Latest news with #casualdining
Yahoo
17 hours ago
- Business
- Yahoo
Tasty discuss board appointment and funding with David Page
UK's casual dining restaurant operator Tasty has confirmed advanced discussions with PizzaExpress former CEO David Page and Fulham Shore former finance director Nicholas Wong regarding potential board appointments, and also strategic funding opportunities, which may include an equity placing. The company is considering various funding options to invest in future strategic opportunities. This follows reports from Sky News that Page is looking to raise nearly £10m ($13.4m) from institutional investors. If successful, this move could lead to changes in Tasty's leadership structure. According to sources, the potential equity raise could result in Page becoming Tasty executive chairman. The company, which is the owner of the Wildwood and dim t dining brands, is also expected to undergo a rebranding to Bow Street Group on the London Stock Exchange, the news channel added. The deal would involve Tasty acquiring Page as well as his associates' cash shell. Nicholas Wong, given his prior experience working with Page at previous establishments, is set to assume the role of finance chief at Bow Street Group, if the proposal becomes successful. The current and proposed members of the board are expected to contribute over £1m to the share placing. Page's plans also include a review of Tasty's current restaurant portfolio. The fundraising efforts are being managed by investment banking firms Allenby Capital and Cavendish. Tasty plans to make further announcements as developments unfold. In 2023, Japan's Toridoll Holdings acquired Page's previous venture, Fulham Shore, which included the Franco Manca pizza chain, in a deal valued at £93m. Toridoll made the offer to acquire Fulham Shore, in April 2023. "Tasty discuss board appointment and funding with David Page" was originally created and published by Verdict Food Service, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
20 hours ago
- Business
- Yahoo
Italian restaurant chain Gusto on brink of administration
The intense financial pressure facing Britain's casual dining sector will be underlined this week when Gusto, the Italian restaurant chain, falls into administration. Sky News has learnt that Interpath Advisory is preparing a pre-pack insolvency of Gusto, which trades from 13 sites. Sources said that a vehicle set up by Cherry Equity Partners, the owner of Latin American restaurant concept Cabana, was the likely buyer. Money latest: It is expected to take over most of Gusto's sites although some job losses are likely. A deal could be announced in the coming days, according to insiders. The collapse of Gusto, which is backed by private equity investor Palatine, follows a string of increasingly heated warnings from hospitality executives about the impact of tax rises on the sector. Kate Nicholls, who chairs UK Hospitality, said this month that the industry faced a jobs bloodbath amid growing financial pressure on operators. This week, Sky News reported that the restaurant industry veteran David Page, a former boss of PizzaExpress, was raising £10m to take advantage of cut-price acquisition opportunities in casual dining. Mr Page is planning to become executive chairman of London-listed Tasty, which owns Wildwood and dim t, and rename it Bow Street Group. A placing of shares in the company is likely to be completed this week. Interpath declined to comment on the Gusto process.
Sky News
20 hours ago
- Business
- Sky News
Italian restaurant chain Gusto on brink of administration
The intense financial pressure facing Britain's casual dining sector will be underlined this week when Gusto, the Italian restaurant chain, falls into administration. Sky News has learnt that Interpath Advisory is preparing a pre-pack insolvency of Gusto, which trades from 13 sites. Sources said that a vehicle set up by Cherry Equity Partners, the owner of Latin American restaurant concept Cabana, was the likely buyer. It is expected to take over most of Gusto's sites although some job losses are likely. A deal could be announced in the coming days, according to insiders. The collapse of Gusto, which is backed by private equity investor Palatine, follows a string of increasingly heated warnings from hospitality executives about the impact of tax rises on the sector. Kate Nicholls, who chairs UK Hospitality, said this month that the industry faced a jobs bloodbath amid growing financial pressure on operators. This week, Sky News reported that the restaurant industry veteran David Page, a former boss of PizzaExpress, was raising £10m to take advantage of cut-price acquisition opportunities in casual dining. Mr Page is planning to become executive chairman of London-listed Tasty, which owns Wildwood and dim t, and rename it Bow Street Group. A placing of shares in the company is likely to be completed this week.
Fox News
2 days ago
- Business
- Fox News
Why some steakhouses are thriving while others can't keep diners coming back: 'Not just about the food'
It may seem like the era of casual dining is over, but one restaurant industry is still sizzling: steakhouses. Despite challenges amid the COVID-19 pandemic, the steakhouse industry has seen steady growth since 2020. Industry revenue for premium steak restaurants has climbed at a 5.4% compound annual growth rate over the past five years, reaching an estimated $8.3 billion in 2025, according to a U.S. market research report by IBISWorld. There are now 4,263 premium steakhouses across the U.S., per the data, reflecting the strong national appetite for red meat. Economists point to more consumer spending and an increase in households with annual incomes over $100,000. But there's a catch: The growth has not been universal. Smaller chains like BLT Steak, BLT Prime and Charlie Brown's have shuttered many locations in recent years – and they're not alone. Florida-based Outback Steakhouse began closing underperforming locations in 2024. Logan's Roadhouse, with headquarters in Texas, declared bankruptcy in 2020 after losing business during the COVID-19 pandemic. It currently has 130 locations open, down from 261 at the start of 2020. So how have independent steakhouses been able to get customers through their doors? Fox News Digital spoke with two executive chefs from different U.S. regions about what's working in 2025. Olivia Hurst, executive chef at Cattle Shed Wine & Steak Bar in Alpharetta, Georgia, reported that her restaurant is having a successful year so far. Hurst said that the growth is driven by guests who buy wine with their steaks. "These guests enjoy the elevated dining experience." "Fortunately, our guests have been less affected by the rising consumer costs over the last few years in comparison to our casual-dining-restaurants contemporaries," she said. "We find these guests enjoy the elevated dining experience that comes with dining at a restaurant like ours." Her "barbell strategy" – balancing high-end wine service with a more affordable happy-hour menu – has helped sales even as other casual steakhouses struggle to compete on price or atmosphere. In New York City, chef Sungchul Shim of Gui Steakhouse said he sees a similar trend. "Diners are craving experiences that strike a balance between comfort and novelty," he said. At Gui, that means U.S. Department of Agriculture (USDA) prime beef and A5 wagyu alongside creative, Korean-influenced sides like wagyu kimchi fried rice and confit tuna tartare. "It's not just about the food anymore – it's about the whole experience," Shim added. "Guests want something curated and intentional." "They want food that feels familiar but also offers something unexpected. Steakhouses deliver that sense of timelessness, but the ones really thriving are those that bring something new to the table." Above all, Shim said steakhouses can thrive with enough imagination and personality. "At the same time, people are more conscious about value and consistency," he said. "With delivery and home cooking still in the mix, restaurants have to work harder to make dining out feel special and worthwhile. I think a steakhouse really delivers on that."
Daily Mail
17-07-2025
- Business
- Daily Mail
Olive Garden expanding across Canada
Canadians will soon enjoy the full Olive Garden experience, as the Italian-inspired chain famous for its unlimited soup, salad, and breadsticks prepares for a major expansion across the country. Olive Garden currently has locations in every U.S. state. Recipe Unlimited, a major Canadian franchisor, has acquired Olive Garden's eight existing Western Canada locations. This deal also grants Recipe Unlimited exclusive rights to develop and operate all future Olive Garden restaurants across Canada. According to Recipe CEO Frank Hennessey, the Olive Garden acquisition and development agreement are a 'perfect' fit for the company's strategy. He stated in a press release that he sees 'immense potential for growth' by expanding their casual dining presence with brands that appeal to Canadian consumers. A key to Olive Garden's widespread success, in both Canada and the U.S., is its popular offering of unlimited soup, salad, and breadsticks with any entree purchase. Diners ordering soup or salad individually also receive endless servings of these freshly-baked breadsticks. Recipe Unlimited plans to reveal more expansion details as 'development plans take shape,' and National Post has reached out for further information. The eight existing Olive Garden locations, previously run by U.S.-based Darden Restaurants, include three in Alberta (two in Edmonton, one in Calgary), two in Winnipeg, and one each in Saskatoon, Regina, and Langley, B.C. Last month, Darden CEO Rick Cardenas revealed that Recipe Unlimited has committed to opening 30 new Olive Garden locations in Canada over the next decade. This expansion is expected to include a return to Ontario, where Darden previously closed 11 Olive Garden restaurants in 1997, including seven in Toronto and two in Ottawa. Olive Garden first opened its doors in Orlando, Florida, in 1982, initially as part of General Mills. The original restaurant still operates today. In 1995, General Mills spun off its restaurant brands, including Olive Garden and Red Lobster, into the newly formed Darden Restaurants. Olive Garden currently boasts over 900 U.S. locations, with more than a quarter concentrated in Texas, Florida, and California. Beyond the U.S. and soon Canada, the brand has a significant international presence, most notably in Mexico with 13 restaurants, and locations in Brazil, Panama, El Salvador, Ecuador, Saudi Arabia, and Kuwait. Further expansion is planned for Costa Rica and the Philippines. Darden CEO Rick Cardenas recently announced agreements for 40 new Olive Garden restaurants in India and Spain. Annually, Olive Garden generates over $4 billion in sales, solidifying its position as the leading Italian casual dining restaurant in the United States.
