Restructuring
This covers restructuring activity across the UK foodservice, hospitality, and catering sectors, including business model overhauls, site closures, CVAs, administration processes, and turnaround plans. We report on the financial and strategic decisions affecting restaurant groups, pub operators, catering firms, and F&B suppliers, with analysis of their implications for staffing, operations, and supply chains. Designed for owners, operators, and executives navigating commercial pressures or monitoring market shifts among competitors and peers.
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Sep- 2020 -30 SeptemberNews
Burger King calls in advisers to review CVA options
Burger King is reportedly considering the closure of some of its small UK branches following a restructuring process brought on by the Covid-19 pandemic. According to Sky News, the restaurant’s UK operations team has called in advisers from AlixPartners to review options for one of its subsidiary companies, which owns…
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28 SeptemberRestaurants
Gusto CVA approved, 600 jobs saved
Italian restaurant chain Gusto is to go ahead with its CVA plans, which it said secures the future of the business and more than 600 jobs. Amid the “most challenging trading conditions seen for the casual dining sector in a generation”, the firm said the CVA was “overwhelmingly” supported by…
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11 SeptemberCafes and Coffee Shops
Caffe Nero drafts in KPMG for landlord negotiations
Caffe Nero has drafted in KPMG in a bid to negotiate high street rent cuts with landlords, according to Sky News. It comes as the coffee chain, which operates 660 stores across the UK, is looking to “review its options” regarding its property portfolio amid the latest government restrictions concerning…
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7 SeptemberRestaurants
Pizza Express creditors approve CVA
Pizza Express has announced today (7 September 2020) that its creditors have approved its proposed company voluntary agreement (CVA). In a virtual meeting last week, 89% of all responding creditors voted in favour of the CVA, passing the 75% threshold, while 67% of responding unconnected creditors approved the proposal. The…
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4 SeptemberCafes and Coffee Shops
Pret to launch ‘first ever’ in-shop coffee subscription service
Pret A Manger has announced it is to launch the “UK’s first ever” in-shop coffee subscription on Tuesday 8 September – the company’s first step to deliver its new multichannel strategy. The ‘YourPret Barista’ coffee subscription will cover all drink options prepared by Pret’s barista team and comes at a…
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Aug- 2020 -28 AugustCafes and Coffee Shops
Pret a Manger to cut 2,800 jobs
Pret a Manger has confirmed it is to cut 2,800 high street jobs as part of a restructuring following almost two months of consultations with team members. The high street chain said that although sales and footfall have started to show “clear signs of recovery”, Pret sales over the last…
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24 AugustRestaurants
Wasabi launches CVA proposal
Wasabi, the grab and go sushi and bento retailer, has announced the launch of a company Voluntary Arrangement (CVA) proposal. Founded in 2003 and employing over 1,500 staff, Wasabi operates a total of 51 sushi and bento shops in the UK, the majority of which are located in central London.…
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21 AugustCoronavirus
Accommodation and food service sectors see 53% drop in insolvencies
The accommodation and food services sectors have seen a 53% drop in insolvencies from May to July 2020, compared to the same period in 2020. According to RSM, some 597 insolvencies were recorded by the Insolvency Services for May to July 2019 and 279 for the same period this year.…
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19 AugustRestaurants
Pizza Express to close 73 sites, 1,100 jobs at risk
Pizza Express has formally launched a CVA in a bid to reduce its restaurant estate and rental cost base following the pandemic. The CVA proposal will see the permanent closure of 73 restaurants, resulting in a loss of 1,100 jobs. The casual dining chain first announced it had reached an…
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17 AugustRestaurants
Yo Sushi to axe 250 jobs following CVA
Yo Sushi has announced it will shutter 19 sites and axe 250 jobs in a bid to restructure the business following the crisis. The move comes after the dining group launched a company voluntary arrangement (CVA) in light of “changes in consumer behaviour” that have made its rents “unsustainable” across…
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