News
The latest industry news 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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Aug- 2024 -1 August
Stonegate Group secures refinancing deal from TDR Capital
Stonegate Group, the UK’s largest pub company, has secured a refinancing deal from TDR Capital LLP, a UK-based private equity firm. Stonegate Group has agreed to refinance £3.0bn of debt, following strong demand from investors. As part of the deal, funds managed by TDR Capital will make a £250m shareholder…
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Jul- 2024 -31 July
Today’s news in brief – 31/07/24
UKH has called the changes to the LPC remit for 2025 “disruptive and unhelpful”, claiming that wages rates must strike an “affordable balance to help deliver growth for both businesses and staff”. The Low Pay Commission has also been ordered to narrow the gap between the minimum wage rate for…
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31 July
UKH calls new LPC 2025 remit ‘disruptive and unhelpful’
UKHospitality has called changes to the Low Pay Commission’s (LPC) remit for 2025 “disruptive and unhelpful”, claiming that wages rates must strike an “affordable balance to help deliver growth for both businesses and staff”. Business secretary Jonathan Reynolds has ordered the LPC to factor in the future cost of living…
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31 July
AngloThai restaurant to debut in London
Debut restaurant AngloThai, from husband and wife team John and Desiree Chantarasak, will open in Autumn in partnership with MJMK Restaurants. Following on from a number of pop-ups and residencies, the pair will be bringing their take on Thai-British cuisine with a European focused wine list to their first bricks…
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31 July
Turtle Bay FY sales hit ‘record’ £93.7m
Caribbean-themed restaurant chain, Turtle Bay, has reported a sales rise of 6.1% to a record high of £93.7m for the 52-week period to 31 March. According to the group, it managed to bounce back “quicker and stronger” following the pandemic and experienced “industry-leading” like-for-like growth in its estates with further…
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31 July
Snowfox rebrands to Wonderfield Group
The Snowfox Group, a multi-channel and international Japanese food business, has announced that it has rebranded to the Wonderfield Group. The new brand identity comes after its acquisition by Zensho, a Japanese food group, in June 2023 for $621m (£483.69m). The Wonderfield Group will consolidate the company’s brands under one…
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30 July
Today’s news in brief – 30/07/24
Greggs has reported that sales rose 13.8% to £960.6m during H1. During the period, the food-on-the-go retailer saw underlying profit before tax rise 16.3% to £74.1m and opened 99 new shops, including 30 relocations and 18 closures. This resulted in 2,524 shops trading. Greggs remains on track to achieve 140…
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30 July
Diageo FY sales fall 1.4% amid weaker demand in Latin America
Diageo has revealed that its reported net sales fell 1.4% to $20.3bn(£15.8bn) for the year ended 30 June 2024. The company has put this down to an unfavourable foreign exchange impact and organic net sales decline, partially offset by hyperinflation adjustments. Its organic net sales declined by $129m (£100.4m) or…
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30 July
Greggs H1 sales rise to £960.6m
Greggs’ sales rose 13.8% to £960.6m during the 26 weeks ended 29 June 2024. The food-on-the-go retailer has announced its underlying profit before tax was also up 16.3% to £74.1m. During the first half of the year Greggs opened 99 new shops, including 30 relocations and 18 closures, resulting in…
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30 July
JD Wetherspoon boss sells £10m of company shares
JD Wetherspoon boss Tim Martin has sold almost £10m worth of shares in the pub chain. On 26 July 2024, Martin sold 1,361,000 of the company’s ordinary shares on the London Stock Exchange at a price of £7.39 per share. As a result of the transaction, Martin’s voting rights in…
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