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Saturday 29th November 2014
Update: Zizzi/Ask deal, Casual Dining show, Waverley collapse
Bridgepoint set for Ask and Zizzi deal: Private equity firm Bridgepoint is in exclusive talks to buy Ask Italian and Zizzi in a deal worth circa £225m. Once completed, the acquisition will complete the dismantling of Gondola Holdings, wh … view
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Friday 28th November 2014
Friday Opinion
Subjects: Key challenges at Mitchells & Butlers, best of the new breweries, talking points on the conference circuit, providing the personal touch with mobile technology
Authors: Paul Charity, Martyn Cornell, Ann Elliott and Stuart McLean.
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Friday 28th November 2014
Propel Friday News Briefing
Like-for-like sales and Ebitda up in 2014 as La Tasca turnaround takes hold: The tapas chain La Tasca, led by Simon Wilkinson, has reported that its like-for-like sales are up 5% in the current financial year, with 96% Ebitda growth. The compa … view
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Thursday 27th November 2014
La Tasca stems LfL sales decline, boosts site Ebitda
La Tasca stems like-for-like sales decline: Tapas chain La Tasca, led by Simon Wilkinson, has reported that it stemmed like-for-like sales decline to 0.4% in the year to 23 February 2014, compared to a drop of 2.5% the year before. Much b … view
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Thursday 27th November 2014
Marston’s reports “encouraging start” to new year
Marston’s reports “encouraging start” to new year: Brewer and retailer Marston’s has reported a “solid trading performance” with underlying Group revenue up 1% to £787.6 million and underlying PBT down 3.6% to £83.0 million … view
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Thursday 27th November 2014
Propel Thursday News Briefing
C&C Group puts its weight behind 'market rent only' option: C&C Group, the drinks producer that launched an unsuccessful bid last month to buy Spirit Pub Company, which owns 400 tenanted pubs, has thrown its weight behind moves to allow pub te … view
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Wednesday 26th November 2014
Nando’s posts half billion UK turnover
Nando’s posts half billion UK turnover: Nando’s Group Holdings has reported that turnover in the UK has hit £534.9m in the 52 weeks to 23 February 2014, up from £485.1m the year before. Profit before tax was £30.4m (2013: £33.4m). … view
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Wednesday 26th November 2014
Patisserie Valerie reports 37% increase in pre-tax profit
Patisserie Valerie reports 37% increase in pre-tax profit: Patisserie Valerie has reported sales up 27.5% to £76.6m and adjusted pre-tax profit up 37% to £11.3, in its maiden first year results for the 12 months to 30 September 2014. Adjuste … view
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Wednesday 26th November 2014
Propel Wednesday News Briefing
Greene King Leisure Spend Tracker – eating out outperformed leisure spend performance in October: British household leisure spending fell for the second consecutive month, the latest Greene King Leisure Spend Tracker reveals. Total leisure s … view
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Wednesday 26th November 2014
Exclusive: ETM Group to open first brewpub
Exclusive: ETM Group to open first brewpub: ETM Group, the gastro-pub operator led by Ed and Tom Martin, is to open its first brewpub, the Ealing Park Tavern in South Ealing in mid-December. The new brewpub, the company 13th site, will supply … view
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Tuesday 25th November 2014
10 Minutes with JD Wetherspoon founder Tim Martin
10 Minutes with JD Wetherspoon founder Tim Martin: This week James Hacon of Elliotts interviews Tim Martin of JD Wetherspoon. Tim tells us how JD Wetherspoon started, the trading advantages the company started with, his proudest moment, what i … view
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Tuesday 25th November 2014
M&B sets out two-year targets
M&B sets out two-year targets: Mitchells & Butlers chief executive Alastair Darby has set out a target to grow sales derived from three key “more attractive” market segments to 70% of all sales by 2016 – the three segments accounted … view
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Tuesday 25th November 2014
M&B momentum, Eclectic warns, pubco options after beer tie ends
M&B – ‘we are now gathering momentum’: Mitchells & Butlers chief executive Alastair Darby has claimed the business is now gathering momentum as like-for-like sales rose 2.4% in the first eight weeks of its 2015 financial year. Total … view
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Tuesday 25th November 2014
Propel Tuesday News Briefing
Private equity boss outlines his sector investment priorities: Stuart Veale, managing partner of the private equity firm Beringea, has outlined his sector investment priorities, naming the Asian food category, unusual property models, limited … view
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Tuesday 25th November 2014
Admiral Taverns reports EBITDA up 3.8% to £21.5m
Admiral Taverns reports Ebitda up 3.8% to £21.5m: Tenanted pub operator Admiral Taverns has reported underlying Ebitda up 3.8% to £21.5m (year-on-year) in the 52 weeks to May 2014. Ebitda per pub was up 10.2% and revenue per pub up 4.8%, ref … view
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Monday 24th November 2014
Propel Monday News Briefing
Peter Hansen – Wellington is the best case study of tenanted market’s future: The new tenanted pub company landscape, arising from parliamentary market rent proposals, is likely to mirror the recent history of free-of-tie pub company … view
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Friday 21st November 2014
Update: M&B, Enterprise, Fuller's, Inventive, CAMRA
Analyst – why haven’t M&B’s like-for-likes been improving?: Morgan Stanley leisure analyst Jamie Rollo has questioned why Mitchells & Butlers like-for-like sales have been static given improvement in some of the lead indicators. Ahe … view
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Friday 21st November 2014
Friday Opinion
Subjects: The myth of the female drinker, food and beverage’s growing significance in the retail context and old myths and noble lies
Authors: Martyn Cornell, Nielsen Harrap and Paul Chase
 

The mira … view

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Friday 21st November 2014
Fuller’s LfLs accelerate to 6.8%
Fuller’s LfLs accelerate to 6.8%: London brewer and retailer Fuller’s has reported managed like-for-like sales growth of 6.5% in the 26 weeks to the end of 27 September. Trading since the period end has accelerated to produce overall like- … view
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Friday 21st November 2014
Propel Friday News Briefing
Geof Collyer – market rents will exacerbate the difference between managed pubs/casual dining chains and tenanted pubs: Deutsche Bank leisure analyst Geof Collyer has argued that the proposed introduction of market rent option would pro … view
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Thursday 20th November 2014
Young’s reports LfLs sales accelerate to 8.8%
Young’s reports LfLs sales accelerate to 8.8%: London retailer Young’s has reported that like-for-like sales rose 6.9% in its First Half, the 26 weeks to 29 September – and 8.8% in the first seven weeks of its Second Half. The company al … view
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Thursday 20th November 2014
Propel Thursday News Briefing
Starbucks unveils wireless charging with a view to offering it in Europe within a year: Starbucks has unveiled Powermat wireless charging in approximately 200 of its stores in the San Francisco Bay area. The launch is the first step in Starbuc … view
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Wednesday 19th November 2014
Punch - “we’re considering implications on investment and disposals”
Punch – “we’re considering implications on investment and disposals”: Punch Taverns has stated that it considering the implication of yesterday’s House of Commons vote in favour of market rents in the sector for its investment and di … view
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Wednesday 19th November 2014
Market rent – Enterprise and analysts respond
Market rent – Enterprise and analysts respond: Enterprise Inns has criticised yesterday’s House of Commons vote that saw a vote by 284 MPs to 269 MPs in favour of an amendment by the Lib Dem MP Greg Mulholland allowing landlords an indepen … view
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Wednesday 19th November 2014
Propel Wednesday News Briefing
Laine Pub Company reports 7.34% increase in like-for-likes in transitional year: Laine Pub Company, the company led by Gavin George and Gary Pettet, which was formerly known as InnBrighton, and which saw investment this year from Luke Johnso … view
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Tuesday 18th November 2014
Government defeated in Commons vote over pubco market rents
Government defeated over pubco market rents: The government has been defeated in a Commons vote on the control that tenanted pub companies can exercise over pubs. MPs voted 284 to 269 in favour of an amendment allowing landlords an independent … view
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Tuesday 18th November 2014
Enterprise results, ETM Group and Yauatcha
Enterprise reports like-for-like net income growth for full year: Enterprise Inns has reported further progress in like-for-like net income with growth of 0.5% in the final quarter resulting in an increase of 1.4% for the full year to 30 … view
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Tuesday 18th November 2014
Propel Tuesday News Briefing
Fitch raises outlook on Wellington, warns on under-investment in estate: Ratings agency Fitch has revised its outlook on Wellington Pub Company, the UK’s largest free-of-tie pub estate with just under 800 pubs. It has raised its recomme … view
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Monday 17th November 2014
Update: Hummus Bros, Marston's, Bill's, JDW, Chop'd
Hummus Bros launches bond to raise £375,000: Hummus Bros, the London-based chain serving healthy Mediterranean food, founded by Christian Moutsset and Ronen Givon, has launched a bond on Crowd2Fund to raise £375,000. The bond pays 8% in … view
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Monday 17th November 2014
Loungers ‘still picking off low-hanging fruit’
Loungers ‘still picking off low-hanging fruit’: The all-day cafe-bar chain Loungers is still ‘picking off low-hanging fruit’ around its existing patch, managing director Alex Reilley said this morning. He was speaking as the company op … view
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Monday 17th November 2014
Analyst – M&B is in need of a spark after a flat 2014
Analyst – M&B is in need of a spark after a flat 2014: Numis Securities leisure analyst Douglas Jack has argued that Mitchells & Butlers is “in need of a spark, after a flat 2014”. Setting a Price Target of 420p, he changed his shar … view
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Monday 17th November 2014
Propel Monday News Briefing
Tortilla targets growth to 45 sites after securing £11.135m in funding from Santander: Tortilla, the largest fast-casual Mexican restaurant group in the UK and Europe, has secured £11.135m in bank financing from Santander Corporate Bank … view
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Friday 14th November 2014
Friday Opinion
Subjects: The limitations of Net Promoter Scores, US trends for 2015, great invention, and the impact of the smartphone on customer service
Authors: Chris Edger, Darren Tristano, Martyn Cornell and Ann Elliott
< … view
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Friday 14th November 2014
Juice bar brand take top slot in Horizons ones-to-watch survey
Juice bar brand take top slot in Horizons ones-to-watch survey: Fuel Juice Bars takes the top spot in Horizons’ latest survey of fastest-growing fledgling brands, having grown from eight units in 2011 to 24 this year. Fuel heads a league tab … view
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Friday 14th November 2014
Restaurant Group reports LfLs up 3%
Restaurant Group reports LfLs up 3%: The Restaurant Group has reported like-for-like sales have grown 3% in the 45 weeks to 9 November 2014. The company stated: “Since our half-year results announcement at the end of August, the Group h … view
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Friday 14th November 2014
Propel Friday News Briefing
Christian Rose steps down from Chicago Leisure: Christian Rose has stepped down as chief executive of the eight-outlet Chicago Leisure chain in the wake of its acquisition at the weekend by the nightclub company Luminar. Peter Marks, chief exe … view
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Thursday 13th November 2014
Update: Brewery sold, bar operator hits 20 sites, Domino's award
Weetwood brewery sold as founders retire: Weetwood Ales, which was founded in 1993 near Kelsall, Cheshire and now supplies beer to more than 300 outlets, has been sold in a seven-figure deal to enable its owners, Adrian Slater and Roger L … view
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Thursday 13th November 2014
Miller Brands UK reports surging demand for authentic world beers
Miller Brands UK reports surging demand for authentic world beers: Miller Brands UK (MBUK) has reported growing demand for authentic world beers with 11% Net Producer Revenue (NPR) growth in the UK in the six months ending September 2014. … view
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Thursday 13th November 2014
Propel Thursday News Briefing
‘Market rent only’ option ‘unlikely to happen’ says Punch chairman: Punch Tavern’s executive chairman, Stephen Billingham, told City analysts yesterday (Wednesday) he did not believe the so-called “market rent only” option, … view
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Wednesday 12th November 2014
Breaking: Rileys creditors, crowd-funding, Brunning & Price, pub sale
Rileys’ unsecured creditors face £5m shortfall: As insolvency specialists from Deloitte continue their search to find a buyer for the collapsed sports bar and snooker hall chain Rileys, unsecured creditors may be hit by a £5m shortfal … view
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Wednesday 12th November 2014
Punch reports underlying Ebitda of £205m
Punch reports underlying Ebitda of £205m: Punch Taverns has reported underlying Ebitda of £205 million (2013: £216 million) in the 53 weeks to 23 August 2014. Profit before tax was £69 million (including £30 million of profits attributabl … view
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Wednesday 12th November 2014
Propel Wednesday News Briefing
Coffer Peach Tracker – pubs and restaurants saw 2.2% rise in like-for-like sales in October, 4.1% inside the M25: The London economy remains the main driver of growth in the eating and drinking out market. Nationally restaurant and pub … view
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Tuesday 11th November 2014
24-hour London concept VQ wins investment from Richard Northcott
24-hour London concept VQ wins investment from Richard Northcott: VQ, the 24-hour London café & diner, is set to grow after securing new investment from Richard Northcott, the entrepreneur who founded Dodge City (now B&Q) and Pet City (now Pe … view
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Tuesday 11th November 2014
Inventive looks to add 12 sites to Cuban brand
Inventive looks to add 12 sites to Cuban brand: New Inventive Bar Company has unveiled its intention to add a dozen sites in two years to its Revoluciòn de Cuba brand, which currently trades from five sites across the UK in Manchester, S … view
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Tuesday 11th November 2014
Nick Varney to become chairman of the BHA
Nick Varney to become chairman of the BHA: Nick Varney, chief executive of Merlin Entertainments, will take over the role of chairman of the British Hospitality Association (BHA) when incumbent Alan Parker CBE steps down on 1 January 2015 … view
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Tuesday 11th November 2014
Propel Tuesday News Briefing
Star Pubs & Bars reports 3.5% increase in like-for-like volumes across 1,100 pub estate: Star Pubs & Bars, the operator of 1,100 tenanted and leased pubs owned by Heineken, has reported a 3.5% increase in like-for-like volumes across the … view
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Monday 10th November 2014
VAT reduction campaign gets UKIP conference hearing
VAT reduction campaign gets UKIP conference hearing: VAT campaigner Jacques Borel has continued a round of direct political lobbying by addressing a key UKIP conference with 700 delegates held in Southport. The French campaigner was invited to … view
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Monday 10th November 2014
Propel Monday News Briefing
Carlsberg survey shows pub remain UK’s favourite out-of-home leisure activity: Visiting the pub remains the number one out-of-home leisure activity for UK adults, a new study from Carlsberg UK has revealed. 34% of consumers choose to fr … view
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Sunday 9th November 2014
Moulton vehicle buys Walkabout operator
Moulton vehicle buys Walkabout operator: Private equity veteran Jon Moulton has acquired Walkabout operator Intertain in a £20m deal. The deal has been completed through Moulton’s Better Capital vehicle. The acquisition paves the way f … view
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Saturday 8th November 2014
Luminar buys Chicago Leisure
Luminar buys Chicago Leisure: The UK’s largest nightclub operator, The Luminar Group has acquired Chicago Leisure for an undisclosed sum. In its first major deal since its formation in December 2011, The Luminar Group has agreed to purc … view
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Friday 7th November 2014
Krispy Kreme reports transformational UK year
Krispy Kreme set for roll-out as UK turnover passes £50m: Krispy Kreme is set for a sustained roll-out after transforming its performance in the UK in the most recent financial year. The company has reported a 16% increase in turnover in … view
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Friday 7th November 2014
Friday Opinion
Subjects: Greene King’s managed ascendancy, pub market resurgence and alcohol and obesity
Authors: Paul Charity, Neil Morgan and Paul Chase

Greene King’s managed ascendancy by Paul Charity

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Friday 7th November 2014
Propel Friday News Briefing
JD Wetherspoon sets target of £8 minimum wage by 2020: JD Wetherspoon has set an internal goal to pay all hourly workers at least £8 an hour by the end of the next parliament in 2020, chairman Tim Martin has told Propel. The company inc … view
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Thursday 6th November 2014
Family brewer opens craft ale smokehouse site
Family brewer opens craft ale smokehouse site: A craft ale smokehouse pub restaurant, the Samuel Jones, created by St Austell Brewery, has opened on Exeter’s quayside. The brewer and retailer has invested £1.5 million in transforming a … view
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Thursday 6th November 2014
Analysts – Prezzo bid undervalues the company
Analysts – Prezzo bid undervalues the company: Two senior leisure analysts have argued that this morning’s recommended cash bid by TPG for Prezzo undervalues the company. Peel Hunt leisure analyst Nick Batram has argued that independent sh … view
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Thursday 6th November 2014
Prezzo board accepts bid from TPG to go private
Prezzo board accepts bid from TPG to go private: Restaurant chain Prezzo’s board has accepted a cash bid from TPG Funds, which has set up a vehicle called Papa Bidco, to take the company private. Under the terms of the deal, each Prezzo shar … view
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Thursday 6th November 2014
Propel Thursday News Briefing
Operators warned over 92% hourly staff turnover rate: Companies using the hospitality software firm Fourth's systems to handle their staffing, pay settlements and rotas were warned this week that they were seeing an average 92% turnover … view
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Wednesday 5th November 2014
JD Wetherspoon – LfLs up 6.3%, margin drops to 7.7%
JD Wetherspoon – LfLs up 6.3%, margin drops to 7.7%: JD Wetherspoon has reported that like-for-like sale rose by 6.3% in the 13 weeks to 26 October with total sales up by 11.3%. The company stated: “Sales were good through August and … view
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Wednesday 5th November 2014
Propel Wednesday News Briefing
KFC launches radical new design concept in the UK: Restaurant chain KFC is launching a radical new design concept, which it says represents “the future of interior design for KFC”. The prototype in Bracknell carries the tagline: ‘I … view
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Tuesday 4th November 2014
Opinion Special: Tim Martin on how to spot a sector winner

How to spot a sector winner by Tim Martin

There is great pressure on stock market-quoted companies to comply with corporate governance advice, issued by the FRC (the Financial Reporting Council), even though, as I recently wrote in Prope … view
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Tuesday 4th November 2014
Rooney Anand sets out GK and Spirit tie-up benefits
Rooney Anand sets out GK and Spirit tie-up benefits: Greene King chief executive Rooney Anand has told City analysts that a combined Greene King and Spirit Pub Company would create the UK’s leading pub company, “particularly the leading re … view
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Tuesday 4th November 2014
Analyst – JD Wetherspoon has a troubling dynamic
Analyst – JD Wetherspoon has a troubling dynamic: Simon French, leisure analyst at Cenkos, has issued a sell note on JD Wetherspoon, arguing the company ‘has a troubling dynamic’. French stated: “Wetherspoon has spent £608m of capex i … view
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Tuesday 4th November 2014
Greene King and Spirit agree bid terms
Greene King and Spirit agree bid terms: Greene King and Spirit have agreed takeover terms. Spirit shareholders will receive 0.1322 in new Greene King shares for each share they own and 8p in cash (payable by Spirit as dividends). The offer (in … view
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Tuesday 4th November 2014
Propel Tuesday News Briefing
Tim Martin – The Restaurant Group has been an outstanding success because it breached corporate governance rules in favour of experience on the board: JD Wetherspoon founder Tim Martin has argued that The Restaurant Group has been an outstan … view
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Monday 3rd November 2014
Taylor St Baristas eyes £20m turnover with £3m bond
Taylor St Baristas eyes £20m turnover with £3m bond: Nine-strong coffee shop chain Taylor St Baristas, led by Richard Shaer, is planning to expand to 30 sites and circa £20m of turnover by 2020. It has issued a ‘coffee bean bond’ o … view
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Monday 3rd November 2014
Manchester gets directly elected Mayor to maximise potential of north
Manchester gets directly elected Mayor to maximise potential of north: Greater Manchester is to get its own directly elected city wide mayor with powers over transport, housing, planning and policing, Chancellor George Osborne has announ … view
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Monday 3rd November 2014
Propel Monday News Briefing
Utopian Leisure collapse leaves Barclays with £6.85m shortfall: The collapse of Utopian Leisure, the north east operator of restaurants and nightclubs led by former Ultimate Leisure boss Bob Senior, has left Barclays with an estimated £ … view
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