London Savoy Hotel Sees Risk of Loan Violations
It’s like a custard explosion, like donut and croissant together — what more could you want?” she said. Rinkoff started off baking just a few Crodoughs as a trial, but now sells about 200 a day. “I wanted to inject a new trend into the business. I think it’s maybe more of a craze at the moment but I don’t think it’s a fad — I want it to be the next cupcake,” she said. High-rise mash-up In London’s fast moving culinary world, the moreish mash-up has already made its way from back-street bakery to high-rise dining. RELATED: CRONUT CRAZE HITS SHAKE SHACK WITH CRONUT HOLE CONCRETE At the Duck and Waffle restaurant, located on the 40th floor of the new Heron Tower sky scraper in the City of London, a Dosant has been added to the Sunday brunch menu. More recognisably a croissant, the Dosant is deep fried, rolled in caster sugar then stuffed with Chantilly lemon custard and sprinkled with chocolate. For those who can stomach its sickly sweetness, this heart-attack-inducing pastry has the lure of exclusivity. “There were lots of friends and bloggers and people like that who really wanted to try it but weren’t in New York,” said executive chef Daniel Doherty. “We do a limited number, first come first serve. It’s through Twitter and Facebook and things like this — it makes people feel in the know and part of something.” Hybrid treats are also sold at Bea’s of Bloomsbury alongside brightly-coloured cupcakes, another US import, made popular by the hit sitcom “Sex in the City”. There is the Townie, a tart-slash-brownie, as well as a Duffin, a muffin-cum-doughnut filled with fresh jam, dipped in butter and coated in sugar.
Boris Johnson will meet political leaders and business chiefs during his six-day visit. He will also share a platform with Chancellor George Osborne at Peking University. Mr Johnson said: “China’s recent economic growth is nothing short of staggering and the opportunities that this presents for London are huge.” Chinese firms have recently made big investments in the city. ‘Vital trading city’ Earlier this year, developer ABP announced a 1bn deal to redevelop the Royal Albert Dock in east London and this month the ZhongRong Group said it would be investing 500m to rebuild The Crystal Palace in south London. Last year 104,000 Chinese tourists visited London, according to the office of the Mayor of London. That is up 28% from 2011 and up 100% since 2009. Mr Johnson said: “As China moves on to its next stage of development there’s massive potential for London businesses to export their expertise and to set up shop in this economic powerhouse. “We are a city that is open for business and, with 33 opportunity areas dotted around the capital, there is enormous scope for Chinese investors to get involved, helping to create jobs and growth in the process.” John Biggs, from the Labour Group on the London Assembly, said it was an “excellent idea” to build ties with potential markets as London is a “vital trading city”. But he added: “When Boris first came in as mayor he closed offices in Beijing and Mumbai claiming they were a waste of money. “We welcome his conversion but he should have seen the potential of these foreign markets in the first place.” More on This Story 29 MAY 2013, LONDON From other news sites
NFL signs up for third London game in 2014
The NFL announced Tuesday it will stage another regular season game in the British capital in 2014. The Jacksonville Jaguars, Atlanta Falcons and Oakland Raiders will each host a home game at Wembley Stadium next season. A regular season game was first played in London in 2007 but, for the first time this season, two games were scheduled on the opposite side of the Atlantic. The NFL’s global strategy Luck: NFL is ready for gay players The Minnesota Vikings played to a sell-out crowd in September as they finally ended their season drought with victory over the Pittsburgh Steelers. Read: Europeans learn to love American football The Jackonsonville Jaguars face the San Francisco 49ers on 27 October. Both NFL games at Wembley Stadium sold out within hours. “Our fans in the UK have continued to demonstrate that they love football and want more,” NFL Commissioner Roger Goodell said. “Both of this year’s games in London sold out quickly. The fan enthusiasm for our sport continues to grow. “By playing two games in the UK this year, we are creating more fans. We hope that with three games in London next year we will attract even more people to our game.” The sport is hungry to increase its global profile and the appetite for American football in London suggests the feeling is mutual.
London Mayor Boris Johnson on trade visit to China
The Breezeroad directors said they dont think a covenant breach would have a detrimental impact on the groups ability to operate, according to the filing. Costs could be cut to avoid breaching loan terms or talks with lenders and shareholders could be held to resolve any loan violations, the directors said. The hotel had a pretax loss of 53.5 million pounds ($85 million) in 2012, an 8 percent increase from a year earlier, according to the filing to Companies House describing last years results. Revenue rose about 3.5 percent to 58.5 million pounds last year. Prince Alwaleed Kingdom Holding, an investment company Alwaleed controls, and the Lloyds unit, each own half of the Savoy, according to a statement in April, when the hotels debt was refinanced. At that time, the London hotel was valued at more than 600 million pounds. Kingdom is supporting this asset and has a plan with Lloyds for the hotel, Charles Henry, a spokesman for the Riyadh-based company, said by telephone. Lloyds spokesman Emile Abu-Shakra said the bank remains fully supportive of the management and this iconic hotel. We are confident that the business will continue to trade profitably and that it will be able to meet all creditor payments as they fall due, he said by e-mail. Credit Agricole SA (ACA) and DekaBank Deutsche Girozentrale have loaned 200 million pounds to a Breezeroad affiliate at a rate of 380 basis points, or 3.8 percent, to 400 basis points more than the London interbank offered rate, according to the filing. Kingdom Loans Lloyds and Kingdom Holding each loaned the group 50.5 million pounds at a 15 percent internal rate of return as part of the refinancing, the filing said. The co-owners also provided loans at a lower rate. Representatives of the Savoy declined to comment. The Savoy, located steps away from the north bank of the River Thames on The Strand, first opened in 1889. It reopened in October 2010 after a 230 million-pound renovation that took about 30 months.