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Frankie & Benny’s is permanently closing 125 restaurants in the UK

Terrible news..

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Frankie & Benny’s has announced it will be closing 125 of its restaurants in the UK, but has renegotiated rent fees on all the other branches.

The restaurant chain that we’ve all had a birthday party at will, unfortunately, be closing many of its doors immediately, according to the owner of the company.

The Restaurant Group, which manages the brand, said 125 restaurants will be permanently closed but the remaining 85 have managed to renegotiate rent fees.

The news comes one week after the firm told hundreds of workers that many sites are ‘no longer viable to trade and will remain closed permanently’.

Andy Hornby, the chief executive, said: “The issues facing our sector are well documented and we have already taken decisive action to improve our liquidity, reduce our cost base and downsize our operations.

David Lally / Odeon and Frankie & Benny’s / CC BY-SA 2.0

“The proposed CVA will deliver an appropriately-sized estate for our Leisure business to ensure we are well positioned despite the very challenging market conditions facing the casual dining sector.

“I would like to wholeheartedly thank all of my TRG colleagues for their continued understanding and extraordinary commitment during this unprecedented period.”

The changes will have no impact on the group’s Wagamama, Airport Concessions and Pub operations.

Brian Robert Marshall

Melanie Leech, chief executive of the British Property Federation (BPF), added: “These situations are never easy, particularly now for the retail and hospitality businesses on our high streets at the sharp end of the Covid-19 pandemic.

“Property owners, however, need to take into consideration the impact on their investors, including the millions of people whose savings and pensions are invested in commercial property, as they vote on any CVA proposal.

“The Restaurant Group and Alix Partners engaged with the BPF before launching this CVA proposal.

“This has provided us an opportunity to improve understanding of property owners’ interests and concerns, but ultimately it will be for individual property owners to decide how they will vote on the CVA.”

The company also owns Wagamama and Garfunkel’s and is one of the largest operators in Britain. It currently has 22,000 staff on furlough. 

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People on working tax credits will get a £500 one-off payment, Rishi Sunak confirms

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Brits on tax credits get a one-off benefits payment of £500, Rishi Sunak reveals in budget. 

Outlined in the budget, Sunak explained that a £20 weekly increase in universal credit will extend for a further six months.

The chancellor explains that by the way Working Tax Credits system works people will not be able to receive the extra £20 weekly. 

Instead, people will benefit from a £500 one-off payment.

Number 10 / Flickr

Mr Sunak said: “To support low-income households, the Universal Credit uplift of £20 a week will continue for a further six months, well beyond the end of this national lockdown

“We’ll provide Working Tax Credit claimants with equivalent support for the next six months.

“Because of the way that system works operationally, we’ll need to do so with a one-off payment of £500.”

The £500 tax credit boost will run in the same way that the Universal Credit is paid – automatically. 

Lots of people have switched from the old ‘Tax Credit’ to the new ‘Universal Credit’ system. Anyone who hasn’t yet been transferred across will now be eligible for this new one-off payment. 

The number of people claiming universal credit in the UK has doubled since the start of the pandemic, reaching 6 million people at the start of this year. 

The extra benefit support is welcomed but many are raising concerns that six months is not long enough.

Sunak also revealed in today’s budget that furlough will be extended until September but employers will have to pay 10% of the employee’s wages in July and 20% in August and September. 

You can see a round-up of all the key points from the budget here

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What Rishi Sunak’s new budget means for people in Greater Manchester

Everything you need to know

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Rishi Sunak has said he wants to be honest about the government’s plans for fixing the public finances.

The chancellor says there has been ‘acute damage’ to the economy, with more than 700,000 people losing jobs and the economy shrinking by 10% – the largest fall in 300 years.

Borrowing has also been as high as during wartime.

He said: “It’s going to take this country, and the whole world, a long time to recover from this extraordinary situation.”

Here are the key points from his 2021 budget announcement….

The Bay Horse Tavern/Facebook

Furlough

  • Sunak explains that 1.8 million fewer people are expected to be out of work than previously thought, with the peak at 6.5% down from the forecasted peak of 11.9%.
  • Furlough is set to be extended until the end of September this year, however, firms will be asked to contribute 10% of employee’s wages in July and 20% in August and September as the scheme is gradually phased out.
  • A fourth grant worth 80% of average trading profits up to £7,500 covering February to April that will help self-employed people.
  • The £20 increase in universal credit will extend for six months

Business Support

  • Total cash support to businesses has reached £25bn. A further £5bn restart grant has now been confirmed to help companies get going after lockdown.
  • Hospitality and leisure businesses will pay no business rates for three months, then discounted for the remaining nine months of the year by two-thirds.
  • The 5% VAT cut will be extended to the end of September and gradually increased at 12.5% for six months before returning to the normal rate in April 2022.

David Dixon/Geograph

Housing

  • The stamp duty holiday will be extended on properties up to £500,000 to the end of June. It will return to normal levels from October 1st.
  • Mortgage guarantees were also confirmed to help first-time buyers access 95% mortgages, with just 5% deposits.

Public Finances

  • The government will take a ‘fair’ approach to ‘fixing the public finances’ the chancellor confirms.
  • There will be no increase in national insurance, income tax or VAT.
  • The personal allowance will remain at £12,750 until 2026 and the higher rate will increase to £50,270 next year.
  • Inheritance tax threshold, pensions lifetime allowance, annual exempt allowance from capital gains tax and VAT exemption thresholds will all be frozen.
  • New minimum wage rates come into force in England on April 1st. Basic rate workers will see a 2.2% increase, with the National Living Wage rising to £8.91 an hour.

David Dixon/Geograph

Borrowing

  • The budget deficit will reach £355billion this year (17% of GDP) – the highest level in peacetime.
  • Sunak said: “It’s going to be the work of many governments over many decades to pay it back, just as it would be irresponsible to withdraw support too soon, it would also be irresponsible to allow our future borrowing and debt to rise unchecked.”

Growth

  • The chancellor explains that the economy will recover more quickly than previously thought.
  • GDP will grow by 4% this year and 7.3% next year according to official forecasts.

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Contactless payment limit set to increase to £100

It’s hoped this will provide a much-needed boost to the retail sector

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Rishi Sunak is set to announce in the budget today an increase in contactless payment limit up to £100.

At the start of the Covid-19 pandemic in 2020, the contactless limit was increased from £30 to £45 and it is hoped this second increase will provide a much-needed boost to the retail sector.

Some industry sources have expressed alarm at the new threshold, warning of the potential increase in fraud, according to Sky News.

The increase in the limit was made possible due to Brexit. The European Commission set the limit to €50.

Number 10/Flickr

Sunak is expected to highlight the important of ‘pinging’ payments as shoppers continue to rely less on cash. 

Speaking to the Evening Standard, he said: “London’s retail sector is famous across the world, with Oxford Street, Covent Garden and Westfield seen as global destinations for shopping.

“As we begin to open the UK economy and people return to the high street, the contactless limit increase will make it easier than ever before for people to pay for their shopping, providing a welcome boost to retail that will protect jobs and drive growth across the capital.”

The chancellor is set to unveil the budget at 12:30pm today. He is expected to offer more information on the mortgage scheme that will offer 5% deposit as well as extending the stamp duty holiday and increase corporation tax from 19% to 23%.

Sunak is also set to announce the extension of furlough until September and information on a £5bn scheme to help firms such as shops, clubs and gyms.

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