Cain International acquires Prezzo
Restaurant chain Prezzo is to axe 22 restaurants and cut 216 jobs after it was rescued out of administration. The Evening Standard report that private investment firm Cain International, which only bought the chain in December, has bought it back from administrators in a pre-pack deal to secure its future. The owner said the action protects the vast majority of Prezzo's 2,900 team members' jobs.
Heineken to cut 8,000 staff worldwide as pandemic hits sales
The Financial Times advise that global brewer Heineken has announced it will cut 8,000 staff worldwide over two years as a direct result of the drop in sales brought about the Covid19 pandeminc almost 10% of its workforce - citing a sharp drop in sales due to the pandemic. The restructuring plans were initially announced in October 2020 although the number of jobs affected has only just been revealed.
Former NWTC boss appointed at RedCat Pub Company
According to the Morning Advertiser, New World Trading Company (NWTC) former chief executive Chris Hill is set to become CEO at Rooney Anand's new venture RedCat Pub Company.
Luke Johnson lines up acquisition of Chapel Down beer business:
Chapel Down, England's leading winemaker, has announced that after a formal sale process it had agreed the sale of its Curious Drinks business, together with its beer and cider portfolio and its brewery and restaurant in Ashford, to Risk Capital Partners, Johnson's private equity firm, according to reports in The Times.
Successful South East pub operator Revived Inns takes new lease
Revived Inns, represented by Nick Earee from Fleurets Brighton Office, has added to its current portfolio of seven pub by taking a new lease at The Farm at Friday Street in Eastbourne, East Sussex from Tavern Pub Co. The pub was previously operated by multiple operator Whiting and Hammond before being placed in to administration. Tom Stovold, Director at Revived Inns, says "We are thrilled with this acquisition and can't wait to throw the doors open to all its loyal local customers."
Coconut Tree takes former Koh Thai site in Bath
Sri Lankan bar and restaurant group The Coconut Tree, with existing sites in Bristol, Cardiff, Oxford, Cheltenham and Bournemouth, has opened it's 7th site by taking the former Koh Tami unit in Bath. According to Somerset Live, the restaurant specialises in bringing fresh Sri Lankan cuisine to the UK.
Mellors Group buys Skegness Pier for £3m
Skegness Pier, which first opened in 1881, has been bought by the Mellors Group after being put up for sale for £3m, the BBC has reported. The new owners of Skegness Pier have said they want to restore the Victorian-built structure to its "former glory". "It's almost like Blackpool has its tower - Skegness Pier is that magnet," he said.
Imbiba invests in retro-arcade bar concept
The Caterer reports that Imbiba has invested £1.4m in immersive retro-arcade bar NQ64 to support its expansion across the UK. NQ64 has sites in Manchester, Liverpool and Birmingham and the funding will support the development of a pipeline of openings in Newcastle, Leeds and Edinburgh.
The Morning Advertiser reports dating expert Karen Mooney believes that pubs and bars will catch post-lockdown singles on the rebound. She explains that despite an uptick in Zoom dates and socially distanced walks, romantic on-trade outings will 'definitely bounce back' among those looking to shoot their post-Covid shot.