What the weekend papers say

A round-up of the weekend's news affecting the hospitality industry...

Fish founder plans administration buyback
Tony Allan, the founder of the Fish restaurant group, is preparing to buy back at least half of the cash-strapped chain from administrators with backing from the Cohen family, the former owners of catalogue company Betterware, who are sitting on a £120m fortune. The move is likely to prove controversial with shareholders. – Sunday Telegraph, 7 July

Yo! seeks cash for hotel launch
Chairman and founder of the Yo! chain Simon Woodroffe is seeking a venture capital buyer to fund a move into the UK hotel market. Yotel is designed as a cross between Japanese capsule hotels and British Airways first-class sleeper accommodation. The first Yotel is planned to open next year in London. – The Business, 7 July

Compass’s Mackay and Bailey buy more shares
Compass chairman Francis Mackay and chief executive Mike Bailey are trying to put a floor under the group’s falling share price. They have used gains on their 1995 options to add to their shareholdings, buying shares at 381½p. Mackay spent just more than £1m while Bailey spent £600,000. – Sunday Times, 7 July

Young’s faces shareholder revolt
London pub company and brewer Young & Co is facing an attempt to change its shareholder structure and undertake a round of share buy-backs. Dissident shareholder Guinness Peat Group has tabled five motions for the Young’s annual general meeting on 16 July including one proposing the buy-back scheme. – The Business, 7 July

Beef-on-bone BSE rebel fined for drinks offences
A pub owner who achieved fame when he defied a Government ban on serving T-bone steaks in the middle of the beef-in-bone ban in 1998 has been fined more than £1,200 for selling spirits which were not the brand shown on the bottle label. Chris Bowman, who used to run the Drovers Arms near Harrogate, but has now no connection with the pub, had samples of rum and vodka taken from an outside catering event last year and checked by trading standards officers. – Yorkshire Post, 6 July