Ban on business evictions extended to the end of the year
Unpaid rent bills could total £4.5bn this year with the majority from retail and hospitality: Many tenants worried they will not be able to pay the deferred rent when moratorium ends: Landlords say many tenants can pay and are taking advantage: Government advises "This is not a rent holiday. Rent is still owed, and where tenants can afford to pay they should do so." UKHospitality says it is a welcome step and will give much-needed breathing room, but it is only a stay of execution, it is not going to solve the crisis. More support is needed.
MOD Pizza UK in administration:
The company behind the 9 strong business has been placed into administration. Campbell Crossley & Davis is handling the administration process. Dunstone, the backer of Five Guys UK, had taken full control of MOD Pizza in the UK.
Famous Brands starts GBK sale process
Deloitte is carrying out an accelerated sale process of the 67 site business. It is believed that unless a solvent sale can be concluded, a deal via pre-pack administration could be one possible outcome. 9 sites has been earmarked for closure if a deal is completed.
Brighton Pier Group reports sales at 77% of last year
6/8 golf sites and 2/12 bars reopened on 4 July and the other 2 golf sites on 24 August. Like for Like sales are better than expected:- Total 77%, Pier 78%, Golf 86%, Bars 59%.
Licensing solicitor John Gaunt & Partners has produced a monthly summary of licensing news relating to the covid 19 situation, this can be accessed here.
Côte has appointed advisors to explore its options
The 100-strong French brasserie chain backed by BC Partners, is working with advisors FTI Consulting on its options, which could include a sale or a debt for equity swap. A Cote spokesman said "Prior to lock-down, Côte was trading well with record sales and strong Ebitda growth".
Gusto to launch CVA process. The company has been working with restructuring advisory firm RSM on an accelerated sales process and has determined a CVA offers the best prospects. This would include agreeing new rental terms on the majority of its estate, and closure of a handful of restaurants.