Wagamama, fracking, Patisserie Valerie, veganism: your commercial news round-up
updated on 01 November 2018
It’s been a busy week, with both Halloween and Bitcoin’s 10th birthday falling on the same day (which one did you celebrate?), fracking-induced earthquakes stopping work at the Cuadrilla site in Lancashire and the Waitrose Food magazine editor lambasted for suggesting that vegans should be kidnapped and force-fed meat. We’re not sure which news story is spookier… happy Hal-law-een! (Sorry.)
- Owners of restaurants Frankie & Benny and Garfunkel’s, The Restaurant Group (TRG), bought the restaurant chain Wagamama this week in a deal worth £559 million. Wagamama operates 196 restaurants with around two thirds in the UK. The deal offers TRG a different direction to its mainly US and TexMex restaurant portfolio, with Wagamama the only substantial pan-Asian brand in the UK.
- The energy company Cuadrilla faced another obstacle to its fracking processes as the government’s regulations on earthquakes have forced work to stop twice in four days. Fracking firms must temporarily halt operations if a 0.5-magnitude or above quake is triggered. Cuadrilla’s Chief Executive Francis Egan called the rules “extremely challenging” and said it was time they were reconsidered. Energy Minister Claire Perry rejected that call.
- A plan to save the café chain Patisserie Valerie was backed by more than 99% of shareholders at an emergency general meeting. However, the idea to sell £15 million of new shares to private investors has angered current investors. The company’s finance director is currently the subject of a criminal investigation after a £40 million black hole appeared in the company accounts.
- A new report from Waitrose has highlighted that one in eight Britons is now vegetarian or vegan, with a further 21% claiming to be flexitarian. It was awkward timing for the supermarket, however, after its food magazine editor stepped down following mocking comments he made about vegans via email.
- Google employees all over the world are staging a series of walkouts in protest at the company’s treatment of women. Anger has increased over the past weeks as a high-profile executive allegedly received a $90 million pay-out after leaving the firm, despite allegations of sexual misconduct.
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