Friday Five: the week's top news

By Sophie Witts contact

- Last updated on GMT

Friday Five: the week's top news
We round-up some of the top hospitality stories you might have missed this week

-  Wagamama has been sold to The Restaurant Group (TRG),​ owner of the Chiquito and Frankie & Benny's brands, for a reported £357m. The deal will see TRG expand the booming noodle chain, converting some of its existing sites and moving in to concessions.

- The Autumn Budget drew a mixed response from the food and drink industry, with a cut in business rates but no freeze on wine duty. For a breakdown of what the Budget means for the sector click here.

- The majority of struggling Gourmet Burger Kitchen (GBK) restaurants earmarked for closure or rent reduction under its CVA opened within the last two years, documents show.​ The company said that its business strategy during this time was flawed and driven by a race to market outside the GBK "heartland".

- KerbEdge, the North East burger brand, has been ordered to wind up by the High Court.​ The concept, which ran four restaurants and two pub residencies, will cease trading after reportedly struggling with losses.

- Profits at the UK's top 100 restaurant groups fell a whopping 80% in the past year, according to new figures​ from accountancy firm UHY Hacker Young. The report says 37 of the 100 chains are now loss making. 

For more of this week's news, click here.

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