Each week, Restaurant Hospitality gathers five stories from the independent restaurant world that you may have missed.
Here’s your list for the week of May 3:
Hakkasan Group is acquired by Tao Group Hospitality
Tao Group Hospitality, which operates restaurants, nightclubs, lounges and other venues across the U.S. and overseas, said last week it has acquired Hakkasan Group, which operates several locations of its namesake restaurant and other restaurants and nightlife destinations globally.
The combined company operates 61 entertainment, dining and nightlife venues in 22 markets across five continents. Its brands include Tao Group Hospitality’s Tao, Marquee, Lavo, Beauty & Essex, Avenue, Cathédrale and Koma, as well as Hakkasan Group’s Hakkasan, Yauatcha, Omnia, Ling Ling, Jewel, Casa Calavera, Herringbone and Searsucker, among others.
, in March 2020, has brought much needed relief to the restaurant industry.
The PPP came with a waiver of the affiliation rules set by the U.S. Small Business Administration to ensure more restaurants were able to take advantage of the financial assistance made available by the CARES Act and the additional assistance made available by the December 2020 Economic Aid to Hard-Hit Small Businesses, Nonprofits, and Venues, or the Economic Aid Act.
Nevertheless, the pandemic’s effect on the restaurant industry has been devastating. An estimated 110,000 eating and drinking establishments closed their doors last year, and 2.5 million restaurant industry jobs disappeared. Last year’s sales were $240 billion below pre-pandemic forecasts, which have led some to describe 2020 as the worst year for the restaurant industry in history.
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Southampton, Pennsylvania, May 03, 2021 (GLOBE NEWSWIRE) Quaint Oak Bancorp, Inc. (the Company ) (OTCQB:QNTO), the holding company for Quaint Oak Bank (the Bank ), announced today that net income for the quarter ended March 31, 2021 was $1.0 million, or $0.52 per basic and $0.50 per diluted share, compared to $432,000, or $0.22 per basic and $0.21 per diluted share for the same period in 2020.
Robert T. Strong, President and Chief Executive Officer stated, It is my pleasure to present our earnings release for the first quarter of 2021. Our net income for the quarter ended March 31, 2021 was 138.4% higher than the comparable quarter one year ago amounting to $1.0 million. The increase primarily resulted from an increase in non-interest income coupled with an increase in net interest income. Asset growth also continued, culminating at March 31, 2021 just over $560.0 million. This growth in assets was supported by an increase in deposits of over $84.9 million funding a g
By: Francisco Rendon
Paras Griffin / Getty Images
Fox TheatreThe marquee at the Fox Theatre in Atlanta reminded the world on March 13, 2021 that it had been one full year since the venue was able to host a live show. Independent venues and other businesses throughout the industry were able to submit applications for Shuttered Venue Operators Grants from the Small Business Administration on April 26 after a failed first attempt at opening the process on April 8.
After a first attempt marred by technical errors, the U.S. Small Business Administration’s second opening of the applications portal for its Shuttered Venue Operators Grant program on April 26 was met with a much more widely positive response.
Two weeks before Atascadero's Cinema Square was slated for foreclosure, on April 22 a San Luis Obispo Superior Court Judge granted a temporary restraining order.