As per our previous note, Wheel Bidco did not end up making an offer for The Restaurant Group, which was
Read MoreWagamama is of course a great asset, and creating a UK restaurant group around some of its favourite foods sounds like a great idea. But we see the Pizza Express approach
Read MoreQ3 results have been very encouragingly strong for the UK QSR Chain. Having gone through a CVA and bond restructuring last
Read MoreClearly, H121 has been phenomenal and we are sitting on unlevered 23% net return for the first six months. So naturally, we should throw out a few names where the opportunity now lies behind us and that we no longer consider worth covering - unless you do, that is.
New Names:
Read MoreValue has been shifting this week. The commercial real estate sector received another setback from a landmark ruling in connection with the restructuring of
Read MoreEngland’s new national holiday will be placed on the 17th of May - the day pubs re-opened. Incidentally, that is also the earliest date from which foreign holidays may be allowed. Meanwhile, the EU are unlikely to be much faster.
Oh, we always knew that:
Read MoreIn the last minute the Pizza Express' deal ultimately divides the company, but leaves Remain-Co at least with the 93 international sites (~50% franchised) outside of the 60 sites in Mainland China, which go to
Read MoreClearly that would be a significant shift of wealth from landlords to retailers and of market/government focus vice versa. Perhaps it is time to position for that in the very short term (today).
Boris Johnsn’s order to close shops has come just in time for retailers. British Q2
Read MoreBelow is an account of each of the names we follow and have begun work on in the context of Covid19 and Oil prices. Several names stand out as having become either uninvestible or outright attractive - already now.
Read MoreWe are having a change of heart on Pizza Express and are exiting our position in the SSNs. As we made further allowances for the Coronavirus
Read MorePizza Hut China delivered traffic growth in restaurants and delivery.
- LfLs were up 1%, but those figures are tainted by
Read MoreWe still have no official news. One or two desks seem to have
Read MoreWell, scrapping the Q&A was a bit useless, but well advised. So what do we thing we have learned?
The RCF needs to be addressed before February:
- Management expect a cash outflow
Read MoreThought experiment:
If Hony - by whatever means - managed to control / lock-up / acquire another £35m of
Read MoreFollowing Hony’s announcement of having received tenders for some £93m face value of PE 2Lns yesterday, its probably worth exploring in particular three options that Hony may consider from here:
Assumptions:
- Hony seem to have access to
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