Latest news with #YewTree
Extra.ie
3 days ago
- Business
- Extra.ie
Popular Dublin restaurant becomes latest to close to 'spiralling costs'
A popular restaurant in Dublin has announced that they'll be closing their doors due to costs spiralling out of control. Yew Tree in Terenure, which was a popular spot for a Sunday roast in the suburb, has announced that August 31 will be their last day in operation — becoming the latest eatery in the country to announce its closure as a result of rising costs in the industry. Taking to their Instagram, the restaurant's owners Máire and Geoff said that with 'mixed emotions' they were closing their doors, thanking staff and customers over the years. View this post on Instagram A post shared by Yew Tree (@yew_tree_terenure) 'It's with mixed emotions that we announce the closure of Yew Tree with our last trading day being the 31st August,' Yew Tree wrote. 'After careful consideration, we have made the difficult decision to cease operations. With so many costs spiralling out of control, we simply cannot keep the doors open any longer. 'While this marks the end of our lovely business in Terenure, we are so proud of what we have accomplished together. We have made many friends and built great relationships with the people of Terenure. 'We've created so many memories that we will always treasure. A huge thanks to our staff and suppliers for your loyalty and trust it has meant everything to us. Thank you all for being part of our journey, and we hope to see as many of you as possible before the 31st. Máire & Geoff.' Yew Tree in Dublin have announced that they'll be closing their doors, due to costs spiralling out of control. Pic: Yew Tree/Instagram People were devastated at the closure, with one commenting 'Ah, that's sad to hear! You've built something really special and it's been a real pleasure working with you. Wishing you all the best for whatever's next – and hopefully we'll share a glass of something nice again soon.' 'We're so sorry to hear this,' another commented. 'You should be so proud of what you achieved, the food and service were a credit to you both. We loved so many evenings in what became one of our favourite places to dine, and becoming friends with you both. Good luck with everything in the future,' while another added 'the village won't be the same without you.' The Terenure eatery came just weeks after popular Temple Bar restaurant Cleaver East announced it was shutting its doors after 12 years in operation. In a statement, the restaurant's head chef Oliver Dunne said that the restaurant was closing for good following the closure and renovation of the Clarence hotel. Pic: Cleaver East 'After 12 happy and memorable years in Temple Bar, Cleaver East will be closing its doors for the final time on Sunday, 3rd August 2025, due to the closure and renovation of The Clarence Hotel,' Mr Dunne wrote. 'We want to express our massive thanks to each and every one of our customers for your continued custom, loyalty, and support over the years. We've loved every single minute of it. Cleaver East has been a trail-blazing restaurant. 'It was first to bring and launch many dining trends and concepts to Ireland, such as, the first small plate restaurant, bottomless brunches, night bird menus, not afternoon tea, night brunch, Pornburger series, ladies' nights and so many more. None of this would have been possible without you guys, our amazing team and our Cleaver East community. Pic: Cleaver East 'We want to thank you all for your hard work, passion and dedication. You've been the heart and soul of Cleaver East, creating countless memories for our guests and shaping the atmosphere that made this place so special. 'We are extremely happy and very grateful to be able to retain all of you, our amazing staff with not a single person left behind. All our Cleaver family have been relocated within the existing Oliver Dunne Restaurant Group and we are so, so lucky to continue this journey with you.'
The Irish Sun
3 days ago
- Business
- The Irish Sun
‘Gutted', say locals as popular Dublin restaurant announces shock closure due to ‘costs spiralling out of control'
A POPULAR Irish restaurant has announced its shock closure due to "costs spiralling out of control", leaving fans "gutted." The Yew Tree in Terenure, Dublin, is set to shut its doors for good on August 31. 3 The Yew Tree is a popular restaurant that was a top spot for launch A la Carte as well as their Sunday Roast. Credit: Instagram/yew_tree_terenure 3 And it is set to close its doors for good on August 31 Credit: Facebook/yew_tree_terenure The Yew Tree is a popular restaurant that was a top spot for launch A la Carte as well as their Sunday Roast. And owners Máire and Geoff have confirmed that they would cease operations on August 31. Taking to Instagram, they said: "It's with mixed emotions that we announce the closure of Yew Tree with our last trading day being the 31st August. "After careful consideration, we have made the difficult decision to cease operations. "With so many costs spiralling out of control, we simply cannot keep the doors open any longer. "While this marks the end of our lovely business in Terenure, we are so proud of what we have accomplished together." The restaurant thanked their loyal customers, staff and suppliers, who played a vital role in the Yew Tree. They added: "We have made many friends and built great relationships with the people of Terenure. "We've created so many memories that we will always treasure. "A huge thanks to our staff and suppliers for your loyalty and trust it has meant everything to us. Celebrity chef closes down seaside restaurant after 16 years "Thank you all for being part of our journey, and we hope to see as many of you as possible before the 31st." And a number of customers rushed to the comments to share their thoughts. One said: "Máire and Geoff, we're so sorry to hear this. You should be so proud of what you achieved, the food and service were a credit to you both. "We loved so many evenings in what became one of our favourite places to dine, and becoming friends with you both. "Good luck with everything in the future." Someone else added: "So sorry to hear this, Máire & Geoff. You will be missed. "Thanks for some lovely memories in Yew Tree & best of luck for the future." A third wrote: "Absolutely gutted to hear this Màire. We absolutely loved going there. "Amazing food & service… you folks will be sorely missed." A fourth said: "You guys are the epitome of a hard working dynamic duo who deserve the best luck. "I'm devastated to hear you are closing the doors but I'm sure an exciting new path will present itself. "Good luck Maire and Geoff in whatever you do next. Lots of love.
Yahoo
02-06-2025
- Automotive
- Yahoo
Aston Martin faces pressure from Fitch
Fitch Ratings has maintained Aston Martin Lagonda Global Holdings Plc's long-term issuer default rating at 'B-', with a Negative Outlook, citing increased liquidity risk and weaker-than-expected free cash flow in 2024. The credit update, published on 2 June, follows continued financial pressure on the luxury carmaker, despite a recent capital injection and relief from proposed US automotive tariffs. The rating action comes two months after Aston Martin's executive chairman Lawrence Stroll told Bloomberg News (1 April) that he does not rule out taking the company private. Stroll described the carmaker's market valuation — around £650 million — as a 'joke', noting it is now roughly equal to the amount his Yew Tree consortium has invested since 2020. After the latest £52.5 million capital raise, Yew Tree's stake will increase to around 33%. While Stroll insists the company is 'severely undervalued', Fitch's view underscores the difficulty of turning around the carmaker's financial performance. Fitch highlighted a larger-than-anticipated free cash flow deficit in 2024 and ongoing execution risks linked to Aston Martin's turnaround strategy. These concerns persist despite a £125 million capital boost announced at the end of March, comprising a share issue and the sale of the company's stake in its Formula 1 team, which temporarily eases liquidity pressures. Aston Martin, which has declared its goal to become EBIT-profitable in 2025, has consistently struggled to achieve sustainable performance. Car sales fell 9% year-on-year to around 6,000 in 2024, while the group reported a pre-tax loss of £290 million. Analysts have questioned the company's ability to deliver on revised profitability targets, particularly given ongoing supply chain constraints and past delays in model launches. The company's US exposure adds further complexity. The US accounted for 37% of group revenue in 2024, and earlier proposals from the Trump administration to impose 25% tariffs on UK car imports raised concerns. However, a new UK–US trade agreement, whose implementation date remains unclear, will reduce duties to 10% for the first 100,000 vehicles exported annually, roughly equivalent to the UK's 2024 export total, according to the Society of Motor Manufacturers and Traders (SMMT). While management has downplayed the impact, noting the tariff hike is 'not catastrophic,' Fitch notes that the pricing implications are uncertain. To mitigate near-term tariff effects, Aston Martin accelerated US-bound shipments in Q1 2025, providing inventory cover for the second quarter. Management has also indicated that passing on higher costs may be feasible for high-margin, limited-run models, but Fitch notes that long-term margin effects remain unclear. Tariff-related cost pressure adds to existing inflationary challenges, though the company continues to pursue cost-saving initiatives. Since its 2018 IPO at a £4.3 billion valuation, Aston Martin has undergone several strategic resets. The latest, under new CEO Adrian Hallmark, who joined from Bentley Motors Ltd, prioritises profit over volume, scrapping previous sales targets and focusing instead on customised, high-margin models and derivatives of existing platforms. Hallmark previously led Bentley to record profitability, increasing its operating margins to over 20% by 2023. Still, Fitch warns that Aston Martin's 'rating headroom remains constrained,' with profitability dependent on effective execution, shareholder support, and resilience to external risks including weaker demand, particularly in China, and potential delays to new launches. "Aston Martin faces pressure from Fitch" was originally created and published by Motor Finance Online, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Bloomberg
01-04-2025
- Automotive
- Bloomberg
Aston Martin's Low Valuation Is No Laughing Matter
After Aston Martin Lagonda Global Holdings Plc announced yet another capital injection on Monday, Chairman Lawrence Stroll told Bloomberg News he doesn't rule out taking the British luxury carmaker private at some point, calling the company's roughly £650 million ($841 million) stock market valuation a 'joke.' The British sportscar group's share price performance has been woeful since its initial public offering in 2018. Its market capitalization is barely 1% of rival Ferrari NV, and is similar to the amount Stroll's Yew Tree consortium has ploughed into the company since 2020. After the latest £52.5 million injection, Yew Tree's ownership of the company will increase to around 33%.
Forbes
31-03-2025
- Automotive
- Forbes
Aston Martin To Raise Over $162 Million Through F1 Team Stake Sale And Stroll's Increased Investment
Aston Martin announced on Monday its plan to sell its minority stake in the Aston Martin Aramco Formula One team to help turn around its loss-making core business. The luxury British carmaker, famed for its role in the James Bond franchise, is set to raise at least £74 million ($95.5 million) through the stake sale, but it has confirmed that such a move will not affect the existing long-term sponsorship. Chairman Lawrence Stroll, whose son Lance drives for the Silverstone-based outfit alongside Fernando Alonso, said that Aston Martin's place on the F1 grid is 'as secure as ever.' The Canadian billionaire has already invested around £600 million into the iconic brand since taking the helm in 2020. Now his investment vehicle, Yew Tree Consortium, is set to inject an additional £52.5 million into the marque by purchasing 75 million shares at 70 pence per share. This would raise its shareholding from 27.7% to 33%, with an eye on potentially increasing it to 35%. Normally, entities owning more than 30% of a UK-listed company are required to make an offer to buy out the remaining shareholders under British takeover rules, but Yew Tree is seeking a waiver for this requirement. 'Exemptions have been granted in the past, yet it feels like a takeover would be a better outcome as it would mean the car company would be free to pursue a turnaround strategy out of the public spotlight,' said Russ Mould, investment director at AJ Bell. In late February, Aston Martin announced plans to cut 170 jobs — about 5% of its workforce, targeting annual savings of £25 million ($32 million). This came after the company suffered losses of £289.1 million and a staggering rise in debt, which jumped 43% to reach £1.16 billion in 2024, with shares also falling around 33%. Now with the planned sale of its minority stake in the F1 team and the fresh investment by Stroll's Yew Tree – a move that saw the company's shares surge by as much as 14% on Monday – Aston Martin is projected to raise over £125 million ($161.7 million) as part of its efforts to counter losses as well as tariffs imposed by U.S. President Donald Trump. The White House is set to impose new tariffs on various consumer goods including 25% tariffs on all cars 'not made in the United States' in an effort to promote American manufacturing and reduce the country's trade deficit. People close to Aston Martin said that the company expects a hit of up to £30 million to its gross profit due to these tariffs set to kick in on April 2, as reported by the Financial Times. The luxury carmaker said that the impact of the tariffs remains 'under review,' but admitted that initial analysis led the company to forecast only 'modest growth' in its annual car sales – a downgrade from its previous expectation of mid-single-digit percentage growth. There were also concerns that such a tariff would trigger price hikes for consumers – something Aston Martin is likely to implement to offset the hit. Chief executive Adrian Hallmark explained that the British marque would still aim to return to profitability this year through vehicle price increases, cost-cutting, and higher margins on customization offers. 'It's not catastrophic. It's a problem, but we can manage our way through it,' said Hallmark. The U.S. market is crucial for Aston Martin, accounting for around a third of its £1.6 billion revenue for 2024 and surpassing the combined revenue generated from the United Kingdom and Asia Pacific.
