Restaurant Share Discussion Threads

[john09] 08/7/2020 13:17

Straight in here on that news

[adobbing] 02/7/2020 17:49

Casual Dining Group (CDG) has entered administration with 91 sites in its c.250-strong restaurant estate set to be closed permanently.

The group, which owns the Bella Italia, Café Rouge and Las Iguanas brands, appointed Clare Kennedy, Peter Saville, Daniel Imison and Catherine Williamson of Alix Partners LLP as joint administrators earlier today (2 July), ahead of an expected sale of the business.

CDG says its board has determined that in today’s 'extreme operating environment', it is in the best interests of all stakeholders for the group to enter administration, which will enable it to conclude negotiations with landlords regarding the estate.

It adds that the decision is 'a critical step' to be resolved prior to the conclusion of the ongoing sale process.

The board and its advisors have received 'multiple offers' for the business, and the administrators will now seek to progress these.

“After reviewing all our options with advisors, it became clear that we needed to take this action in order to protect the business and secure the best possible future for Casual Dining Group as we look to conclude a potential sale," says CEO James Spragg.

"We are acutely aware of our duty to all employees and recognise that this is an incredibly difficult time for them. Working alongside the administrators we will do everything we can to support them through this process with a view to preserving as much employment as we are able to.”

The closures, which are spread across the group's various brands, will impact 1,909 employees in CDG's 5,959-strong workforce.

"We appreciate that this is an extremely difficult time for all those associated with Casual Dining Group," says Kennedy.

"Our immediate priorities are to assist those whose employment has been affected by today’s announcement and to secure a sale for the group in order to protect jobs and provide the Group’s much-loved brands with a sustainable platform for the future." ​

[paulisi] 02/7/2020 16:20

No - by cream, those with financial clout or with great reputations and management.F&B don't fit any of those criteria.....

[ianian4] 02/7/2020 15:48

Paulisi, And by the cream, I hope you dont mean Frankys. Cream floats, so does other stuff.

[paulisi] 02/7/2020 13:32

Expecting a big change in the market.Lots of large chains shrinking or disappearing.Only the cream will survive and the independents will become more prominent.

[adobbing] 02/7/2020 10:44

Another of the high street's ubiquitous Italian restaurant chains has begun exploring a sale as it seeks new backers to enable it to survive the coronavirus crisis.

Sky News has learnt that Prezzo has asked FRP Advisory, the professional services firm, to lead an auction of the business as it prepares to reopen dozens of sites after four months under the COVID-19 lockdown.

The sale process, which will follow a number of expressions of interest in the business from unnamed parties, adds to a crowded field of restaurant brands whose owners are looking to offload them amid the most difficult period in the industry's history.

[bend1pa] 29/6/2020 16:51

This should have been done at least 2 years ago when F&B were already in serious trouble, but the Directors preferred to look the other way. Now they've finally been forced to act. So maybe there's a genuine chance of survival for RTN, but I still have little faith in the BoD making sensible decisions if the recent past is anything to go by.

[adobbing] 29/6/2020 14:47

Sensible move, test out at a few outlets and learn and make changes before opening the rest.

[paulisi] 29/6/2020 14:38

I think this is wise - opening for Sunday lunch is sensible.Surprised they are only opening in waves though...

[paulisi] 29/6/2020 08:08

We know Wagamama are on Deliveroo now, so there is some revenue coming in.I expect the restaurants to be chokker over the weekend with families looking for a change of scenery, but not sure it will last.

[babbler] 23/6/2020 12:50

Prime Minister Boris Johnson says from 4 July the two metre rule is to be relaxed to "one metre plus" where 2m is not possible - but people will be encouraged to have mitigation in place to reduce transmission.He says: "We can now go further and safely ease the lockdown in England."At every stage, caution will remain our watch word. Each step will be conditional and reversible."

[paulisi] 16/6/2020 10:34

Share price climbing on hopes 2m rule will be reduced for eateries.

[paulisi] 10/6/2020 07:15

CVA in place for Frankie & Benny restaurants

[porsche1945] 03/6/2020 21:28

Need to switch Wagamama to a massively enhanced takeaway business to make up for lost restaurant sales. Leisure in the U.K. pretty uninvestable.

[adobbing] 03/6/2020 19:44

Brunning and Price is definitely worth keeping!

[john09] 03/6/2020 19:34

Basically they should keep Wagamama lol

[mattjos] 03/6/2020 19:16

The world will be a better place with Frankie & Benny's closing ... truly awful sh!tholes

[adobbing] 03/6/2020 11:03

Formally profitable pub division about to restart trading in a limited fashion, at a few outlets;

[paulisi] 03/6/2020 08:07

More talk of more closures particularly Frankie and Benny's non profitable restaurants.

[paulisi] 28/5/2020 16:07

The only option is that the shares have moved to a new index and fund managers have had to add.

[paulisi] 27/5/2020 12:51

There seems to have been some large buys at 11am.No idea why other than general market optimism that the economy is starting to get back to normal