Today’s news in brief – 01/08/24

Stonegate Group has secured a refinancing deal from TDR Capital, following strong demand from investors. This refinancing will extend the group’s maturities on the revolving credit facility and the senior secured notes to January 2029 and July 2029 respectively, and reduce leverage from 8.2x to 6.5x RR EBITDA today.

Restaurant group saw strong growth in delivery sales due to unseasonal weather. According to CGA by NIQ, like-for-like sales in June were 17.1% higher than in the comparable month in 2023 and was alone the second month of double-digit growth in a row after an 11.3% rise in May. Deliveries accounted for 11.2% in every pound spent with restaurants in June.

Brother Marcus has selected Covent Garden for its largest location to date. The Eastern Mediterranean restaurant will be located at 23 Slingsby Place and occupy a new 4,190 sq ft two-floor venue with two terraces and two bars – one on each floor – and an open kitchen. Designer Finch Interiors has given the site terracotta tiles and muted earthy tones. 

Jerk Junction will open its first shopping centre site in the Trafford Centre. The Caribbean street food brand will occupy a 917 sq ft space in The Orient, located next to HOP Vietnamese. The brand was founded in Chorlton and its menu includes jerk chicken, curried goat, and vegetarian options like Ital stew.