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James McAllister

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Government sets out legislation to permanently cut business rates for the high street

💰 The UK Government is introducing legislation to reform business rates, beginning its delivery as promised in the Labour manifesto. Funded by a tax increase on the top one percent of high-value properties, the bill aims to permanently cut rates for retail, hospitality, and leisure businesses from 2026. Last month, business rates support was extended for a year, but reduced from 75% to 40%, capped at £110,000. This will lead to an average 140% increase in rates for over 250,000 premises; restaurants' bills will rise from £5,051 to £12,122, and pubs from £3,938 to £9,451.
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Former Hawksmoor and SMOKESTAK chef launches solo barbecue concept

🍝 Tom Goddard is launching Southern Soul this week inside Canteen, a food hall at Greenwich Peninsula. Southern Soul features low ‘n’ slow smoked meats, homemade buns, pickles, and sauces. The menu includes oak smoked pork belly rib, Applewood smoked chicken thigh, smoked and pulled beef brisket, and oak smoked beetroot, all served with fresh buns and homemade dipping sauces. Canteen, which opened in summer 2021, hosts six street food kitchens and is part of Greenwich Peninsula’s Design District.
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Just Eat offloads Grubhub at steep discount

📦 Just Eat started exploring the sale of Grubhub in April 2022, aiming to focus on its strongest markets. Grubhub, not yet profitable with declining order volumes exacerbated by New York delivery fee caps, was sold at a 90% discount compared to its 2021 purchase price, effectively a 94% discount when adjusted for inflation. Just Eat Takeaway.com's CEO, Jitse Groen, sees the sale as a way to enhance cash generation and accelerate growth. The US startup Wonder, which acquired Grubhub, previously bought meal kit company Blue Apron. Wonder aims to integrate Grubhub's offerings into its 'super app'. Shares in Just Eat rose 19% after the sale announcement, with the deal's completion expected in the first quarter of 2025, pending regulatory approval.
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