Food and Drink
The latest news and updates on food, 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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Apr- 2021 -19 April
EG Group acquires Leon in £100m deal
The EG Group, owned by billionaire brothers Mohsin and Zuber Issa, has announced the acquisition of all 70 Leon restaurants in a £100m deal. The group, which recently acquired a majority stake in Asda, said the acquisition will complement EG’s existing 700 foodservice outlets in the UK and Ireland of…
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16 April
Takeaways and deliveries soar 346% in March
Delivery and takeaway sales in March 2021 reportedly rose 346% year-on-year as consumers continued to replace dining out with at-home orders. According to the CGA’s hospitality at home tracker, the figure also represented a 9% increase from February’s levels. The study found that deliveries accounted for over 62% of operators’…
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15 April
The Cellar expands offering with second site in Kings Cross
The Cellar is set to open its second wine bar and coffee shop in Kings Cross this May. The new site, which is located near Kings Cross Station on Pentonville Road, London, follows the launch of its first venue in The Cotswolds. The Cellar was founded by friends Mike White…
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13 April
Cake Box sees FY21 sales rise 14.7%
Cake Box, a cream cake retailer, saw like-for-like sales in its franchise stores increase 14.7% year-on-year for the 40 weeks ended 7 March 2021. In turn, the group said that it expects to report “record revenue” for the period, representing an approximate 16% rise profit before tax rise when compared…
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Mar- 2021 -31 March
Time Out Group set to launch £15m equity raise
Time Out Group is preparing to launch a £15m equity raise to assist the business’ return to “a stronger position” in the next financial year. The hospitality and media group’s finances have struggled over the past 12 months due to lockdowns resulting from the Covid-19 pandemic. The group posted a…
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31 March
Two in five licensed premises able to accommodate outdoor trading
Around two in five licensed premises will have some form of outdoor trading space when restrictions ease for venues on 12 April, according to the latest Market Recovery Monitor from CGA. The monitor revealed that around 41,100 premises (38.2% of all sites) in the UK have a garden, terrace, car…
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29 March
VFC secures £2.5m seed funding
VFC Foods, a newly formed vegan fried chicken company, has secured £2.5m seed funding to support its domestic and international growth. Led by Veg Capital, a vegan investment fund, the funding round was also joined by the firm’s senior leadership team and Johnson Resolutions. Launched in December 2020, VFC has…
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26 March
Investors shy away from Deliveroo IPO amid wages report
A number of potential investors are reportedly shying away from investing in Deliveroo shares ahead of its stock exchange debut, after a surveyed report claims that a third of its riders were paid less than minimum wage. It comes as the Independent Workers’ Union of Great Britain (IWGB) in conjunction…
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24 March
Amazon to reduce Deliveroo stake at IPO
Amazon’s stake in Deliveroo will fall to 11.5% following the group’s IPO, according to the IPO prospectus. The fall represents a 4.3% decline from Amazon’s current 15.8% stake, as roughly 23.3 million shares are to be sold, raising between £90.87m and £107.18m. This exit opportunity, alongside a dilution in its…
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16 March
Greggs swings to £13.7m FY20 loss
Greggs has posted a £13.7m loss-before-tax for the 53 weeks ended 2 January 2021, down from profits of £108.3m in 2019. The group attributed its first annual loss since the firm became a listed business in 1984 to “lower-than-normal sales levels” throughout the pandemic. The company’s revenues for the period…
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