Franco Manca shuts 16 restaurants, blaming ‘disproportionate’ taxes Hospitality Franco Manca has taken aim at “disproportionately high” taxes facing the hospitality sector after the pizza parlour shut 16 restaurants in a structural overhaul. The privately-owned restaurant chain said it is suffering from high VAT and “significant” hikes to national insurance and minimum wages, with the site closures to cost hundreds of jobs. The move [...]
Square Mile darling Farmer J bags $23m funding to take on New York Retail London’s fast-casual darling Farmer J is heading across the pond after securing a $23m (£17.5m) funding round to launch its first New York flagship later this year, CityAM can reveal. The investment, led by existing backer Beringea and joined by a new global hospitality investor, will also fuel three additional London openings before year-end, [...]
Private equity backing has made casual dining market ‘lazy,’ Hestia boss warns hospitality The owner of a premium hospitality investment group which is targeting revenue of £100m over the next three years has said operators in the casual dining market have gotten “lazy” because of private equity backing.