Publicly quoted players in the foodservice sector – ranging from international operators such as Compass and Whitbread, to UK-focused Restaurant Group – have been increasing their cash reserves either through equity raises or increased banking facilities over the last few weeks and are reasonably well placed to withstand some really rocky times ahead.
But most operators are not so well placed. Last week for instance, Casual Dining Group announced that Alix Partners has been retained to explore future options, and in doing so they are joining a growing list of companies that are showing signs of distress, or worse.
Many operators are now facing the moments of truth I set out three weeks ago.
Yet, it is not all doom and gloom. There are many examples of new partnerships and ways of working that have been established during lockdown that have the potential to grow, evolve and expand as restrictions ease.
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