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Newswire - 15 April

15 April 2020Newswire Topics: Bristol, Finance, Leisure & Nightclubs, London, Pubs & Bars, Restaurants
Newswire - 15 April

TRG share placing

Leisure analyst Douglas Jack, of Peel Hunt, has stated according to Propel, that The Restaurant Group could leave 200 leasehold sites closed following raising £57m in a share placing, leaving an estate of c400 outlets.

Everyman cinema undertakes share placing

Also according to Propel, Cinema operator Everyman has raised £17.5m through an oversubscribed share placing. The company placed 17 million shares at 100p each, a 7% discount to Tuesday's (7 April) closing price. It represents 19.2% of the firm's issued capital.

Mitchells & Butlers waiver of finance breach

Langton Capital reports Mitchells & Butlers says it is possible that the forced closure of sites, as required by the Government, could amount to a technical breach of secured financing arrangements, but went on to announce that a temporary waiver until 15th May has been granted.

EI Group extend rent suspension and provide further Tenant support

The EI Group has suspended the collection of rent until further notice, as reported by the Morning Advertiser. This also includes insurance, tie release fees, F&F rental and purchase agreements. They will also defer service fees for contracted annual testing agreements.

Guide to reclaim cost and duty on unsold beer

Following HMRC's decision to provide additional flexibility, the BBPA has produced guidance helping pubs to destroy beer in their cellar and how they need to record it. Langton Capital reports this will help ensure excise for unsold beer gets back to brewers and credit gets back to pubs.

Hix Restaurant portfolio for sale via Administrators

Propel reports, Deloitte as Administrators are to seek premium bids for the restaurants previously operated by chef Mark Hix involving restaurants in:- Bankside, Farringdon, Hackney, and Soho. Also for sale are the freehold of the Hix Townhouse in Lyme Regis, and Hix Oyster and Fish House restaurant in Dorset.

And Finally...

UK Hospitality say 12,000 pubs could close. Smaller independent pub companies with less than 4 sites do not qualify for the Government's range of business support. Without immediate support many will close as they do not have the cash reserves to survive. This could mean as many as 12000 pubs could close across the UK. (Telegraph)

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Graeme Bunn

Graeme Bunn

Managing Director

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