Business

The Restaurant Group (TRG) has announced it is a offer a discounted rights issue in order to fund its purchase of Wagamama. As many as 290 million new shares are set to be issued in a ‘13 for nine’ rights issue priced at 108.5p. Current shareholders and analysts have already…

Coffee supplier, Paddy and Scott’s, has signed a new four-year deal with TA Hotel Collection in East Anglia. Supplying coffee, machinery and training to the hotel groups’ hotels and restaurants, Paddy and Scott’s is hoping this new contract will raise the bar for coffee. As part of the new contract,…

Food services and facilities management group Sodexo has posted a 9.9% drop in its group net profit to €651m (£566m) for the year ending 31 August 2018. Its operating profit also took a hit with a 16.1% decrease to €997m (£867m) and its organic growth was recorded at 1.6%, a…

Black and White Hospitality has launched a new division that will focus on expanding its business globally. The hospitality business, which was co-founded by Marco Pierre White and Nick Taplin, has now signed a deal with RMAL Hospitality to form Black and White International. News on the deal will be…

The highest-ever number of restaurants closed in London in the last 12 months, according to the 28th edition of Harden’s London Restaurants guide. The capital has seen a record 117 closures – the highest since the guide was published in 1991- with 2003 having the previous highest number with 113…

Government-implemented costs are taking a significant toll on businesses in the eating and drinking-out sector, new data by UKHospitality and business property adviser Christie & Co suggests. According to the 2018 UKHospitality Christie & Co Benchmarking Report, controllable costs have risen to an average of 52.5% of turnover, the highest…

UK-based hospitality business has appointed a new managing director to head up its franchising division. Founded by chairman and CEO Nick Taplin, Black and White Hospitality, whose main shareholder is Marco Pierre White, has now on taken on board Brandie Deignan. Deignan will now oversee the growth of the group’s…

The Bank of England has placed interest rates on hold following growing uncertainty around Brexit. A vote to leave rates unchanged held by the bank’s Monetary Policy Committee (MPC) was in favour of leaving rates at 0.75% by 9-0. Financial markets are currently indicating that rates will not rise until…

One in seven pubs in England face rises in their business rates bills of nearly £5,000 despite measures announced at the Autumn Budget to cut the rates of smaller high street businesses. Analysis from commercial real estate advisor Altus Group showed medium sized pubs were the “big losers” in Hammond’s…

Frankie and Benny’s owner The Restaurant Group (TRG) has announced it has conditionally agreed to purchase Mabel Topco, operating as Wagamama for a cash payment of £357m. TRG said its offer valued Wagamama at £559m and it would convert some of its existing sites into Wagamama restaurants. It plans to…