Tag Archives: Restaurant & Bar (NEC) (TRBC level 5)

Italy’s Autogrill sells its US highway business for $ 375 million | Instant News


FILE PHOTOS: Autogrill point visible on the Grande Raccordo Anulare (Great Ring Junction) highway in Rome, Italy, 8 March 2016. REUTERS / Max Rossi

(Reuters) – Italian caterer Autogrill SpA said on Wednesday it was selling its US road business to a consortium led by Blackstone Infrastructure Partners for $ 375 million.

The sale of businesses offering food and drink from brands such as Starbucks and Burger King along this highway is part of Autogrill’s plans set for 2019.

The Benetton family-controlled group sold its Spain operations to a Barcelona, ​​Area-based restaurant group in January, while the Canadian highway travel center operation was sold out about two years ago.

Autogrill, which also runs a catering business at the airport, hopes to finalize a deal by the summer of 2021.

Because of the sale, the company revised its revenue guidelines for this year and 2024.

It posted a loss of 480 million euros last year as the pandemic vacated the bars and restaurants it runs on airports and highways.

Reporting by Sarah Morland in Gdansk; edited by Jonathan Oatis

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The UK is on a COVID-19 lockdown – how much will it cost? | Instant News


LONDON (Reuters) – Prime Minister Boris Johnson announced the lockdown on Monday night saying the highly contagious variant of the novel coronavirus that was first identified in Britain is spreading so fast that it risks weighing on healthcare.

Britain on Tuesday announced 4.6 billion pounds ($ 6.2 billion) in new lockdown grants to support businesses and protect jobs.

Here’s a quote about the impact.

MINISTER OF FINANCE RISHI SUNAK:

“This new strain of virus presents all of us with a big challenge – and while a vaccine is being rolled out, we need to tighten the restrictions further.

“Throughout the pandemic we have taken swift action to protect lives and livelihoods and today we are announcing a further cash injection to support businesses and jobs through the spring.

“This will help businesses get through the coming months – and most importantly will help keep jobs, so workers can be ready to return when they can reopen.”

UK PM BORIS JOHNSON:

“I want to say to everyone across Great Britain that I know how difficult this is, I know how frustrated you are, I know that you have more than enough government guidance on how to beat this virus. But now, more than ever, we must work together. “

JPMORGAN ANALYSIS ALLAN MONKS:

“The leave scheme is set to run until the end of April, and a further extension is likely as recovery dates have been pushed further. While the ever-increasing size of the fiscal deficit will put pressure on the BoE (Bank of England) to adjust for larger QE purchases – for example, a 50 billion pound increase would appear to be on average on this metric – in November the BoE indicated that they have done more than necessary (+ £ 150 billion) on a risk management basis.

“As those risks are now taking place, it is unclear if they want to do more directly: The BoE has laid out a buying program that is expected to occur by the end of this year, and has indicated that it will only increase its weekly buying pace if there is any sign. – a sign of a new disturbance in the market. “

ADAM MARSHALL, BRITISH CHAMBERS OF COMMERCE

“Although welcomed, the new lockdown provided support from Rishi Sunak and the Ministry of Finance in stages.

“Ministers need to put in place a clear package of support for the whole of 2021 – not just through Spring – to help businesses of all shapes and sizes survive this difficult and uncertain year.”

INSTITUTE OF BOARD OF DIRECTORS

“We are very pleased that the Ministry of Finance has accepted our recommendation to increase local government discretionary grants. This policy has helped reach those who are not yet able to access other support. The government must be ready to increase funds if necessary.

“Chancellors must remain vigilant against the edge of a springy cliff in business support as leave schemes and other support measures weaken. Businesses will also be interested in the government to continue working on its plans for vaccine launches, to support their planning.

“The path of the virus is very uncertain, and the Government must be agile in responding to prevent prolonged economic damage.”

Reporting by Guy Faulconbridge; editing by Michael Holden and Kate Holton

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UPDATE 2-Frankie and owner Benny warn of more pain for British restaurants | Instant News


* Seeing Q1 is very challenging

* The Co. only has about 145 sites open for dining

* Stock fell by about 5% (Updating stocks, adding analyst comments, background)

December 18 (Reuters) – The British Restaurant Group, owners of chains Frankie and Benny’s and Wagamama, warned of a particularly difficult next few months as restrictions to curb the spread of the COVID-19 pandemic hit the hotel sector.

The company has permanently closed 250 restaurants and cut about 3,000 jobs, but said Friday the ongoing restrictions would have a major impact on its business.

Large areas in the UK will be added to this weekend’s highest Tier 3 restriction level, which includes closings of hospitality establishments apart from take-out services.

The Restaurant Group, which operates more than 350 restaurants and pubs across the United Kingdom, said that under the latest guidelines it will only have about 145 sites open for dining.

“It will have a devastating effect on the group if this remains true for the first quarter of 2021 at a monthly loss, we estimate, of around 5-6 million pounds per month,” said Liberum analyst Anna Barnfather.

Shares of the small-cap FTSE, which have lost more than 60% of their market value this year, were down 4.6% at 1248 GMT.

Restaurant Group, which has received 50 million pounds in government aid and shared stakes to help contain the crisis, said cash flaring during Britain’s November lockdown was about 5.5 million pounds ($ 7.4 million) – 2 million pounds higher than during the spring lockout.

“We expect trading conditions to remain difficult while social restrictions are put in place,” said analysts at Stifel.

“But the second half (2021) promises something like a return to normal assuming a COVID-19 vaccine is launched as planned.”

$ 1 = 0.7395 pounds Reported by Indranil Sarkar in Bengaluru, Edited by Aditya Soni and Mark Potter

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Switzerland is considering closing restaurants to curb papers on the spread of the coronavirus | Instant News


People walking on a shopping street during the coronavirus disease (COVID-19) outbreak in Lausanne, Switzerland, December 17, 2020. REUTERS / Denis Balibouse

ZURICH (Reuters) – Swiss Health Minister Alain Berset will ask cabinet colleagues on Friday to close restaurants for a month to help curb the spread of the new coronavirus, two newspapers reported.

The Swiss government has faced pressure to tighten public health measures as the rate of new infections remains high, putting severe pressure on the health care system.

Nearly 400,000 people have contracted COVID-19 and more than 5,880 have died from it in Switzerland and its small neighbor, Liechtenstein.

The government’s top scientific adviser urged immediate imposition of the tight lockdown on Tuesday, echoing calls by scientists, officials and other medical professionals.

After loosening strict measures imposed in March, Switzerland refrained from ordering closings again while ordering restaurants, bars and shops to close from 7 p.m. in most countries. Most of the ski resorts remain open.

The newspapers Tages-Anzeiger and Blick said Berset wanted the restaurant to close from December 22 but faced resistance from cabinet peers for sweeping action that could cripple the economy.

Tages-Anzeiger also quoted the deputy head of the drug regulator as saying that the agency is likely to approve a COVID-19 vaccine this month.

Switzerland has ordered vaccines from Pfizer and its partners BioNTech, Moderna and AstraZeneca which are under regulatory review.

Reporting by Michael Shields; Edited by Karishma Singh

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Italy is considering new COVID-19 restrictions for holidays | Instant News


ROME (Reuters) – Italy is considering tighter national coronavirus restrictions over the Christmas and New Year holidays as concerns mount over a possible surge in infections in January.

PHOTO FILE: PHOTO FILE: People wearing protective masks walk along Via dei Condotti street on the day that Italian Health Minister Roberto Speranza presented in parliament the government’s plans for vaccination and curbing of the mass coronavirus disease (COVID-19) over the Christmas period, in Rome , Italy December 2, 2020. REUTERS / Yara Nardi / Photo Files

After several restrictions were imposed last month, crowds of shoppers flocked to many city centers on Sunday, as Italy reported 484 coronavirus-related deaths.

On Saturday, Italy surpassed Britain as the European country with the worst number of deaths.

The government could decide to place the country under so-called “red zone” lockdown rules from December 24 to at least January 2, extending curfews, banning nonessential movement and closing shops, bars and restaurants on weekends and holidays. , with the exception of those selling basic goods, Italian media reported.

The decision is expected after a meeting Monday morning between Prime Minister Giuseppe Conte, the ministers and the scientific committee that has been advising the government since the start of the coronavirus emergency.

That will follow a similar move by Germany, which on Sunday said it would close most shops from Wednesday to at least January 10 after reporting 321 COVID-19 deaths and 20,200 new cases.

“The crowd is unjustified, irrational, irresponsible,” Regional Affairs Minister Francesco Boccia told the Italian daily la Repubblica.

He said “business and health are irreconcilable at this time”, adding that he supported Germany’s decision.

Earlier this month, the government approved rules to avoid a spike in infections during Christmas and New Year, banned midnight mass and halted movement between cities.

It was decided that on Christmas Day, Boxing Day and New Year, Italians would not be able to leave their cities and the current curfew would be extended to 7am on New Year’s.

Reporting by Giulia Segreti; Edited by Giles Elgood

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