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.
-
Nov- 2022 -21 November
Restaurant insolvencies rise by 60% over the past year
Restaurant company insolvencies have increased by 59% over the past year, rising from 984 in 2020/21 to 1,567 in 2021/22, according to Mazars. In the last three months alone, the number of restaurant companies becoming insolvent rose by 15% to 453, up from 395 the previous quarter. It comes as…
Read More » -
21 November
Compass sees ‘strong’ organic revenue growth in Q4
Contract foodservice company Compass Group has revealed strong organic revenue growth of 37.5%, which in the current fourth quarter is at 116% of the company’s 2019 revenues, with business and industry at 106%. It is reported that the group’s underlying operating margin also improved year-on-year to 6.2%, with the second…
Read More » -
18 November
Industry reacts: ‘More is needed’ from Autumn Statement
The hospitality industry has warned that the chancellor’s Autumn budget, unveiled yesterday (17 November), does not go far enough with plans for economic growth, adding that “more is needed” to support pubs and breweries. Responding to the Autumn Statement, UKHospitality CEO Kate Nicholls, said she was “pleased that the chancellor…
Read More » -
18 November
EL&N to open new Edinburgh café
EL&N has announced that it will open a new café in St James Quarter, the 1.7m sq ft retail district in Edinburgh. It marks the café’s first UK launch outside of London. EL&N is known for its signature drinks such as the Spanish Latte and the Ombre Passionfruit Cooler mocktail.…
Read More » -
18 November
200 Degrees to open Derby site
East Midlands-based coffee roaster 200 Degrees has announced the opening of its new Derby coffee shop in Derbion shopping centre tomorrow (19 November). It is reported that the site is next to Boots on the ground floor of the shopping centre and it will seat more than 60 people, as…
Read More » -
17 November
Fuller’s revenues hit £169 in H1
Fuller’s has seen revenues increase to £168.9m in its half-year results, up from £116.3m the prior year, as trade recovered from the impact of Covid restrictions. Over the period, like-for-like sales rose by 20% compared to the prior year, with Central London sales growing by 67%. Adjusted profit before tax…
Read More » -
17 November
Food prices rise by a fifth in just 12 months
The CGA food price index has continued to rise with food price inflation hitting 19.9% for October 2022, making it nine consecutive months of double digit inflation. Core hospitality products like meat, fish, vegetables and fruit are now all in the 16%-to-19% range year-on-year. Food in total climbed a further…
Read More » -
17 November
Chancellor freezes tax thresholds in Autumn statement
Chancellor Jeremy Hunt has announced a raft of measures to help “stabilise” the UK economy and reduce inflation, with tax cuts and spending cuts totalling £55bn in the Autumn statement. As part of the new measures, Hunt confirmed that tax as a percentage of GDP will rise by over 1%…
Read More » -
17 November
Soho House CEO steps down
Nick Jones, the CEO and board director of Membership Collective Group (MCG), the group known for managing the member’s club Soho House, has announced his intention to step down from his role and transition to founder. The news comes following talks between Jones and executive director Ron Burkle have had…
Read More » -
16 November
Chopstix continues expansion roll-out with new Norwich site
Chopstix will continue its growth programme by opening its 2nd site in Norwich later this month. The new restaurant, located on Gentleman’s Walk, will be owned and operated by the company. With further site openings across both ownership models in the pipeline, the pan-Asian QSR brand is set to pass…
Read More »
