James McAllister

🍜 Neat Burger, backed by Lewis Hamilton and Leonardo DiCaprio, experienced closures of outposts in New York and Dubai recently. Originally launched in September 2019, Neat Burger had ambitions to expand to 1,000 locations by 2030. Despite raising $18 million in 2023, the company made a £7.9 million loss in 2022 and was forced to close half its London locations amid financial pressures, leaving four in the capital. The brand also rebranded, removing 'Burger' from its name and shifting towards health-focused options. Neat maintains a presence in Milan, Italy.

📉 Hostmore, the UK parent company of TGI Fridays, has halted its £177m all-share reverse takeover of TGI Fridays US. The decision came after TGIF Funding lost control of the franchise agreement royalties, jeopardizing future revenue. Despite the abandoned acquisition, negotiations may resume in the future. Hostmore's UK sale of TGI Fridays' 87 corporate sites is nearing completion, but is expected to not cover Hostmore’s debts. The company anticipates winding up and delisting following the sale. On September 9, Hostmore’s stock nose-dived by over 90%.

📈 Richard Caring is nearing a £1bn deal with Si Advisers for Troia (UK) Restaurants, the parent company of The Ivy Collection, initiated in January. The agreement, possibly within weeks, involves a full exit for Caring and a Qatari fund selling shares. In 2023, Troia's turnover rose by over £100m to £302m, with a pre-tax profit increase from £20.4m to £29m and EBITDA up from £37.9m to £54.8m, following The Ivy Asia expansion.