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.
Boparen aim to acquire several Caluccios sites
Sky News reports, Boparan Restaurant Group, has entered into exclusive talks to acquire part of the 71-strong Carluccio's business, which was placed into administration at the end of last month. It is thought Boparan are interested in about 30 of Carluccio's best-performing sites, to convert to the Slim Chickens brand.of Carluccio's best-performing sites, converting to the Slim Chickens brand.
Thai restaurant chain Busaba appoint advisors
Busaba has appointed advisors as it looks at securing new investment or a buyer. The group, which operates 13 sites in the capital, is understood to have appointed KPMG to help it assess options, which if new investment doesn't come forward could include a restructuring of the business and a possible company voluntary arrangement.
Vapiano appoints advisors
Advisors have been appointed to find a buyer or new investor for Vapiano UK, the Italian casual dining brand. PwC have started marketing the 7 UK units, comprising five in London, Edinburgh and Manchester. At the start of this month, Vapiano filed for insolvency due to liquidity problems. The listed company reported it would need an additional liquidity injection of €36.7m due to the coronavirus crisis.
Wave of insolvent pubs expected with continued lock down
Hundreds of hospitality businesses are only surviving at the moment because of agreements with creditors and the government's job retention measures. UHY Hacker Young has reported the rise in winding up petitions for pubs since the start of the year is noticeable, but for the pub and bar industry the crisis is far from over. If pubs aren't able to reopen and start generating income soon, there is likely to be a wave of insolvent pubs.'
Missed opportunity on beer duty
The BBPA says 'the Government's failure to defer beer duty is a huge blow to pubs and brewers. It will put brewers under even greater financial strain, meaning there is a real risk to their ability to resupply pubs when they can safely re-open after the Coronavirus lockdown.
Government guarantee loans
Small firms are to get access to 100% taxpayer-backed loans after they raised concerns about slow access to existing coronavirus rescue schemes. Chancellor Rishi Sunak told the House of Commons the scheme, which will be for businesses with a turnover of up to £200,000 and for up to 25% of their turnover, wc 4th May.
16 Hospitality enter Administration
16 Hospitality, which owns and operates four pubs across Cheshire and Anglesey, has fallen into administration. Sarah O'Toole and Jason Bell, of the Manchester office of Grant Thornton UK, have been appointed joint administrators to the business. The pubs are closed due to coronavirus restrictions and the majority of the workforce has been furloughed.
Pubco and Brewers support their tenants
Everards cancel rent payments for all tenants in April and May and Shropshire brewer and retailer Joule's, has said once its pubs are allowed to reopen it will not ask for rent payments in full. The Wellington Pub Company is reported to have said that it will give tenants a three-month, rent-free period where deemed appropriate.
Operators increase the pace of re opening units for delivery and takeaway including:- Shake Shack (2), Franco Manca (2), Chopstix (6), Burger & Lobster (2), Wagamama (4), TGI Friday's (24), Bone Daddies (2), Five Guys (7 more), Nando's (6) and KFC has said it will have 100 of its restaurants open for delivery by Monday (4 May).
The property market is not totally closed and deals are still completing, as witnessed by the recent sale of the Anchor in Siddlesham, West Sussex which was sold last week by Fleurets off a guide price of £398,000 for continued pub use.