Friday Five: the week's top news
- 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.
