Sunday, February 28, 2021
  • ABOUT US
  • WEBMAIL
  • GENSOCIAL
Genesis Radio Birmingham
  • HOME
  • NEWS
    • ALTERNATIVE NEWSNEW
    • ENTERTAINMENT NEWS
    • FOOD NEWS
    • HEALTH NEWS
    • MOVIE TRAILERS
    • LOCAL NEWS
    • MUSIC NEWS
  • WHATS ON
  • GENSOCIAL
  • GENESISTV
  • BEATZCLOUD
No Result
View All Result
Genesis Radio Birmingham
  • HOME
  • NEWS
    • ALTERNATIVE NEWSNEW
    • ENTERTAINMENT NEWS
    • FOOD NEWS
    • HEALTH NEWS
    • MOVIE TRAILERS
    • LOCAL NEWS
    • MUSIC NEWS
  • WHATS ON
  • GENSOCIAL
  • GENESISTV
  • BEATZCLOUD
No Result
View All Result
Genesis Radio Birmingham
No Result
View All Result
Home Local News

Caffe Nero says Covid-19 measures have been ‘devastating’ as coffee chain appeals to landlords

Genesis Radio by Genesis Radio
14 November 2020
in Local News
0 0
0
0
VIEWS
Share on Facebook


Caffe Nero is planning to ask its landlords for better terms after it claims the second lockdown has forced the coffee chain into a corner.

You might also like

£3m funding to kickstart creation of Birmingham creative hub

Number of FTSE 100 female directors on the rise but more work to do, concludes report

Brexit challenges threaten to slow manufacturing’s come back in West Midlands – report

The coffee chain was placed into a Company Voluntary Arrangement on Thursday as it looks to get its finances in order.

Chief executive Gerry Ford said it is now “imperative” the business takes steps to reduce pressure, as its cafes were forced to close for a second time this year.

Caffe Nero runs 800 shops in the UK, employing about 6,000 people.

The UK’s third largest coffee chain was founded in London 30 years ago, but it wasn’t until Mr Ford took over the business in 1997 that it expanded outside London. It now has outlets in 11 different countries, with a total of 1,000 stores.

Mr Ford has said he will ask landlords for better terms as part of a company voluntary arrangement (CVA), in a bid to slow the flow of cash away from the business.

“Like so many businesses in the hospitality sector, the pandemic has decimated trading, and although we had made significant progress in navigating the financial challenges of the first lockdown, the second lockdown has made it imperative that we take further action,” Mr Ford said.

Read More
Related Articles
Read More
Related Articles

Caffe Nero is the latest in a long list of businesses that have been forced to take drastic measures during the Covid-19 pandemic.

Shoe seller Clarks and Pizza Express are among the other companies to enter CVAs during the period, after their debts ran away from them.

Companies such as Caffe Nero, which caters to many commuters and office workers, have been especially hard hit during the pandemic.

As many workers continue to use their kitchen tables as their office, and footfall remains low in city centres, “it is unclear how long this will impact Caffe Nero”, the business said.

Stay up to date with our daily newsletter, email breaking news alerts and weekly round-ups. To sign up, find out more and see all of our newsletters, follow the link here

The CVA will allow it to “better manage its fixed costs moving forward”.

Will Wright and David Costley-Wood, restructuring experts from KPMG, are working on the CVA.

Mr Wright said: “Caffe Nero is an iconic brand on the UK’s high streets with a terrifically loyal customer base.

“However, like many others across the sector, the impact of measures introduced in response to the Covid-19 pandemic has been devastating.

“In putting forward this CVA proposal, the directors have worked hard to strike a fair compromise with stakeholders to provide the flexibility the business urgently needs to get it through the pandemic.”



Source link

Previous Post

When Ashong and Tatham combine

Next Post

Cabin Boy Jumped Ship, 14 Nov 2020

Genesis Radio

Genesis Radio

Related Posts

£3m funding to kickstart creation of Birmingham creative hub
Local News

£3m funding to kickstart creation of Birmingham creative hub

by Genesis Radio
28 February 2021
Number of FTSE 100 female directors on the rise but more work to do, concludes report
Local News

Number of FTSE 100 female directors on the rise but more work to do, concludes report

by Genesis Radio
28 February 2021
Brexit challenges threaten to slow manufacturing’s come back in West Midlands – report
Local News

Brexit challenges threaten to slow manufacturing’s come back in West Midlands – report

by Genesis Radio
28 February 2021
Financial consultancy giant Duff & Phelps rebrands to Kroll
Local News

Financial consultancy giant Duff & Phelps rebrands to Kroll

by Genesis Radio
28 February 2021
Budget 2021: What West Midlands business leaders want to hear from the Chancellor
Local News

Budget 2021: What West Midlands business leaders want to hear from the Chancellor

by Genesis Radio
27 February 2021
Next Post
Cabin Boy Jumped Ship, 14 Nov 2020

Cabin Boy Jumped Ship, 14 Nov 2020

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

I agree to the Terms & Conditions and Privacy Policy.

Genesis Radio Birmingham

Premier Music & Media Limited
27 Old Gloucester Street
London
WC1N 3AX

Company

  • About Us
  • Advertise
  • Contact Us
  • Join Our Team
  • Privacy Policy
  • Terms & Conditions

Recent News

£3m funding to kickstart creation of Birmingham creative hub

£3m funding to kickstart creation of Birmingham creative hub

28 February 2021
Number of FTSE 100 female directors on the rise but more work to do, concludes report

Number of FTSE 100 female directors on the rise but more work to do, concludes report

28 February 2021

GenesisRadioBirmingham.com is a trademark of Premier Music & Media Ltd. © 2021

No Result
View All Result
  • HOME
  • NEWS
    • ALTERNATIVE NEWS
    • ENTERTAINMENT NEWS
    • FOOD NEWS
    • HEALTH NEWS
    • MOVIE TRAILERS
    • LOCAL NEWS
    • MUSIC NEWS
  • WHATS ON
  • GENSOCIAL
  • GENESISTV
  • BEATZCLOUD

GenesisRadioBirmingham.com is a trademark of Premier Music & Media Ltd. © 2021

Welcome Back!

Login to your account below

Forgotten Password?

Create New Account!

Fill the forms below to register

*By registering into our website, you agree to the Terms & Conditions and Privacy Policy.
All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.