Who really owns British eating out?

Think of the last chain restaurant you ate at: there's a fair chance it's no longer owned by anyone in Britain. Wagamama answers to Apollo, Cosy Club's parent belongs to Fortress, Franco Manca sits inside a Japanese group and Pizza Pilgrims has been folded into a German one. This week I look at why it's happening, what it means for where brands open next and where the profits end up. I also ask which of our most promising names will still be British in ten years.

The Numbers story may unsettle you. After three years of tracking what hospitality operators tell the ONS about their own risk, I've tested it against what actually happened and the answer is, that it told us almost nothing. If you lend to, supply or invest in this sector, the findings should change what you watch for.

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