At this challenging time we appreciate that owners and operators need information in order to understand their options. Fleurets remain available by email and telephone, and continue to provide all our usual advisory and transactional services, as we work together to support your business’s needs.
The Ritz changes hands
The world famous Ritz hotel, located in London's Mayfair, has reportedly been sold by the Barclay Family. According to This is Money the purchaser is one of the wives of a former Qatari leader. The purchase price is believed to be in the region of £700m.
Benito's Hat placed in administration
As reported in The Caterer, the parent company of Benito's Hat, Pico's Ltd, which operated eight Mexican street food themed fast-casual dining restaurants across London and the southeast, has entered administration. The company underwent a CVA in 2019, followed by further restructuring early this year, resulting in four sites being closed and leaving just four sites open and trading prior to the Coronavirus triggered enforced closure. It is understood that these four sites are being sold in a pre-pack agreement to DGMP UK.
The Telegraph has reported that following the closure of Hix Soho at the end of 2019, Mark Hix, the eponymous restaurateur, has now filed for administration of his parent company, WSH & Mark Hix Restaurants, along with Restaurants etc and Hix Townhouse.
National Living Wage increase goes ahead
The planned increase in the National Living Wage took effect from 1st April despite operators struggling to maintain cashflow through the current crisis. The NLW now stands at £8.72 per hour for employees aged 25 or older, an increase of 6.2%. The NLW also increased for 21-24year olds, rising by 6.5% to £8.20 per hour. It is unclear at the current time as to how this relates to furloughed employees. (BBC)
As Easter often marks the usual closure of ski resorts across Europe, which sadly closed early this year due to the pandemic, a positive story for the ski-lovers.
The Sun has reported a major new snow, retail and leisure development proposed for Middlehaven Dock in Teeside has been granted planning consent. The proposed development, called SubZero, will include a 165m ski slope, 52m beginner slope, climbing walls, bowling alley, trampoline centre alongside restaurants and bars.