hospitality industry. News includes: pub landlord jailed for defying smoking ban; Grosvenor House hotel tipped to become residential scheme for ultra-rich; Yo! Sushi looks to expand in Scotland; Rocco Forte Collection posts £35.8m annual loss...
Posted: 01 March 2010 | 10:23
Topics covered in Infozone's weekly briefing include: workforces could take 'several years' to recover from recession: employers should do more to help the jobless, say HR chiefs: use online accounting tools, hospitality operators advised.
Posted: 24 February 2010 | 10:39
The future of 44 pubs in the London Town group is under threat after the company entered a pre-pack administration last week. PricewaterhouseCoopers was appointed as joint administrator of London Town and one of its subsidiaries, GRS Inns on Friday. A group headed up by London Town's existing ...
Posted: 22 February 2010 | 10:37
A round-up of the weekend's news affecting the hospitality industry. News includes: London Town agrees pre-pack deal; US restaurant chain Ruby Tuesday to launch in UK; Chez Gerard owner faces second restructure; Wyndham Worldwide to buy Hoseasons and more…
Posted: 22 February 2010 | 10:31
London proved to be the most resilient market for International hotel firm Millennium & Copthorne hotels over 2009. Revenue per available room (revpar) in the company's London hotels declined by just 2.5% for the year. Overall, the company, which operates 120 hotels in 19 countries...
Posted: 19 February 2010 | 14:11
Last year was a tough one financially for hotels, with large drops in revenue per available room. Janet Harmer looks at the end-of-year results of four of the top groups. The end-of-year results for four major hotel companies highlight just what a tough year 2009 was for the industry.
Posted: 18 February 2010 | 14:02
If the multitude of quangos survives the next Government, the industry must have a greater influence on how they operate, says
British Hospitality Association chief executive Bob Cotton
Posted: 17 February 2010 | 14:32
Record viewing figures for Britain's Got Talent have helped Domino's Pizza boost its pre-tax profit by 27.8% to £29.9m. The pizza delivery firm, which sponsors the ITV show, also saw revenue for the year to 27 December 2009 increase 14% to £155m.
Posted: 16 February 2010 | 11:45
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