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Newswire - 7 July

07 July 2020Newswire Topics: Leisure & Nightclubs, Pubs & Bars, Rental, Restaurants, Sold
Newswire - 7 July

Wasabi looking into refinancing and possible sale:

The company had appointed restructuring advisers KPMG in May to explore a full range of strategic options, which now includes seeking potential new investment partners or a purchaser for the business. The company operates 51 high street-based sites in the UK.

Bistrot Pierre filing notice of intent to appoint administrators:

The 25-strong company has been working with adviser KPMG on its options, with a sales process generating interest from serial sector investor Luke Johnson and London-based investment firm Inspirit Capital.

Wetherspoons on rent deals

Eddie Gershon said: "We have contacted all our landlords and agreed individual deals. In some cases we've agreed zero rents while pubs are closed. In other cases, especially involving smaller landlords, we've asked for rent deferrals to be paid back in 2021, sometimes with interest. We've usually asked for monthly rents for the next 18 months or so. Landlords have generally been helpful and co-operative.

CDG close 91 restaurants permanently

The Casual Dining Group (CDG), the Bella Italia, Café Rouge and Las Iguanas operator, has been placed into administration leading to the closure of 91 of its 250 sites with immediate effect.

Prezzo starts sale process:

FRP Advisory is to lead an auction of the business. The company has begun the process after receiving a number of expressions of interest from unnamed parties. The group currently operates 180 sites and the company said all were profitable before the coronavirus outbreak.

PizzaExpress not in a position to pay June quarter rent

PizzaExpress has written to its landlords stating it is not in a position to pay quarterly bills that fell due last week.

British Land agrees rental waivers worth £3m for Hospitality operators:

British Land said it had agreed £3m worth of rental waivers for the June quarter, primarily for smaller, independent food and beverage operators. British Land's move comes on top of the £2m it waived for the March quarter.

Gulliver's Kingdom to open fourth and largest theme park, in Rotherham

Family-run theme park operator Gulliver's Kingdom is to open its fourth and largest theme park to date, in Rotherham, South Yorkshire, on Saturday, 11 July. The multimillion-pound development in Rother Valley spans 250 acres and feature more than 50 rides and attractions.

1m hospitality staff expected to return to work in July and more than six in ten outlets to reopen

A new survey by UKHospitality showed more than 960,000 staff are expected to return to work from furlough over the course of July and about 60% of the UK's hospitality sector will reopen on or within a few days of 4 July.

Creditors approve TRG leisure estate CVA

More than 82% of all creditors voted in favour of the proposal. As announced by TRG earlier this month, the CVA will leave a remaining trading estate in the group's leisure business of about 160 sites, of which circa 85 will be subject to a reduction in rental costs and revised lease terms.

Byron files notice of intention to appoint administrators

The move is designed to provide protection from creditors as the company holds detailed talks with three potential buyers. Sources said Byron's board remained confident of sealing a deal in the coming weeks, with the likeliest outcome a pre-pack administration. KPMG has been running a sale process.

4th Quarter blues

Andy Hornby, of The Restaurant Group has warned that the fourth quarter of this year is going to be really tough. By that stage all of us will be fully open, off furlough, and suddenly the reality is going to hit us, that if we are at 80% of last year's sales in the fourth quarter, which would be a great achievement, you are looking at a business that is minus 20% like-for-like. It is pretty daunting. If you look at what is happening in Los Angeles, Texas or Florida, and indeed parts of Germany, there will be some local lock-downs, it is almost inevitable, and we need to be ready for that, and making sure it is not blamed on our sector.

And Finally...deals are still being done

Brighton-based vegan pizzeria Purezza has secured its fourth site, in Bristol.
US franchise Star Cinemas is to open its first UK site, at The Concourse Shopping Centre in Skelmersdale, Lancashire
Mission Mars has launched Zumhof Bierhalle & Garten in Digbeth in the former nightclub Air in Heath Mill Lane and 4,000 square feet of an adjacent car park. The 1,200-capacity venue will feature two live performance stages, a food shack, fire pits and a tepee
Michelin-starred chef Michael Caines has acquired the former Rick Stein Restaurant in Porthleven, Cornwall.
Liverpool-based Lucky Penny is to launch an Iberian-style wine bar and cafe in the city next month.

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Author

Graeme Bunn

Graeme Bunn

Managing Director

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