Ad
Ad
Ad
Tag

owner

Browsing

[ad_1]

Wolseley restaurant firm Corbin & King forced into administration in ‘power play’ by its Thai owners










Two of London’s best known restaurateurs face a battle for their empire after it was forced into administration in a ‘power play’ by its Thai owners. 

Chris Corbin and Jeremy King run top London restaurants including The Wolseley, which is popular among celebrities

They have been in business together since buying La Caprice in 1981, and in 1990 opened The Ivy, one of London’s most popular venues. 

Chris Corbin and Jeremy King (pictured with his wife Lauren) run top London restaurants including The Wolseley, which is popular among celebrities

Chris Corbin and Jeremy King (pictured with his wife Lauren) run top London restaurants including The Wolseley, which is popular among celebrities

The Corbin & King restaurant group has been fighting Thai hotelier Minor, which has had a 74 per cent stake, since 2017. 

King is thought to have opposed openings abroad and sought to bring in outside creditors. 

Minor opposed this and called in a £35million loan, effectively forcing it into insolvency. 

King said that was a ‘power play’, and that he and Corbin will buy it out of administration. 

King said last night: ‘There is absolutely no need to go into administration, we are trading extremely well and all suppliers, staff etc continue to be paid.’ 

Minor said: ‘Since 2017, Minor has put a number of commercially attractive expansion proposals on the table only to see them blocked by Mr King. 

As the majority shareholder, we refute in the strongest possible terms any suggestion Minor has anything less than the success of Corbin & King Ltd and the interests of all its stakeholders at heart.’ 

Advertisement

[ad_2]

[ad_1]

B&Q owner Kingfisher starts third tranche of its £300m share buyback scheme

  • The second tranche of its share buyback programme was completed on Monday
  • £300m scheme announced in September with shares set for cancellation  










Home improvement retailer Kingfisher will start a third £75million tranche of its share repurchase programme.

Last September the company, which owns B&Q and Screwfix in the UK, and Castorama and Brico Depot in France and other markets, committed to purchase £300million of its shares for cancellation.

Shares in FTSE 100-listed Kingfisher rose in early morning trading and are currently up 0.38 per cent or 1.20p to 317.70p. A year ago the group’s share price was 270.80p.   

Shares: Kingfisher has announced it will start a third £75m tranche of its share repurchase programme

Shares: Kingfisher has announced it will start a third £75m tranche of its share repurchase programme

The company completed the second tranche of its share buyback programme on Monday. The second tranche was worth around £75million.

Kingfisher’s third quarter sales stood at £3.2billion, down 2.4 per cent on an annual like-foe-like basis, but up 15 per cent on a two-year like-for-like basis. 

Market share gains continued to be made, with the retailer pushing its full-year sales and adjusted profit forecasts to the upper end of its prior guidance. 

Profit of between £910million and £950million was previously estimated. 

Kingfisher’s brands benefited from the boom in DIY during the pandemic, with millions of households spending more time at home.

But, vaccinations and increased travel opportunities this year could see DIY spending sacrificed in favour of holiday plans. 

‘Broader product supply challenges and rising raw material costs are worth remembering, with around 25 per cent of its cost of goods sold coming from Asia’, Keith Bowman, an analyst at Interactive Investor, said late last year.

Advertisement

[ad_2]

[ad_1]

Private equity giant KKR snaps up Raleigh bicycles-owner Accell in a £1.3bn deal










Private equity giant KKR has taken over Raleigh bicycles -owner Accell

Private equity giant KKR has taken over Raleigh bicycles -owner Accell

KKR has taken over Raleigh-owner Accell in a £1.3billion deal.

The private equity titan’s purchase of the European bicycle giant, which is based in the Netherlands, comes after cycling boomed during the pandemic.

The Raleigh Bicycle Company is based in Nottingham and is one of the world’s oldest bike makers. It was founded in 1885 by Woodhead and Angois and by 1913 was the world’s biggest bike manufacturer. Accell bought Raleigh UK, Canada and US for £62million in 2012. 

Another part of the group was bought by Pon Holdings, a Dutch rival of Accell.

Accell’s sales jumped around 17 per cent in 2020, when it sold around 900,000 bikes, making it a so-called ‘pandemic winner’.

But the bicycle industry is coming under pressure for a global supply chain shortage that is delaying deliveries of key kit such as seats and forks.

Advertisement

[ad_2]

[ad_1]

Frankie & Benny’s owner TRG raises profit forecast after sales outperform wider hospitality sector

  • TRG also owns the restaurant brands Wagamama, Chiquito’s and Garfunkel’s 
  • LFL sales at TRG’s pubs and leisure arms in December were lower than in 2019
  • Plan B curbs in England have severely damaged the hospitality sector’s trade










Frankie & Benny’s owner The Restaurant Group has upgraded its projected profits despite sales taking a blow from the Omicron variant in December.

The company’s trading update in November saw it hike its adjusted underlying earnings guidance for 2021 to between £73million and £79million, following a market-beating recovery in business as coronavirus restrictions loosened.

Citing continued outperformance during the last three months of the year and strong cost management, the group said it now expects to post profits towards the high end of this forecast.

Boost: Frankie & Benny's owner The Restaurant Group said it expects adjusted earnings for 2021 to be towards the high end of its £73million to £79million forecast

Boost: Frankie & Benny’s owner The Restaurant Group said it expects adjusted earnings for 2021 to be towards the high end of its £73million to £79million forecast

Like-for-like sales at its Wagamama outlets in October and November were up 11 per cent and 8 per cent, respectively, on pre-pandemic volumes before growth dwindled to just 1 per cent in December.

Sales at TRG’s pubs and leisure outlets fell by 2 per cent and 7 per cent in December respectively, whilst they plunged by more than a third at its concessions business, which tend to be located at UK airports.

But, according to the hospitality industry sales monitor Coffer Peach business tracker, UK restaurant revenues fell 4 per cent in December, whilst pub restaurant sales plunged by over a third and airport passenger numbers dived 47 per cent.

The UK Government’s introduction of ‘Plan B’ restrictions in England last month in response to rising Covid-19 infection rates discouraged more people from eating and drinking out.

Authorities in Scotland and Wales have imposed even harsher guidance on hospitality venues, with the latter mandating groups no larger than six in pubs and two-metre social distancing rules in public places.

As a consequence, already struggling hospitality businesses lost a considerable amount of sales during the critical Christmas and New Year trading periods and many were left on the brink of collapse.

Trade Like-for-like sales at TRG's Wagamama outlets in October and November were up by 11 per cent and 8 per cent, respectively, on pre-pandemic volumes

Trade Like-for-like sales at TRG’s Wagamama outlets in October and November were up by 11 per cent and 8 per cent, respectively, on pre-pandemic volumes

Prime Minister Boris Johnson’s announced on Wednesday an end to work-from-home guidance and the lifting of all Plan B rules by the end of next week, which should provide a much-needed lifeline to the industry.

Though TRG, which also owns the Chiquito and Garfunkel’s restaurant brands, has welcomed the move, it said consumer confidence may take longer to revive.

Yet, it remarked: ‘Despite the near-term uncertainties, the Board remains confident in the Group’s prospects given the strength of our brands, substantially reduced net debt and outperformance versus the market.’

Danni Hewson, a financial analyst at AJ Bell, said the company was ‘pretty heroic’ for expecting results at the high end of forecasts ‘given all the challenges currently facing it’.

She praised the group’s ability to keep a lid on costs and said the leisure division’s performance would be ‘particularly pleasing for investors’ considering the difficulties it has historically experienced’.

But she warned: ‘All areas of the business are continuing to outperform the wider market, and the company might well need to keep this up if it is going to continue to thrive against the backdrop of a cost of living crisis. This will put pressure on household budgets and likely reduce appetite for eating out.

‘More positively the lifting of restrictions and the opening up of travel again, which would boost its airport-based concessions, could provide the business with a tailwind.’

The Restaurant Group’s shares were up 1.25 per cent at 101.25p during the late Friday morning, meaning their value has climbed by about a quarter in the past month. 

Advertisement



[ad_2]

[ad_1]

Ladbrokes owner Entain cuts profit forecast as online gambling boom falters despite retail sales jump

  • Entain predicts underlying earnings of between £875m and £885m for 2021
  • The betting business benefited from a much-fuller sporting calendar last year
  • Fourth-quarter online gaming revenue at the FTSE 100 firm fell 6% year-on-year 










Gambling group Entain has narrowed its guidance as 23 consecutive quarters of digital revenue growth came to a shuttering end.

The Ladbrokes and PartyPoker owner forecasts making between £875million and £885million in underlying earnings for the 2021 financial year, against a much broader previous estimate of £850million to £900million.

Fourth-quarter digital revenue at the FTSE 100 firm fell 6 per cent year-on-year due to a solid comparative performance in 2020 when onerous Covid-19 restrictions led to betting shops closing and punters laying more bets online. 

Jumping strong: Ladbrokes owner Entain forecasts underlying earnings between £875million and £885million this financial year, against a previous estimate of £850million to £900million

Jumping strong: Ladbrokes owner Entain forecasts underlying earnings between £875million and £885million this financial year, against a previous estimate of £850million to £900million

Yet thanks to the majority of its more than 4,000 stores remaining open this time around, the group’s retail revenue between October and December surged by 62 per cent to within 10 per cent of pre-pandemic volumes.  

Although Entain’s retail revenue for the whole year plunged by over a fifth, a strong online performance in the first three quarters of last year helped its total net gaming revenues grow by 15 per cent.

The business, which also owns SportingBet and Coral, benefited from a much-fuller sporting calendar, including the UEFA European Football Championship, Tokyo Olympics events and the return of the Wimbledon Grand Slam tennis tournament.

But it has also reaped huge gains from the fast-expanding sports betting market in the United States, where activity has been flourishing since the Supreme Court’s decision to overturn a federal ban in 2018.  

Entain launched a tie-up with hospitality and entertainment company MGM Resorts the same year called BetMGM, which operates in 19 US states and territories. 

In a trading update released yesterday, the group revealed that it was the second-largest sports betting and gaming operator in the US markets where it functions for the three months to November 2021.

Big partnership: Entain launched its BetMGM tie-up with hospitality company MGM Resorts in the same year that the US Supreme Court overturned a federal ban on sports betting

Big partnership: Entain launched its BetMGM tie-up with hospitality company MGM Resorts in the same year that the US Supreme Court overturned a federal ban on sports betting

It expects revenues of around $850million for 2021, followed by more than $1.3billion the year afterwards, and to turn a positive underlying profit in 2023.

Chief executive Jette Nygaard-Andersen said: ‘2021 has been a successful and eventful period for Entain, and our market-leading platform has driven another year of strong, sustainable and diversified growth. 

‘All of our major markets have performed well. BetMGM, our hugely exciting business in the US, has been a particular highlight with FY21 net gaming revenue ahead of expectations and an upgraded outlook for 2022.’

The firm hopes to make further gains in the North American market when it launches online sportsbooks in Illinois, Louisiana and Ontario this year, and expands its bingo product and BetMGM Racing app into more states. 

Like many other British gambling companies, it has been the subject of serious takeover interest from US rivals, though it has not fallen into new ownership despite major bids being offered. 

MGM Resorts put forward an £8.1billion proposal to buy the group at the start of last year, but Entain rejected the deal on the grounds that its value was too low.

More recently, a £16.4billion takeover proposal from online betting giant DraftKings failed, with many analysts speculating that the joint venture partnership with MGM complicated the deal.

Shares in Entain were up 0.6 per cent to £17.20 during the mid-afternoon on Thursday, meaning their value has risen by 37.3 per cent over the last 12 months.

Advertisement



[ad_2]

[ad_1]

There are bound to be a volley of enquiries – for this yacht of two halves.

Billionaire Cardiff City FC owner Vincent Tan is selling his stunning asymmetrical multihull superyacht, Asean Lady, which is on the market for €30,500,000 (£30million).

The 289-foot (88-metre) yacht features a remarkable hull that’s designed to resemble a proa – a type of bamboo canoe that has been used by the indigenous people of the South Pacific for centuries.

Cardiff City FC owner Vincent Tan is selling his stunning asymmetrical superyacht, Asean Lady (pictured). It's on the market for €30,500,000 (£30million)

Cardiff City FC owner Vincent Tan is selling his stunning asymmetrical superyacht, Asean Lady (pictured). It’s on the market for €30,500,000 (£30million)

The yacht features a remarkable hull that's designed to resemble a proa – a type of bamboo canoe that has been used by the indigenous people of the South Pacific for centuries

The yacht features a remarkable hull that’s designed to resemble a proa – a type of bamboo canoe that has been used by the indigenous people of the South Pacific for centuries

Pictured is the Asean Lady's sweeping staircase, which is one of the most striking features of the 289-foot (88-metre) yacht's interior

Pictured is the Asean Lady’s sweeping staircase, which is one of the most striking features of the 289-foot (88-metre) yacht’s interior

The yacht's master cabin (pictured) covers 1,722 square feet (160 square metres) and boasts a private balcony and an office

The yacht’s master cabin (pictured) covers 1,722 square feet (160 square metres) and boasts a private balcony and an office

According to the sellers, Singapore-based Raffles Yacht Group, this distinctive design has given the yacht more space, the capacity to have larger windows, stability at anchor and stability while cruising.

The design was put to the test in December 2004.

Asean Lady was anchored off Phuket in Thailand when the Boxing Day tsunami hit – and she survived. 

This shot showcases the karaoke room on Asean Lady with its wrap-around leather seating, big-screen television and spot lighting

This shot showcases the karaoke room on Asean Lady with its wrap-around leather seating, big-screen television and spot lighting

Pictured is the bar onboard the Asean Lady, with stylish bar stool seating and plump leather sofas

 Pictured is the bar onboard the Asean Lady, with stylish bar stool seating and plump leather sofas

This photograph shows the elegant dining room on the yacht with its long banquet table, artwork and polished wood panelling

This photograph shows the elegant dining room on the yacht with its long banquet table, artwork and polished wood panelling 

Pictured is the jet ski storage area that's located on the canoe-shaped bow of the Asean Lady. The yacht is also home to a helipad

Pictured is the jet ski storage area that’s located on the canoe-shaped bow of the Asean Lady. The yacht is also home to a helipad

Raffles Yacht Group says her escape was a testament to her design, which saw her crowned Most Innovative Motor Yacht by Showboats International in 2005. 

There are eight staterooms on the vessel, sleeping up to 18 guests.

The largest room, the master cabin, covers 1,722 square feet (160 square metres) and boasts a private balcony and an office. 

Pictured is one of the king cabins on the Asean Lady. The yacht features a total of eight staterooms, sleeping up to 18 guests

Pictured is one of the king cabins on the Asean Lady. The yacht features a total of eight staterooms, sleeping up to 18 guests

This shot reveals what the day head - also known as the communal guest bathroom - looks like on Asean Lady. It's all shiny tiles and mosaics

This shot reveals what the day head – also known as the communal guest bathroom – looks like on Asean Lady. It’s all shiny tiles and mosaics

Pictured is one of the guest bathrooms on Asean Lady. The materials used in the interiors of the yacht add to its wow factor

Pictured is one of the guest bathrooms on Asean Lady. The materials used in the interiors of the yacht add to its wow factor

This shot shows the stunning office area that's part of the master cabin on Asean Lady

This shot shows the stunning office area that’s part of the master cabin on Asean Lady

Its bathroom, meanwhile, comes with twin sinks, a bathtub and a separate shower.

Other highlights of the yacht include a sweeping feature staircase, a yawning lounge and bar, a karaoke room, and an elegant dining room with a huge banquet table.

The yacht also has a helipad and room to store a collection of jet skis.

Pictured is the bridge of the ship. Asean Lady can reach speeds of up to 15 knots thanks to a 2,000hp engine and features forward and aft drives so she can 'walk sideways' into berths

Pictured is the bridge of the ship. Asean Lady can reach speeds of up to 15 knots thanks to a 2,000hp engine and features forward and aft drives so she can ‘walk sideways’ into berths

This photo showcases the aft deck of the yacht with its outdoor relaxation area. The design of Asean Lady was put to the test in December 2004. The yacht was anchored off Phuket in Thailand when the Boxing Day tsunami hit – and she survived

This photo showcases the aft deck of the yacht with its outdoor relaxation area. The design of Asean Lady was put to the test in December 2004. The yacht was anchored off Phuket in Thailand when the Boxing Day tsunami hit – and she survived

This shot features one of Asean Lady's kids' cabins, which has an interconnecting door that leads to a 'parents cabin'

This shot features one of Asean Lady’s kids’ cabins, which has an interconnecting door that leads to a ‘parents cabin’

Pictured is a stage area on Asean Lady. The yacht's sellers, Raffles Yacht Group, says: 'Asean Lady is particularly well suited for entertainment in a tropical environment with large indoor areas, giving everyone on board lots of space and privacy in a splendid environment'

Pictured is a stage area on Asean Lady. The yacht’s sellers, Raffles Yacht Group, says: ‘Asean Lady is particularly well suited for entertainment in a tropical environment with large indoor areas, giving everyone on board lots of space and privacy in a splendid environment’

Malaysian-Chinese businessman Vincent Tan became the owner of Cardiff City football club in 2010

The materials used in the interiors add to the wow factor, too – the yacht is a canvas of polished woods, mosaic tiles, neutral-coloured textiles and artworks, including intricate wood carvings.

On the technical side of things, Asean Lady can reach speeds of up to 15 knots thanks to a 2,000hp engine and features forward and aft drives so she can ‘walk sideways’ into berths.

Raffles Yacht Group says: ‘Asean Lady is particularly well suited for entertainment in a tropical environment with large indoor areas, giving everyone on board lots of space and privacy in a splendid environment.’

Malaysian-Chinese businessman Vincent Tan became the owner of Cardiff City football club in 2010.

The businessman, who made his money through a range of internet, utilities, retail and telecoms-related ventures, entered the Forbes billionaire list in the same year, with an estimated net worth of $1.6billion (£1.2billion).

[ad_2]

[ad_1]

Kleenex owner is cleaning up its carbon footprint by using Scottish windfarm to power its UK factories










Kimberly-Clark, the US owner of Kleenex, is cleaning up its carbon footprint by using a Scottish windfarm to power its UK factories. 

The Texas-based personal care giant has signed an agreement with renewable energy firm Octopus, which will supply green electricity from an onshore windfarm at Cumberhead in South Lanarkshire. 

Thinking outside the box: Kleenex owner Kimberly-Clark has signed an agreement with renewable energy firm Octopus, which will supply green electricity from an onshore windfarm

Thinking outside the box: Kleenex owner Kimberly-Clark has signed an agreement with renewable energy firm Octopus, which will supply green electricity from an onshore windfarm

Once the £75million windfarm is complete next year, it will supply 80 per cent of the electricity at Kimberly-Clark’s three UK factories and fully power its two main distribution centres. 

Octopus is funding construction through its London-listed investment fund, Octopus Renewables Infrastructure Trust. 

The power purchase agreement is the first for Kimberly-Clark outside the US. 

The firm, whose brands also include Andrex and Huggies, called it a ‘significant step’ in decarbonising its UK operations.

Advertisement

[ad_2]

[ad_1]

Premier Inn owner Whitbread sees temporary ‘softening’ in demand amid Omicron but expects hotel sales to fully recover by the end of the year

  • Whitbread saw sales increase over 3% in the quarter to 25 November
  • But rise of the Omicron variant of Covid-19 led to demand easing
  • The group expects hotel sales to fully recover by the end of 2022 










Premier Inn hotel group owner Whitbread suffered a hit to bookings in the last few weeks amid the rise of the Omicron variant of Covid-19.

Whitbread, which also owns the Beefeater chains, saw sales increase by 3.1 per cent in the quarter to 25 November, but concerns over Omicron in the last few weeks led to ‘softening’ demand, the group said. 

Total food and drinks sales fell over 11 per cent during the festive season, but Whitbread’s like-for-like hotel revenue was 5 per cent higher than the same period the previous year.

Whitbread expects sales at its UK hotels to fully recover this year. 

Bookings: Premier Inn hotel group owner Whitbread said the group suffered a hit to bookings in the last few weeks

Bookings: Premier Inn hotel group owner Whitbread said the group suffered a hit to bookings in the last few weeks

In its latest update, Whitbread said its operations in Germany had been hardest hit amid tighter lockdown restrictions over the period. 

Whitbread said today: ‘Market-wide supply chain challenges, and potentially softer trading in January and February, mean we have delayed around £20million of our previously guided…marketing and refurbishment investment plans this year, and our capital expenditure will now be around £275million.’

Boss Alison Brittain revealed today that the group had seen an improvement in supply chain pressures across the group in recent weeks.   

In today’s update, Ms Brittain said: ‘Q3 represented another strong performance in the UK with Premier Inn continuing to trade significantly ahead of the market. 

‘High levels of leisure demand and improving business demand helped maintain like-for-like accommodation sales ahead of pre Covid-19 levels. 

‘UK accommodation sales remained resilient in December, albeit softening as we moved through the month and into the festive period as a result of the onset of the Omicron Covid-19 variant. Whilst our hotel performance was excellent, the value pub and restaurant sector in which we operate remains more challenging.’

Victoria Scholar, head of Investment at Interactive Investor, said: ‘Whitbread said it expects Premier Inn’s revenues per average room will recover to pre-Covid levels this year. 

‘While quarterly total UK sales came in 3.1 per cent ahead of full-year 2020, total food and beverage sales fell by 11.1 per cent. The company warned that government lockdown restrictions are weighing on its German market and also warned that sector cost inflation will continue to be above historic levels in 2023.

‘Despite a flat performance for its shares in 2021, the stock has been trading in an ascending trendline since the December trough, with higher highs and higher lows and has recovered almost 70 per cent of its declines from the high at the beginning of November. 

‘The last few weeks have seen very few red candlesticks on the chart suggesting that from a technical perspective the bulls are gathering momentum with £34.50 as the next major resistance hurdle.’

Mamta Valechha, equity research analyst at Quilter Cheviot, said: ‘For investors, Whitbread can be viewed as a Covid recovery play and we have conviction that Premier Inn hotels will emerge from the crisis stronger and we see upside from the acceleration of the roll-out story in the UK and Germany.’ 

Shares in FTSE 100-listed Whitbread rose today, and just before 11am were up 0.56 per cent or 18.00p to 3,217.00p. 

Advertisement

[ad_2]