Five Things: Hakkasan Group is acquired by Tao Group Hospitality
Each week Restaurant Hospitality brings together five stories from the world of independent catering that you may have missed.
Here’s your list for the week of May 3:
- The Hakkasan group is acquired by Tao Group Hospitality
Tao Group Hospitality, which operates restaurants, nightclubs, lounges and other venues across the United States and abroad, said last week that it acquired Hakkasan Group, which operates multiple locations from its eponymous restaurant and other restaurants and nightlife destinations around the world.
The merged company operates 61 entertainment, dining and nightlife venues in 22 markets across five continents. Its brands include Tao Group Hospitality, Tao, Marquee, Lavo, Beauty & Essex, Avenue, Cathedral and Koma, as well as Hakkasan Group Hakkasan, Yauatcha, Omnia, Ling Ling, Jewel, Casa Calavera, Herringbone and Searsucker, among others.
Tao Group also recently launched a virtual Italian concept in New York called Luchini Italian, which he operates from his restaurant Lavo Italian Kitchen.
Las Vegas-based Hakkasan Group had previously been the subject of acquisition rumors, including a report in 2018 that the company was subject to an interest buyout from Spanish hotel company Pacha Group and investment company Certares. Earlier that year, a plan to merge Hakkasan with SBE, a Los Angeles-based hotel, restaurant and nightlife operator, failed, Hakkasan officials said at the time.
- While some states and cities are lifting COVID restrictions, others are closing again.
Several states and local municipalities have started easing restrictions on dining out as new cases of COVID-19 have declined in those areas, while others have moved to tighten restrictions as positive cases tend to go. in the opposite direction.
Last week, the Centers for Disease Control and Prevention also released new interim recommendations for fully vaccinated people, saying it’s safe to dine outside without a mask with members of multiple households. The CDC warned, however, that even fully vaccinated people should take precautions in indoor public places and some crowded outdoor places and places, by wearing a mask.
Some states, including Louisiana and Pennsylvania, have followed suit by lifting some restrictions on masks.
In Louisiana, Gov. John Bel Edwards said last week that the state’s mask mandate would be lifted for some businesses, including restaurants and bars. However, he continued to recommend wearing masks indoors and in crowded outdoor environments, noting that this was especially important for people who have not been vaccinated.
Meanwhile, Florida Governor Ron DeSantis Monday suspended local COVID emergency orders and signed a proposal that limits the government’s ability to impose mask requirements and other social distancing measures, as well as a ban on “vaccine passports.” The movements come as the rate of COVID cases in Florida steadily rises.
Last week, the Florida State Legislature authorized an invoice this would make the delivery of take-out alcohol permanent.
- Illinois lawmakers are considering a bill to prevent third-party delivery companies from listing restaurants without permission.
Last week, Illinois State Senator Melinda Bush (D-Grayslake) introduced a bill prohibiting third-party delivery people from using a merchant’s likeness, trademark, or intellectual property without obtaining written consent.
Under the proposed bill, businesses would be fined $ 1,000 per day for infractions and restaurants could recover damages, or at least $ 5,000.
- Lawyers offer advice on what to do if your paycheck protection program loan is not canceled.
the Paycheque Protection Program or PPP, created by the passage of Coronavirus Aid, Relief, and Economic Security, or the CARES law, in March 2020, brought much needed relief to the restaurant industry.
The PPP was accompanied by a waiver of the membership rules set by the US Small Business Administration to ensure that more restaurants could take advantage of the financial assistance made available by the CARES Act and the additional assistance provided. available through the December 2020 economic aid to Hard. -Hit small businesses, nonprofits and places, or economic aid law.
But for those who have survived on PPP loans, the vast majority of borrowers still don’t know if their loans will be canceled. The SBA is currently examination of nearly 200,000 requests for forgiveness while planning to review an additional 2.3 million requests in the coming months.
The uncertainty that borrowers face as to whether their loans will be canceled and, if so, how much is, of course, regrettable. Fortunately, there is certainty as to what a borrower can do now to prepare for the SBA’s forgiveness decision. Additionally, a borrower can be confident that he does not have to accept an adverse decision from the SBA denying forgiveness, but can instead appeal the decision.
Read more: What to do if your PPP loan is not canceled
- Virginia’s first minimum wage increase to $ 12 an hour took effect May 1
On May 1, the first in a series of salary increases voted by the state legislature in 2020 took effect for the state of Virginia. For the first time in 10 years, workers in Virginia have seen the federal minimum wage of $ 7.25 an hour drop to $ 9.50 an hour. The next increase will be on January 1, 2022 when the minimum wage rises to $ 11 an hour and finally settles to $ 12 an hour on January 1, 2023.
The measure was passed after Democrats took control of the state legislature after the November 2020 election. Virginia lawmakers plan to vote on the $ 15 an hour minimum wage in the session. 2026 after completion of a study Of the. Jeion Ward (D-Hampton) told 8News.
The industry, however, is divided.
“This could be a tipping point for many small business owners,” said Nicole Riley, national director of the National Federation of Independent Businesses. “They probably won’t hire as many people as they’ve had to lay off or on leave because of the pandemic. You will see them cut the hours.
“We have advocated for an increase in the minimum wage in Virginia, which has long been stuck at $ 7.25 an hour, and we look forward to the economic boost from that increase,” said Alissa Barron-Menza, vice president of companies for a fair minimum wage. “Businesses depend on local customers who earn enough to buy what they sell. And business models based on fair wages, low employee turnover, and reliable customer service ensure more lasting success. “
The District of Columbia and eight states have already enacted a minimum wage of $ 15: California, Connecticut, Florida, Illinois, Maryland, Massachusetts, New Jersey and New York. The Delaware Senate passed a minimum wage of $ 15 in March and it is under consideration at Delaware House.