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.

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Newswire - 31 March

31 March 2020Newswire Topics: Investments, Pubs & Bars, Restaurants
Newswire - 31 March

As we all adjust to a very different work and personal life, Fleurets continues to support its clients - clients of old, new and future - employees, families and friends. We remain available by email and telephone and are continuing to provide all our usual advisory and transactional services as we work together to support your businesses and properties.

Government orders closure of pubs and restaurants

As reported by the BBC, the Government has extended the financial support package in an effort to help protect the self-employed sector during the crisis. The self-employed can now apply for a grant based on 80% of average monthly profits (taken over a period of three years), up to a maximum of £2,500 per month.

City Pub Co raises £15m

City Pub Co has issued 30,000,000 new ordinary shares to certain existing investors and shareholders, raising £15m, and a further £7m is hoped to be sought via an open offer; as reported in the PMA.

Food & Fuel and Chiquito enters administration

As reported in Propel, The Restaurant Group has placed its London based pub and bar business, Food & Fuel, in administration. TRG acquired the business in 2018 for £15.4m. The majority of Chiquito, their Mexican casual dining brand has also been placed in administration. Concerns are now also being mooted about the future of Wagamama which the Telegraph has reported is shelving its debt restructuring due to the current circumstances.

Carluccio's collapses

Following the CVA last year, Carluccio's woes, exacerbated by the current crisis have led to administrators, FRP Advisory, now being appointed, announced by Propel on Monday afternoon. Over the weekend, Propel also reported that Carluccio's and Byron had been in talks about a possible merger however this did not progress beyond discussions.

Community good news stories

At a time of extensive bad news, there are still heart-warming and positive news stories being reported across the country, on a small neighbourly scale to a large scale. Big Hospitality has reported the likes of Pizza Hut and Deliveroo (supported by various restaurants) pledging to deliver hundreds of thousands of free meals, to NHS workers over the coming weeks and months; and on a smaller scale there are stories of individuals doing good deeds, including the story reported by the BBC of a man in Denchworth, Oxfordshire who has funded the delivery of fish and chips for the whole village and aims to continue doing so for the next 12 weeks, with the fish and chips to be prepared by the local pub.

And Finally...

During a time of great uncertainty, Fleurets are delighted to share some good news. Nick Earee, Divisional Director at Fleurets, acting on behalf of two separate Pub Co clients has exchanged contracts on two closed pubs; The Lamb in Lewes, East Sussex, which has always been a popular music venue and will reopen post refurbishment; and the Castle in Outwood, Surrey, which is located in an affluent and desirable area between Redhill & East Grinstead, close to a number of visitor attractions, and is to be sold with the benefit of its premises licence.

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Author

Graeme Bunn

Graeme Bunn

Managing Director

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