Business

Britain’s managed pub and restaurant groups saw sales slump in January after a strong Christmas, according to latest figures from the Coffer Peach Business Tracker. Collective like-for-like sales were also down 1.8% against the same month last year, a downturn from December’s 4.1% like-for-like increase on the same month in…

Patisserie Holdings, trading as Patisserie Valerie, has sold its subsidiary company Baker and Spice to the Department of Coffee & Social Affairs for a total consideration of £2.5m. This follows the announcement of Patisserie Valerie being rescued from administration after it was sold to Irish equity firm Causeway Capital Partners.…

Bakery chain Patisserie Valerie has been bought out of administration by Irish equity firm Causeway Capital Partners (CCP) for an undisclosed sum. The transaction was funded with investment from Causeway Capital and the new management of the business. Steve Francis will remain as the chain’s chief executive officer. Some 96…

A Cornish pasty company looks to have reigned an age old row over the pastry item’s origins after its factory was bought out by Devon’s Torbay Council. Torbay Council bought the factory land for £3m in order to boost its finances through investment. Councillors in Cornwall are said to be…

The average hourly pay of workers over 25 in the UK significantly fell from £8.55 in June to £8.18 in November, before plateauing at £8.16 in December and rising to £8.38 in January. According to statistics from software provider for the leisure and hospitality industry Fourth, this is the first…

UK-based contract caterer Compass Group saw its organic revenue grow by 6.9% for the three months to 31 December 2018. The group attributed its growth to “strong levels of new business wins”, continued good retention rates. It also said the impact of the new UK Defence contracts and a “positive”…

Two multiple operators have taken on Edinburgh pubs and are undertaking major investments with Star Pubs and Bars, part of a £960,000 investment in four pubs in the Edinburgh area in the first quarter of 2019. The Annfield and The Victoria are both having kitchens installed to enable them to…

The Treasury Committee has launched a new inquiry into business rates to scrutinise how government policy has impacted high street businesses. The committee will examine how business rates policy has changed, including business rates retention, alternatives to property-based taxes, such as the proposed digital services tax. Nicky Morgan MP, chair…

Beverage company Diageo has reported a 5.8% increase in net sales, amounting to £6.9bn, in its half-year results ending 31 December 2018. The company said all the regions it operates in contributed to broad based organic net sales growth, up 7.5%, with organic volume up 3.5%. It closed the period…

The Caffè Nero Group has announced it has become the majority owner of Coffee#1, after acquiring shares from its owner SA Brain for an undisclosed sum. SA Brain has owner the Wales, Midlands and south England based Coffee chain since 2011 and the first Coffee#1 site opened in 2001. The…