Cafes and Coffee Shops
The latest news and updates on cafes and coffee shops, from the business journalists at Catering Today. We bring you the latest on what’s happening in the restaurants, bars and catering industry, with exclusive stories, analysis, best practice and industry comment.
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Nov- 2018 -16 November
Patisserie Valerie CEO Paul May quits
Patisserie Valerie CEO Paul May has resigned from his role a month after a fraud inquiry began at the cake chain. May has been replaced by Steve Francis, who the company says has “proven track record of rapid operational performance improvements”. The company’s statement announcing May’s departure offered no thanks…
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6 November
Hospitality costs reach 12-year high
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…
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1 November
Hospitality wages ‘significantly outstripping’ new NLW thresholds
The average hourly pay of workers over 25 in the UK hospitality industry is currently £8.60 – 39p above the new £8.21 threshold for over 25s outlined in the Autumn Budget. This is according to the latest statistics from Fourth, global software provider for the leisure and hospitality industries. The…
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Oct- 2018 -29 October
Patisserie Valerie CFO resigns amid fraud investigation
The chief financial officer of crisis-hit cafe chain Patisserie Valerie has announced his resignation with immediate effect. On 9 October, Chris Marsh was suspended by the company after its directors discovered “accounting irregularities” and investigated potentially fraudulent activity. The company found that it had an unpaid tax bill of £1.14m…
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25 October
Soho’s Fernandez & Wells closes
Fernandez & Wells has closed its first ever site on Soho’s Lexington Street, the closure leaves the chain with three outlets all in the Soho area. The chain, founded by Rick Wells and Jorge Fernandez, which specialises in a unique blend of tapas, wine and sandwiches, has been open at…
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24 October
Winding up petition against Patisserie Valerie dismissed
The winding up petition against Stonebeach Limited, parent company of crisis-hit cafe chain Patisserie Valerie, has been dismissed. Patisserie Holdings released a statement on 24 October which said it was “pleased” that the petition against it been dismissed by the High Court of Justice, Business and Property Courts. HMRC served…
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15 October
Patisserie Valerie boss resigns from Restaurant Group board
Patisserie Valerie chief executive Paul May has announced he has resigned from his position on the Restaurant Group board “with immediate effect”. May has stepped down from the group which also owns brands such as Garfunkel’s and Frankie and Benny’s, as the bakery chain is hit with claims of fraud.…
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12 October
Patisserie Valerie saved from collapse with £20m rescue plan
Crisis-hit cafe chain Patisserie Valerie has been saved from collapse after entrepreneur Luke Johnson offered the company a rescue plan with two loans of up to £20m. Johnson, who owns a 37% stake in the company, has committed to a bridging loan of up to £10m to help the company…
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12 October
Patisserie Valerie chief finance director arrested
The chief finance director of embattled bakery chain Patisserie Valerie was arrested and has been released on bail, the company has confirmed. On Wednesday (10 October) the company announced it had suspended CFO Chris Marsh from his role as it investigated “potentially fraudulent” accounting irregularities. It later discovered that it…
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11 October
Patisserie Valerie warns of possible collapse
High street bakery Patisserie Valerie has warned that it could be forced to close unless it receives an “immediate injection of capital”. This news comes just a day after it temporarily suspended trading and suspended its CFO Chris Marsh from his role while it investigated “potentially fraudulent” accounts. The company…
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