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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Nov- 2020 -9 NovemberCafes and Coffee Shops
Caffe Nero lenders prepare for CVA
Alcentra and Partners Group, which reportedly provides mezzanine debt to Caffe Nero, has called in financial advisers as the company prepares for a CVA that could potentially lead to permanent store closures and job losses. According to Sky News, Alcentra has requested FTI Consulting to join them in discussions regarding…
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2 NovemberNews
Tasty reports £11m loss
Tasty, a restaurant group that owns Wildwood and Dim T, has reported a loss of £11m for the six month period ending 28 June. According to the company’s interim report, Covid-19 restrictions caused total sales to fall 59% from £21.1m to £8.7m. All of the firm’s sites closed from 24…
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Oct- 2020 -27 OctoberNews
Revolution Bars to close six sites as part of CVA
Revolution Bars has confirmed it will launch a CVA proposal in order to reduce the size of its estate as the group continues to struggle with government trading restrictions. The company revealed plans to close some of its 76 venues across the UK after the 10pm curfew law saw sales…
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26 OctoberRestaurants
Iberica closes two sites in CVA, 135 jobs saved
Iberica, the Spanish tapas restaurant and bar group owned and operated by Iberica Food and Culture Limited, has preserved 135 jobs after a successful CVA restructuring. The Iberica CVA was approved in late September, securing over 99% support from creditors, with every landlord among them voting in favour. Although Iberica’s…
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26 OctoberCafes and Coffee Shops
Caffe Nero eyes CVA proposal
Caffe Nero is reportedly considering the launch of a company voluntary arrangement (CVA), as the pandemic takes a toll on its earnings. According to Sky News, the coffee chain is considering a CVA to cut costs on rent bills and exit loss-making outlets. Reports suggest it has not yet been…
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19 OctoberCafes and Coffee Shops
Pret A Manger to axe further 400 jobs
Pret A Manger has announced that it will close a further six branches and make up to 400 more redundancies as the pandemic continues to affect business. The food and coffee chain had previously cut 2,890 jobs and permanently closed 30 sites through a restructuring of the business, it announced…
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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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