Latest news with #UpperCrust
Daily Mail
02-07-2025
- Business
- Daily Mail
SSP shares soar as Caffe Ritazza owner preps £1.2bn IPO for Indian JV
SSP Group shares jumped on Wednesday after the food retailer revealed a roughly £1.2billion valuation for its Indian joint venture business ahead of an IPO. The Upper Crust and Caffe Ritazza owner said the initial public offering of Travel Food Services (TFS) has a price band of 1,045 to 1,100 Indian Rupees per share. This implies a market valuation of between 137.6 billion and 144.8 billion Indian Rupees, or about £1.17billion to £1.23billion at current exchange rates. SSP initially hoped the listing would occur during the spring, following the filing of a draft red herring prospectus with the Indian regulatory authorities in December. It intends to purchase 1 per cent of TFS's issued share capital for around £12.5million, which will take its overall stake in the business to above 50 per cent. Shares in the London-listed firm soared 8.5 per cent to 188.5p by mid-Wednesday afternoon, making them the FTSE 250 Index's biggest riser. Headquartered in Mumbai, TFS operates dozens of lounges and hundreds of quick-service restaurants across 14 airports in India and three in Malaysia. In addition to in-house brands like and Dilli Streat, the group runs franchise outlets of famous global food-to-go companies, including KFC, Domino's Pizza, and Jamie Oliver's Pizzeria. It is co-owned by SSP and K Hospitality, an Indian food service business with over 500 locations, whose shareholding entity is the Kapur Family Trust. Trading in TFS shares is set to begin on the Indian stock exchanges on 14 July. Once the IPO is completed, SSP's deputy chief executive, Jonathan Davies, and Asia-Pacific boss, Jonathan Robinson, will join TFS's board. SSP's announcement comes as the company embarks on a cost-cutting programme to improve margins and returns amidst more challenging economic conditions. 'Recent geopolitical events have led to a heightened level of uncertainty across some of our travel markets, in particular in North America,' the firm told investors in May on the release of its half-year results. For the six months ending March, the group's turnover increased by 9 per cent to £1.6billion, supported by the acquisition of the Midfield Concessions business in Denver. In the UK and Ireland, SSP's revenue rose by 15.4 per cent to £892.5million thanks to continued growth in rail commuter numbers and strong demand in the air channel. Its operating profits also climbed by 20 per cent to £45million, although on a statutory basis, they slumped by around three-quarters to £15million due to costs from an IT transformation project and the recognition of impairment charges.
Yahoo
20-05-2025
- Business
- Yahoo
Upper Crust owner unveils cost-cutting plan and delays listing Indian business
Upper Crust and Caffe Ritazza owner SSP has launched a plan to cut costs and said it would postpone the flotation of its Indian business due to market woes. The group, which runs food outlets at travel locations such as airports and train stations, said it was launching a 'substantial', group-wide, cost-cutting overhaul throughout the next six months amid a more uncertain economic outlook. SSP signalled potential job cuts under the plan, as it said it would 'scale back our support costs' to 'reduce duplication and complexity'. It declined to comment on the possible jobs impact, but said it would also be looking to make savings through other efforts including supply chains, menu changes and staff rota management. The group said the move comes amid a 'heightened level of uncertainty' across some travel markets, in particular in North America due to recent 'geopolitical events'. 'We believe it is prudent to plan for a degree of ongoing uncertainty of demand through the second half,' it added. Turbulent stock market conditions in India have also seen it put back the planned listing of Travel Food Services, which it runs with K Hospitality in India. In the UK, where it runs 55 franchised Marks & Spencer outlets, the group said recent trading had seen like-for-like sales rise 10% in the six weeks to May 11 despite a 'modest' impact from the M&S cyber attack disruption. Patrick Coveney, chief executive of SSP Group, said: 'We recognise the importance of driving enhanced performance, and we are executing against our agenda to achieve this. 'Our accelerated actions include a decisive turnaround plan for our Continental European business, a programme to deliver the full benefits of recent strategic and capital investments and a further step up in initiatives to deliver cost efficiencies.' Half-year results on Tuesday showed underlying operating profits lifted 20% to £45 million in the six months to the end of March. On a statutory basis, it swung to a pre-tax loss of £37 million from profits of £13 million a year earlier. Sign in to access your portfolio
Daily Mail
07-05-2025
- Entertainment
- Daily Mail
Top chef names his favourite Aussie pie shop - and it's a tiny hole in the wall on a busy main road
If you're craving the ultimate Australian meat pie, a top Sydney chef says there's one place that never fails to deliver - and it's on a main road in a beachside suburb. Toby Wilson, the celebrated chef behind Taco King and Ricos Tacos, revealed his go-to lunch spot is none other than The Upper Crust, a humble pie shop on Pittwater Road that's been serving locals for decades. 'The chicken and white wine pie is absolutely the move,' Wilson told Broadsheet, calling the shop his 'childhood pie stop.' And he's not the only one obsessed. Located at 1003 Pittwater Road, Collaroy, The Upper Crust has become something of a pilgrimage site for pie lovers across Sydney - with queues snaking out the door most days and loyal fans declaring it 'the best pie shop in the whole city.' On offer is a mouthwatering menu of classics and inventive twists: steak, potato and cheese; pepper steak; chicken, avocado and brie; beef and burgundy; lamb and rosemary; even a spicy Mexican-style pie for the more adventurous. There are family-sized pies, party pies, sausage rolls, and even excellent coffee for the full lunch hit. The reviews are glowing - and often poetic. Located at 1003 Pittwater Road, Collaroy, The Upper Crust has become something of a pilgrimage site for pie lovers across Sydney - with queues snaking out the door most days and loyal fans declaring it 'the best pie shop in the whole city.' 'Just as in Greek mythology the song of the mermaids attracted sailors, the mouth-watering scent of freshly baked pie crust draws you in irresistibly,' one fan wrote. Another reviewer confessed they're not usually a fan of pies but were completely converted: 'The minced steak and Mexican pies were beyond expectations... the guy next to me told his mates 'hands down the best pie I've had in my life' - and I have to agree.' One devoted customer even declared: 'I've just walked from Dee Why across the shark-infested lagoon and back to buy my pies. It's always worth it.' Others praised the 'friendly, helpful staff' and said the crust was the reason people keep coming back - with some items selling out fast during peak hours. There's a small outdoor seating area, and one customer even received a complimentary mince pie with their order. With chefs, locals, and foodies united in praise, The Upper Crust might just be Sydney's most legendary pie stop - and worth the trip no matter where you're coming from.
Daily Mail
28-04-2025
- General
- Daily Mail
Urgent recall for bread due to potential glass contamination
By Published: Updated: An urgent recall has gone out for bread sold throughout the US that may have shards of glass. The US Food and Drug Administration (FDA) issued the recall after being alerted by Upper Crust Bakery that glass fragments had been found on the top of their bread and rolls. The products were shipped to stores in California, Connecticut, Delaware, Maryland, Ohio, and Pennsylvania. Overall, 818 cases of Upper Crust Bakery bread is suspected of containing glass pieces, including 699 cases of the company's 18-ounce Multigrain Sourdough packages. Another 89 cases of four-ounce Ancient Grains Hoagie Rolls and 30 cases of 20-ounce Whole Grain Multigrain bread were also recalled. For the Ancient Grains Hoagie Rolls and the Multigrain Sourdough, customers should be looking for packages listed as being from Lot #90. For the Whole Grain Multigrain, the affected bread comes from Lot #92. (Stock image) Shoppers should also look for the packaging code 'CP45' on Upper Crust's Ancient Grains Hoagie Rolls and 'CP12' on both the Multigrain Sourdough and Whole Grain Multigrain bread. The FDA noted that this incident has been elevated to a Class II recall in their announcement, meaning the product may cause temporary or medically reversible health problems, but is unlikely to lead to long-term serious injuries. As for what consumers need to look out for on store shelves, the FDA revealed that these frozen products were all shipped out in corrugated paper cartons - typical for frozen baked goods to maintain the product's integrity in cold storage and prevent damage. According to the FDA, Maryland-based Upper Crust Bakery LP first notified the health agency on April 12. The FDA officially categorized the alert as a Class II recall on Friday, warning that the imbedded glass could cause injuries to consumers. Only a Class I recall is more serious, which means a product may lead to serious health problems or death - but that does not appear to be the case here. The FDA issuing a bread recall involving glass is a rare event. In fact, there is only one other recorded recall for a problem like this in the last three years. In 2022, Fetting's Frozen Foods LLC issued a recall on their Abby's Bakery Homestyle White Bread Dough over a potential glass contamination. In both incidents, there have been no reports of any injuries due to glass shards lodged in the bread. However, anyone who has purchased the Upper Crust bread or rolls will still need to watch carefully. In the worst case scenarios, swallowing glass fragments can cause tears or perforations in the gastrointestinal lining. There is a risk of bacterial contamination leading to infections. For example, bacteria from the gut could enter the abdominal cavity, causing serious conditions like sepsis. A study published in Gastrointestinal Endoscopy noted that sharp objects like glass have up to a 15 percent higher chance of causing a puncture in the stomach or gut than a blunt object. While having the lot numbers is key, consumers who have these products should also inspect the bread for visible glass fragments, as small fragments may not be easily detectable.
Daily Mail
28-04-2025
- Health
- Daily Mail
Urgent nationwide recall for bread sold in US that may contain shards of GLASS that could slice throats
An urgent recall has gone out for bread sold throughout the US that may have shards of glass. The US Food and Drug Administration (FDA) issued the recall after being alerted by Upper Crust Bakery that glass fragments had been found on the top of their bread and rolls. The products were shipped to stores in California, Connecticut, Delaware, Maryland, Ohio, and Pennsylvania. Overall, 818 cases of Upper Crust Bakery bread is suspected of containing glass pieces, including 699 cases of the company's 18-ounce Multigrain Sourdough packages. Another 89 cases of four-ounce Ancient Grains Hoagie Rolls and 30 cases of 20-ounce Whole Grain Multigrain bread were also recalled. For the Ancient Grains Hoagie Rolls and the Multigrain Sourdough, customers should be looking for packages listed as being from Lot #90. For the Whole Grain Multigrain, the affected bread comes from Lot #92. Shoppers should also look for the packaging code 'CP45' on Upper Crust's Ancient Grains Hoagie Rolls and 'CP12' on both the Multigrain Sourdough and Whole Grain Multigrain bread. The FDA noted that this incident has been elevated to a Class II recall in their announcement, meaning the product may cause temporary or medically reversible health problems, but is unlikely to lead to long-term serious injuries. However, accidentally eating glass can still lead to various injuries, including cuts in the mouth, throat, or stomach, choking, and possible infections. reached out to the bakery who confirmed the potentially dangerous circumstances surrounding the ongoing recall. As for what consumers need to look out for on store shelves, the FDA revealed that these frozen products were all shipped out in corrugated paper cartons - typical for frozen baked goods to maintain the product's integrity in cold storage and prevent damage. According to the FDA, Maryland-based Upper Crust Bakery LP first notified the health agency on April 12. The FDA officially categorized the alert as a Class II recall on Friday, warning that the imbedded glass could cause injuries to consumers. Only a Class I recall is more serious, which means a product may lead to serious health problems or death - but that does not appear to be the case here. The FDA issuing a bread recall involving glass is a rare event. In fact, there is only one other recorded recall for a problem like this in the last three years. In 2022, Fetting's Frozen Foods LLC issued a recall on their Abby's Bakery Homestyle White Bread Dough over a potential glass contamination. In both incidents, there have been no reports of any injuries due to glass shards lodged in the bread. However, anyone who have purchased the Upper Crust bread or rolls will still need to watch carefully. In the worst case scenarios, swallowing glass fragments can cause tears or perforations in the gastrointestinal lining. There is a risk of bacterial contamination leading to infections. For example, bacteria from the gut could enter the abdominal cavity, causing serious conditions like sepsis. A study published in Gastrointestinal Endoscopy noted that sharp objects like glass have up to a 15 percent higher chance of causing a puncture in the stomach or gut than a blunt object. While having the lot numbers are key, consumers who have these products should also inspect the bread for visible glass fragments, as small fragments may not be easily detectable.
