Friday Five: the week's top news
- Top Leeds restaurant The Man Behind the Curtain has become the latest to launch a better value menu designed to attract customers looking for something lighter. It joins the likes of Hawksmoor and Oxeye in looking to encourage people in at lunchtime with a streamlined menu.
- Beleaguered casual dining operator The Restaurant Group (TRG) has received the backing of its largest shareholder ahead of its AGM later this month. The support from Columbia Threadneedle Investments, a US-based asset management firm that holds around 19% of TRG’s shares, will provide a welcome boost for the Wagamama and Frankie & Benny's owner after a tough couple of weeks that has seen it face criticism from two other significant investors.
- Restaurants saw a meagre uptick in sales over the Coronation bank holiday weekend (6-8 May), according to new figures from Barclays. Transactions were up just 4.42% compared to the equivalent dates in May last year. Pub and bar sales fared noticeably better, with transactions rising 26.7% as consumers made the most of longer opening hours.
- Family-run Cardiff restaurant Bully’s has permanently closed its doors after almost 30 years as a result of rising cost pressures. A statement published by the restaurant over the weekend confirmed the closure, with owner Russell Bullimore citing rising costs of produce and utilities as being behind the decision. “It is with a very heavy heart that we have had to make the decision to permanently close our doors to the restaurant,” the statement read. It comes as a legal expert warns that company insolvencies in hospitality could hit record highs this year.
- Prezzo has warned creditors that it would ‘likely enter into administration’ should its recently announced restructuring plan, which will see nearly a third of its estate closed, not be implemented. In a letter to creditors seen by The Times, the Italian casual dining chain, which is backed by Cain International, said the purpose of the restructuring plan is to ‘restore the group to financial stability’. The group is facing liabilities totalling £70m as a result of losses sustained by the 46 loss-making restaurants it announced the closure of last month.
For more of this week's headlines, click here.
