Britain's restaurant investors have stopped believing in growth and here's the proof…

This week's Briefing looks at two stories that, on the surface, have nothing to do with each other but together explain a lot about where the UK restaurant sector is heading.

First, the numbers: ONS data going back to 2017 reveals a second "squeezed middle" hiding in plain sight. It's not just about menus and price points, it's about company size. The smallest operators are multiplying, the largest are consolidating and everyone in between is losing ground. I break down exactly how that squeeze shows up differently at each end of the spectrum and what it means if you run, or sell to, a mid-sized outlet.

Then there's the bigger picture. An American sandwich chain just filed to float at a value of up to $12 billion, on the back of $55 million profit. Around the same time, a well-known UK chain went to court to write off £37 million of debt. I look at why growth stories still sell in America while UK operators are increasingly changing hands for next to nothing, including one deal where the seller had to pay the buyer to take the restaurants off their hands.

Read the full briefing - including who's really buying UK restaurants now and why the stock market has all but given up on the sector.