Compass has shut down most of its sports and leisure, and education operations in continental Europe and North America. The caterer’s services to businesses has also been ‘severely impacted’ as a direct consequence of so many people now working from home and the wider COVID-19 pandemic. Shares in Compass yesterday were amongst the biggest sell offs as traders disposed … [Read more...]
Archives for March 2020
D&D London announced immediate temporary closure of all UK restaurants
Following Boris Johnson’s statement yesterday advising Londoners not to visit pubs, bars and restaurants in order to reduce the spread of Coronavirus, D&D London announced today the temporary closure of all its UK restaurants with effect from the close of business. Des Gunewardena, Chairman and CEO of D&D London commented: “We fully understand the need to play our … [Read more...]
Breaking News: Manorview Statement dated 17th March 2020 – Suspension of Trading
Manorview Statement dated 17th March 2020 - Suspension of Trading We are saddened to issue the following news recieved just now at 19.00. We would like to wish all the team at Manorview our very best wishes and their customers the least possible disruption to their plans. We hope all are well and not impacted directly by COVID-19. Not so very long ago we were reporting on … [Read more...]
Rishi Sunack pledges significant support for hospitality
The chancellor, Rishi Sunack standing alongside Boris Johnson this afternoon guaranteed £330bn of loans to businesses in a financial support package to shore-up the British economy in combating COVID-19. We are delighted to report that the hospitality industry were at the heart of today’s message from the government. Earlier today we reported on a letter to Boris Johnson … [Read more...]
Hospitality’s survival now in Government hands
Today UKHospitality and over 200 CEOs from across the UK’s hospitality sector have called on the Government to provide immediate support for businesses in light of the current COVID-19 pandemic. In a letter to the Prime Minister, published in full below, UKHospitality has said that, unless financial support is swift, then the sector is looking at unprecedented levels of … [Read more...]
COVID-19 macro view: Worldwide stock markets volatile
Regular readers will know that much of our reporting currently on COVID-19 is taking a macro view, looking at absolute basics that will shape things to come. Readers will know that we have cited watching what money markets are doing to try and gauge the economic pulse. On Saturday we were advising hospitality businesses to look at cash flow with ice cold pragmatism and with … [Read more...]
Roux Scholarship: competition postponed
We have just received the following email from Roux Scholarship: " It’s with regret, but for all participant’s safety, that we have taken the decision to postpone the remaining stages of the competition until the autumn. New dates will be confirmed in due course." A great shame but fully understandable under current COVID-19 circumstances. … [Read more...]
British Insurers statement on COVID-19 highlights ‘almost zero’ cover for hospitality businesses
Today the Association of British Insurers has issued a statement on the closure of businesses and the impact of COVID-19. It will bring no comfort to most businesses as standard business interruption cover does not cover the situation hospitality businesses across the UK face today. The statement highlights that as far as British Insurers are concerned there is almost … [Read more...]
COVID-19 impact on Hospitality Industry now catastrophic, says UK Hospitality
Boris Johnson on behalf of the UK government yesterday, for all intents and purposes closed the UK pub sector, and many businesses associated with it. In his address to the nation yesterday he was advising people not to go to pubs and implement social distancing. Whilst this is still not yet official government policy or law, it will nonetheless be observed by … [Read more...]
Prime Minister Johnson please note: US Government looks at issuing $1,000 to every citizen
CNN is reporting this afternoon that the US government is looking at issuing every US citizen in the next few days with $1,000 to combat the economic effect of COVID-19. This would amount to 1.7% of US GDP and would cost circa $350 billion. A number of economic advisors to the US government are already backing the idea, these include Greg Mankiw, a former top economic … [Read more...]
COVID-19: Hospitality and UK PLC needs another budget, fast
We were amongst the first to recognise and praise steps taken last week by the new Chancellor, Rishi Sunak in his budget, the same budget, less than a week later needs urgent review. Just as the government yesterday announced daily generic update briefings on COVID-19, businesses across the UK will need regular updates on the government’s financial policy, which needs to be … [Read more...]
COVID-19: Hotels to be turned into hospitals
Best Western Great Britain has read public and government concerns saying it can offer its numerous sites across the UK as temporary hospitals. The hotel chain could provide beds to meet potential demand from the NHS during the COVID-19 outbreak. Best Western said it will discuss the potential move this week and take exceptional measures to provide help. Best Western is … [Read more...]
Hospitality and catering businesses need to immediately recognise Cash is KING
Amongst the many never before seen circumstances surrounding the current COVID-19 pandemic is the speed at which the situation changes. It is changing faster than anything I have ever witnessed, and the one constant is the direction it is going, negative. This is particularly alien to realise and absorb if you are of a positive disposition. Your natural instinct is to flip … [Read more...]
Hotel acquisitions continue amid uncertain times
As hotels around the world stare at the current situation around COVID-19 and diminishing occupancy, buyers are still in the market to acquire properties. Two in recent days have been seen, the fist being a joint venture between Singapore-listed Soilbuild Construction Group and iProsperity, an asset manager which manages funds for Chinese high net worth individuals. The … [Read more...]
Bartlett Mitchell’s 20 years in business celebrated with £10,000 charity donations
Bartlett Mitchell, one of the UK’s leading independent caterers, has donated £10,000 to its employees’ favourite charities as part of the company’s 20th anniversary celebrations. BM team members were invited to nominate their most valued charities for consideration, after it was announced that the company will be making special donations in addition to its existing charitable … [Read more...]