Latest news with #joblosses
Yahoo
3 hours ago
- Business
- Yahoo
Italian restaurant chain Gusto to be acquired by Cherry Equity
Italian restaurant chain Gusto will be acquired out of pre-pack administration by Cherry Equity Partners, resulting in the closure of six of its 13 restaurants and 190 job losses. The investment company, led by hospitality veterans Ed Standring and Jamie Barber, will purchase seven locations, preserving more than 300 jobs, The Caterer has reported. The closures will primarily affect smaller suburban restaurants, which administrator Interpath Advisory describes as 'economically unviable due to continuing cost headwinds affecting the sector.' Interpath Advisory UK chief executive Will Wright was quoted by The Caterer: 'Although these continue to be challenging times for hospitality operators, we are pleased to advise on this transaction, which will safeguard the future of a fantastic brand which has been serving customers across cities and suburbs for over 20 years.' This acquisition marks Cherry Equity Partners' third deal in 2025, following the buyouts of Latin American restaurant group Cabana in January and French-themed chain Bistrot Pierre in March. Founded in 2005 by Jeremy Roberts and the late Tim Bacon of Living Ventures Group, Gusto received significant backing from private equity firm Palatine in 2014 to fuel expansion. The chain faced challenges during the pandemic and entered voluntary arrangement in 2020, which saved more than 600 jobs but led to the closure of four sites. In 2024, Gusto also closed its Didsbury restaurant after high street retailer Oliver Bonas took over the site. Gusto chief executive Paul Moran was quoted by The Caterer: 'We are profoundly sorry to see six of our restaurants close and are tremendously grateful for the support of our staff and our loyal customers at these locations over the years.' The divestiture has secured the future of the business and provided a stable platform for the company to grow. "Italian restaurant chain Gusto to be acquired by Cherry Equity" was originally created and published by Verdict Food Service, 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.
Wall Street Journal
2 days ago
- Business
- Wall Street Journal
Talk to the Screen for Your Fries, Not the Hand
Contributing to thousands of fast-food job losses in California is how expensive eating at these establishments has become due to inflation ('18,000 Jobs Out the Drive-Thru Window,' Review & Outlook, July 22). As a result, restaurant owners in California are in a double bind—compromising their bottom lines due to higher labor and production costs, as well as dealing with cash-strapped customers. Zohran Mamdani, New York's socialist mayoral nominee, is backing a $30 minimum wage, an unrealistic and harmful idea that reflects Mr. Mamdani's fiscal irresponsibility and ignores the interests of low-wage workers in an inflationary economy.
RNZ News
2 days ago
- Business
- RNZ News
Material change for the construction industry
With insolvency and job losses for construction businesses soaring , the government has announced it will make it easier for firms to purchase and use international materials for builds here in New Zealand. Professor John Tookey from AUT joins Emile Donovan to look at whether this move will bring down the high cost of construction. Photo: 123RF
Daily Mail
3 days ago
- Business
- Daily Mail
Homemade scones sold at the National Trust's sites could soon become history due to job cuts
They've long been a highlight of any trip to a National Trust site, their mouth-watering flavour crowning a historical day out. But the delicious scones served at the charity's cafes are set to become a thing of the past amid sweeping job losses. Some National Trust venues are planning to stop baking their own sweet treats, replacing them with products brought in from a central source, The Times reports. This has led to fears the new scones will lack their signature homemade freshness. One sceptical volunteer suggested the cost-cutting measure would lead to 'severe disappointment' among visitors across the country. The move is a concerning consequence of the National Trust's decision earlier this month to remove 550 jobs in a bid to slash its wage bill amid soaring costs. The conservation charity, which looks after 500 historic houses, castles, gardens and parks, cited Labour's move to hike employer national insurance contributions, as well as a recent increase in the minimum wage, claiming these policies had cost it £10 million. The National Trust insisted that less than 10 per cent of cafés would be affected by job cuts. But Steve Thomas, of the Prospect union which is representing staff facing redundancy, said: 'Whether they are chefs or curators, National Trust staff are as integral to the experience of visiting our iconic historic sites as the properties themselves.' He predicted that the move could put some people off visiting affected sites. Tasty scones have long been a key draw of National Trust properties and have even inspired a popular book and a dedicated website. In 2023, Sarah Merker completed a vast audit of the snacks, usually accompanied by a dollop of jam and clotted cream, visiting all 244 of the charity's cafes over the course of 10 years. She discovered that the National Trust's least popular locations served the worst scones. The charity said: 'The proposed changes would affect less than 10 per cent of our cafés, all of which are smaller outlets where rising costs are making it increasingly difficult to be financially sustainable. 'We would still have food and drink available at these cafés, however, and in more than 90 per cent of our cafés there would be no change to what we offer.' It comes after the National Trust told staff it needed to reduce the pay bill as well as finding savings worth £26m. The plans are expected to create a reduction in jobs of around 6 per cent across the charity's workforce of around 9,500 people. At least 550 full-time workers could face job loses and the charity has begun a 45-day consultation with its staff. In its most recent annual report, published in September last year, it revealed that total visitor numbers rose to around 25 million for the 2023/24 financial year, up 5 per cent compared with the previous year. It also revealed that there was a 12 per cent increase in non-members visiting the sites, paying on the day for individual trips.
The Sun
4 days ago
- Business
- The Sun
Amazon will have as many robots as humans working in UK warehouses within just three years
AMAZON will have as many robots working in UK warehouses as humans within three years, an expert warns. It could mean huge job losses at the delivery giant, which already has a million bots operating worldwide. 3 3 The firm is on the cusp of having more machines than people in the US, according to the Wall Street Journal. Dr Amir Aly, from the Centre for Robotics and Neural Systems at the University of Plymouth, claims Amazon's planned £40billion UK investment by 2028 means a mass robot rollout. He said: 'The scale of investment indicates there will be a 1:1 ratio of humans to robots in the UK in the next one to three years. "It's the money and technology advances that talk in the end.' He argued the size of the cash injection and the Government's enthusiasm hints at an agreement to provide a 'friendly regulatory environment'. Dr Sethu Vijayakumar, Professor of Robotics at the University of Edinburgh, agreed jobs would be lost in the 'temporary friction' robotics revolution. He added: 'There will never be as many jobs once warehouses are automated.' Amazon denies this, pointing to increased hiring over the past decade to about 70,000 people in the UK — up from 7,800. Xavier Van Chau, from Amazon's robotics team, said rather than replacing workers, the company has trained 700,000 robot operators. He insisted that the business aims to relieve workers of menial tasks, 'adding value, not replacing humans'. 3
