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.
Marston's and Carlsberg UK form joint venture business
The deal values the Marston's Brewing Business at up to £580m (13.0 times adjusted 2019 Ebitda) and the Carlsberg UK Brewing Business at £200m - Marston's is to receive a 40% stake in Carlsberg Marston's Brewing Company (CMBC) and a cash equalisation payment of up to £273m. Carlsberg UK takes a 60% stake. The deal will create value through synergies and productivity improvements. The cash payment to Marston's will materially reduce debt and enable it to focus on its "high-quality, well-invested pub and accommodation business.
Greene King reduce rents by 90% for ALL tied pubs
The support relates to the first four weeks a pub can legally reopen reducing to 50% for the following four weeks. This follows the first wave of financial support that covered the initial 12-week period from 18 March to 10 June involving one-to-one discussions with all 975 tied pubs to understand their immediate financial situation and ascertain which pubs needed immediate rent concessions as they had not been eligible for any government grants.
Whitbread launches £1bn rights issue
The company said its UK hotels are ready to open when the government advises - internal scenarios include the assumption that hotels are closed, or at low levels of occupancy, until September 2020.
Some pubs with outside space could reopen in July
The government are in discussions with the industry to see what measures may be possible to allow them to reopen. However, any opening is likely to be heavily restricted and limited at first to large venues with access to outside space, reports The Times.
Whitbread reports full year numbers to end-February
The year had been on an improving trend. H2 was better than H1. Revenues last year rose by 1.1%. F&B sales were +1.3% with accommodation down 0.1%. The group underperformed the market due to its overweighting in the regions and towards business customers.
Boparan Restaurant Group (BRG) buys 30 Carluccio's sites
BRG has completed the acquisition of the Carluccio's brand and 30 trading sites saving over 800 jobs. The company already operates Cinnamon, Fishworks, Slim Chickens, Giraffe and Ed's Easy Diner. BRG will also take on Carluccio's franchise partnership in the UAE and Qatar.
Cure is becoming worse than the disease
Draft House founder Charlie McVeigh has called on the hospitality industry to help the country turn the page and combat public 'FOGO' - the 'fear of going out', Morning Advertiser reports.
"Meanwhile sites" being considered as short term measure
Restaurant and bar operators are on the hunt for large, open-air 'meanwhile' sites as the government considers allowing hospitality operators to turn public spaces into al fresco drinking and dining establishments. Bar operator MJMK said "It looks like outdoor drinking is going to be more prevalent and people are going to shy away from cramped bars for the foreseeable future, We're looking at rooftops, car parks and potentially development sites."
The WHO one meter rule could save pubs
Pub operators have called on the government to consider halving the two-metre rule as they point out that World Health Organisation rules call only for one-metre spacing. The FT quotes Fuller's CEO Simon Emeny as saying that he thinks 'it's really important that [the rules] are relaxed by the time pubs reopen.' He points out that a one-metre rule would allow four times more customers
The Daily Mail says pubs, bars & cafes could reopen in June
The Telegraph is on to the same thing after government leaks. It says also 'Boris Johnson is also understood to favour proposals to temporarily relax Sunday trading laws to help boost the economy and allow more time for key workers to shop while social distancing is in place.'
Beer Day Britain 2020 to go ahead as virtual event. The UK's annual national beer day, is to go ahead as a virtual event. Operators and brewers are being urged to use the occasion on 15 June to connect with their customers by hosting online events such as pub quizzes, virtual pubs or beer and food matching and encourage their customers and social media followers to participate in the national "Cheers To Beer" toast at 7pm.