D&D London has blamed the rising cost of business rates, salaries and food for a decrease in EBITDA during its last financial year, but insists earnings in the first six months of this year are already running 20% ahead. The company reported EBITDA of £11.6m for the year to 31 March 2018, down 11% on…
JD Wetherspoons’ food sales increase 5% for second consecutive year
Food sales at JD Wetherspoon have increased by 5.1% over the past year, matching the exact growth that it saw in bar sales. Although the growth, for the year to 29 July 2018, is slightly down on the 5.7% increase it achieved in food sales the year before, it suggests the pub chain’s food business…
UK cost pressures drive down Pizza Express earnings in ‘resilient’ half year financials
Pizza Express described its half yearly UK performance as ‘resilient’ following the publication of its latest financial results. Group earnings before interest, tax, depreciation and amortisation were down 16.3% on last year, to £35.1m. Pizza Express put this down to industry wide cost pressures in the UK and lower operation margins internationally. Despite this, group…
Richoux trading update shows plans to generate £1.35m from sale of London restaurant
Richoux Group, the owner and operator of 18 sites in the south, has provided a trading update for the half year period ended July 1, giving insight into the sale of a London-based restaurant. The group, which consists of the Richoux, Villagio, Friendly Phil’s and The Broadwick brands, has ‘remained focused’ on cost reduction and…
London-based restaurant Villandry plunges into administration
Villandry, which had restaurants in St James’ and Great Portland Street, has closed its doors following financial trouble. Villandry made the announcement via its website’s homepage, which reads ‘Sadly, we are now closed’. It also put out a short statement on the site which states: “Martha Thompson and Sarah Rayment of BDO LLP were appointed…
Metro Bank to support expansion of Chopstix with £2m debt facility
Metro Bank has given the oriental quick-service takeaway brand, Chopstix, a £2m debt facility to accommodate for planned growth. According to market insight company, MCA, Chopstix is planning to expand its already 66-strong UK and Northern Ireland portfolio by a further 10 locations in the next 12 months. The new debt facility will give the…
“Business as usual” says Gaucho management
The Gaucho Group management team has confirmed that for the company’s 16 Gaucho restaurants, it’s ‘very much business as usual’. The announcement follows the news that Gaucho had begun to struggle financially and had deemed it necessary to appoint an administrator, after its sister brand CAU closed its branches. This week, rumoured takeover bids for…
Wagamama sales growth up by 7.4% in strong financial year for the chain
Wagamama has released its financial report for the year, showing like-for-like sales growth of 7.4% year ending 29 April. Group turnover also increased by 13% and rose to £300.6m in 2017/18, while adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) also went up. Rising to £45.7m from £45.5m, EBITDA showed an increase of 0.4%…
Experienced restaurant investor the latest name linked with Gaucho
Luke Johnson, a restaurant investor with experience at Giraffe and Pizza Express, is the latest name to join the Gaucho takeover bid. According to a report from Sky News, Johnson is the latest figure to get involved in the takeover following American buyout firm Carlyle, which showed interest earlier this week. Johnson is a veteran…
Pubs contribute to consumer spending increase as Brits enjoy hot summer
Consumer spending rose 5% year-on-year for the third consecutive month in July, according to Barclaycard’s July report with pubs enjoying a wave of trading momentum thanks to England’s World Cup triumph. Consumers spent 41% more in pubs on England match days than on the equivalent days in 2017, with the heatwave and success of the…
