Cva - Hospitality

UK’s top 100 restaurant groups see profits increase twelvefold

07-Aug-2023 By James McAllister

The UK’s top restaurant businesses have recorded a twelvefold increase in their profits, new research by UHY Hacker Young shows.

Wahaca has ‘solid platform to grow’

02-Mar-2022 By Restaurant

Wahaca has said the restructuring it undertook in 2020 has given it a solid platform from which to grow.

Drake & Morgan CVA approved

09-Jun-2021 By James McAllister

Bar and restaurant group Drake & Morgan has secured approval to enter a Company Voluntary Arrangement (CVA).

Market Halls launches CVA proposals

01-Jun-2021 By James McAllister

Market Halls has launched a Company Voluntary Arrangement (CVA) proposal for four group entities in a bid to secure its future following more than a year of closure.

Drake & Morgan to enter a Company Voluntary Arrangement

13-May-2021 By Restaurant

Bar and restaurant group Drake & Morgan is to enter a Company Voluntary Arrangement (CVA) in order to help it recover from prolonged closures due to the Coronavirus pandemic.

Wasabi 'in a strong position to grow' as it plans for the future

11-May-2021 By James McAllister

Sushi and bento brand Wasabi says it is in a 'strong position to grow' as Covid restrictions ease, and is in the process of building a new openings programme.

Prezzo owner mulls insolvency options for Italian chain amid landlord discussions over rent arrears

08-Feb-2021 By James McAllister

The owner of Prezzo is exploring whether to put the Italian casual dining chain through an insolvency process amid continued uncertainty about the industry’s reopening timetable.

Caffè Concerto to launch CVA

08-Feb-2021 By James McAllister

London-based patisserie chain Caffè Concerto is launching a Company Voluntary Arrangement (CVA) in an effort to reduce its rent debt after facing legal action from one of its landlords.

Losses at top 100 UK restaurants groups up 112%

08-Feb-2021 By James McAllister

New figures reveal that losses at the top-earning 100 UK restaurants group increased 112% to £571m last year, rising from reported losses of £269m at the end of last March.

PizzaExpress exits another 23 sites

13-Jan-2021 By James McAllister

PizzaExpress has exited an additional 23 UK sites, with discussions ongoing at a number of other locations.

Lord Sugar fuels landlord-led challenge against Caffè Nero CVA

04-Jan-2021 By James McAllister

Lord Sugar is fuelling a landlord-led revolt against a rescue deal for Caffè Nero.

Leon CVA approved

21-Dec-2020 By James McAllister

Healthy fast food chain Leon has approved a plan to restructure the business through a Company Voluntary Arrangement (CVA), preserving 670 jobs.

Caffè Nero approves CVA following failed takeover approach

02-Dec-2020 By James McAllister

Caffè Nero has approved its Company Voluntary Arrangement (CVA) after more than 90% of creditors voted in favour of the proposal,

Leon launches CVA proposal

01-Dec-2020 By James McAllister

Healthy fast food chain Leon has served creditors with a two-year restructuring plan that will see the majority of its estate switch to a turnover-based rent model.

Caffè Nero rejects 'disruptive' EG bid in favour of CVA

01-Dec-2020 By James McAllister

Caffè Nero has rejected a takeover bid from the billionaire brothers behind petrol forecourt business EG Group, choosing instead to press ahead with its Company Voluntary Arrangement (CVA).

Leon explores CVA

24-Nov-2020 By James McAllister

Healthy fast food chain Leon is drawing up plans for a Company Voluntary Arrangement (CVA) in a bid to salvage its future.

Wahaca acquired in rescue deal by Nando’s owner

16-Nov-2020 By James McAllister

Wahaca has sold a majority stake to the billionaire owner of Nando’s.

Revolution Bars to close six sites as CVA approved

13-Nov-2020 By James McAllister

Revolution Bars Group's Company Voluntary Arrangement (CVA) has been approved with six sites to be closed permanently.

Caffe Nero launches CVA

13-Nov-2020 By James McAllister

Caffè Nero has launched a Company Voluntary Arrangement (CVA) in response to the 'decimation' in trade caused by the ongoing Coronavirus restrictions.

Busaba CVA approved

29-Oct-2020 By Finn Scott-Delany

Busaba Eathai’s Company Voluntary Arrangement (CVA) has been approved, with an 81% majority of creditors backing the proposals.

Ibérica to shutter two sites under CVA

26-Oct-2020 By James McAllister

Spanish restaurant group Ibérica is to close two of its seven sites following a Company Voluntary Arrangement (CVA).

Caffè Nero eyes CVA

26-Oct-2020 By James McAllister

Caffè Nero has become the latest high street operator to explore a Company Voluntary Arrangement (CVA) to help it emerge from the pandemic.

Tasty considers CVA

01-Oct-2020 By James McAllister

Wildwood operator Tasty says it is exploring a potential Company Voluntary Arrangement (CVA).

Pizza Hut CVA approved with 29 closures confirmed

28-Sep-2020 By James McAllister

Pizza Hut's UK dine-in franchise business is to close 29 restaurants, putting 450 jobs at risk, after its Company Voluntary Arrangement (CVA) was approved by creditors this afternoon (28 September).

Gusto 'secures its future' after CVA approved

23-Sep-2020 By James McAllister

Italian restaurant chain Gusto has completed a Company Voluntary Arrangement (CVA) that will save more than 600 jobs but also see four sites closed permanently.

Wahaca to write off £25m of debt under CVA proposal

22-Sep-2020 By James McAllister

Wahaca's creditors are to write off millions of pounds of debt in a financial restructuring that will also see the group permanently close more than a third of its estate.

Pizza Hut to permanently shutter 29 restaurants

09-Sep-2020 By James McAllister

Pizza Hut has announced plans to shut 29 restaurants as part of a Company Voluntary Agreement (CVA), with hundreds of jobs set to be lost.

PizzaExpress CVA approved

07-Sep-2020 By James McAllister

PizzaExpress' company voluntary arrangement (CVA) proposal, which will see 73 of the group's restaurants closed and 1,100 jobs put at risk, has been approved by creditors.

YO! CVA approved

02-Sep-2020 By James McAllister

YO! has confirmed it is to permanently shutter 19 sites after its Company Voluntary Arrangement (CVA) proposal was approved yesterday (1 September) by creditors.

Chilango sold out of administration

27-Aug-2020 By James McAllister

Burrito chain Chilango has been sold out of administration in a deal that will safeguard around 130 jobs.

Wahaca to close 10 sites as it considers CVA

26-Aug-2020 By James McAllister

Wahaca is to permanently close more than a third of its estate and is considering a Company Voluntary Arrangement (CVA), as it works to secure its future.

PizzaExpress formally launches CVA with 73 sites set to close

19-Aug-2020 By James McAllister

PizzaExpress has formally launched a proposal to reduce its UK restaurant estate and rental cost base via a company voluntary arrangement (CVA).

YO! eyes 19 closures as it launches CVA

17-Aug-2020 By James McAllister

YO! has set out a Company Voluntary Arrangement (CVA) proposal that will see 19 of its sites closed, with a loss of up to 250 jobs.

PizzaExpress plans for major restructuring that could see 15% of its UK estate closed

04-Aug-2020 By James McAllister

PizzaExpress is to undergo a financial and operational restructuring that will see it close a portion of its UK estate and put over 1,000 jobs at risk.

Itsu pursues CVA in a bid to cut rents across much of its estate

03-Aug-2020 By James McAllister

Itsu intends to close two sites and cut rents on a further 53 of its UK locations by means of a company voluntary arrangement (CVA).

Pizza Hut considering CVA

30-Jul-2020 By Joe Lutrario

Sky News is reporting that Pizza Hut is considering a CVA and has appointed professional services firm Alvarez & Marsal to explore a restructuring of the business.

TRG's CVA approved

29-Jun-2020 By James McAllister

The Restaurant Group (TRG) is poised to close 125 sites within its struggling leisure arm following the approval of a company voluntary arrangement (CVA).

TRG eyes 125 closures as CVA announced

10-Jun-2020 By James McAllister

The Restaurant Group (TRG) has announced that its struggling leisure arm is to enter into a company voluntary arrangement (CVA) that will see its estate reduced by approximately 125 sites.

PizzaExpress considers financial position

26-May-2020 By James McAllister

PizzaExpress could reportedly be forced to close a portion of its UK estate as a result of the growing financial pressures caused by the Coronavirus crisis.

Chilango CVA approved

06-Jan-2020 By James McAllister

Burrito chain Chilango’s company voluntary agreement (CVA) has been approved after receiving support from the vast majority of the company’s creditors and shareholders.

Losses for Top 100 UK restaurant groups increase to £93m

19-Nov-2019 By James McAllister

A combination of rising overheads, fewer alcohol sales, and a weaker pound has continued to impact the UK’s Top 100 restaurant groups according to accountancy group UHY Hacker Young.

Abokado launches CVA blaming 'bank fraud' and sales decline

11-Sep-2019 By James McAllister

London healthy eating chain Abokado is the latest restaurant group to launch a Company Voluntary Arrangement (CVA).

Playing the regeneration game

18-Jun-2019 By Tony Naylor

As traditional high streets falter, indie food and drink is increasingly seen as a saviour. But is this feeding frenzy sustainable?

Can Carluccio's avoid the same fate as Jamie's Italian?

17-Jun-2019 By Sophie Witts

The collapse of Jamie's Italian has put a fresh spotlight on restaurant chains that survived last year's 'casual dining crunch'. Can Carluccio's avoid the same fate?

Top 100 UK restaurant groups lost £82m in the last year, says report

28-May-2019 By James McAllister

Nearly half of the of the UK’s Top 100 restaurant groups are now loss making, according to accountancy group UHY Hacker Young.

Time for a chain reaction?

18-Apr-2019 By Tony Naylor

CVAs offer a lifeline for struggling chains. But, long term, can the very notion of a ‘quality chain’ survive this current casual dining crisis?

Giraffe and Ed's Easy Diner CVA approved

21-Mar-2019 By Sophie Witts

Boparan Restaurant Group (BRG) is poised to close over a third of its Giraffe and Ed’s Easy Diner restaurants following the approval of a company voluntary arrangement (CVA).