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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Dec- 2018 -4 DecemberRestaurants
Simon Cope resigns as Byron CEO
Simon Cope has resigned from his position as the CEO of embattled burger restaurant chain Byron amid the company’s restructuring plan under a CVA. His termination document appeared on Companies House on 3 December, stating he resigned on 30 November, just 18 months after joining from Wagamama, initially as Byron’s…
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Nov- 2018 -27 NovemberAnalysis
Recent criticism of CVAs raises the question: “are they fit for purpose?”
In 2018, we have seen a number of high-profile retail restructurings and common to many is the use of a company voluntary arrangement (CVA). After much press comment, which tended to focus on the plight of landlords, R3, the association of business recovery professionals, produced a report in May 2018…
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12 NovemberRestaurants
250 jobs at risk as GBK closures given the go-ahead by creditors
Creditors have given approval for burger chain GBK to close 17 underperforming restaurants putting 250 jobs at risk. GBK is currently undergoing a major restructuring plan which includes the renegotiation of rent alongside the closures. The company’s restructuring plan was announced after it claimed to suffer from increased competition and…
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Oct- 2018 -29 OctoberBusiness
Profits at top 100 UK restaurant groups plunge 80% to £37m in a year
The total pre-tax profits at the UK’s top 100 restaurants have plummeted by 80% in the last year to £37m, down from £194m 12 months ago according to accounting firm UHY Hacker Young. The drop means that pre-tax profits at the UK’s top 100 restaurant groups have fallen 89% from…
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24 OctoberBusiness
GBK enters CVA
GBK has announced it is to enter a CVA this afternoon (24 October) following the appointment of Deloitte in September to oversee a restructuring of the business. In an announcement, Famous Brands, the South African restaurant chain’s owners said: “The CVA process has the objective to ensure financial viability and…
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Sep- 2018 -4 SeptemberBusiness
Casual dining brands show growth despite high street woes
Casual dining has continued to grow with visits up 7%, latest figures from global information company The NPD Group have shown. The firm said many operators – especially newer, challenger brands – are continuing to focus on expansion despite high-profile closures and restructuring that some have described as the ‘Casual…
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3 SeptemberRestaurants
GBK ‘appoints restructuring advisors’ prompting CVA suspicions
Burger chain Gourmet Burger Kitchen (GBK) has reported appointed restructuring advisors Deloitte leading to suspicions that the company could be set to enter a company voluntary arrangement (CVA). According to The Times, Deloitte is seeking rent reductions and site closures for the chain which recently reported a loss of £2.24m…
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Aug- 2018 -7 AugustOpinion
Is the demise of restaurant chains a good thing for local independents?
The Gaucho restaurant group is the latest in a list of chain restaurants to appoint administrators or announce restructuring and branch closures. The news, including the closure of their 22 Cau restaurants follows on from the restructuring of Jamie’s Italian, Prezzo, Café Rouge, Byron and Strada. In my home city…
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1 AugustRestaurants
Ed Baines’ ‘Randell and Aubin’ restaurant for sale
TV chef Ed Baines’ ‘Randell and Aubin’ restaurant in Manchester has been listed for sale with a lease price of £80,000 per year. The seafood restaurant was opened in late 2017 in an attempt to replicate the success of Randell and Aubin’s Soho branch which has been a staple of…
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Jul- 2018 -3 JulyBusiness
Restaurant CVAs rise by 143% over six months
New research has found the number of restaurants entering a company voluntary agreement (CVA) has increased by 143% over the last six months compared with the previous period. Data analysed by law firm Linklaters shows that there were 12 CVAs in the first quarter of this year. This compares to…
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