COVER CHARGE: Staff at exclusive restaurants like The Ivy complain that cover charge does not go to them
Credit: CC/Philafrenzy
Tip-off Employees working in exclusive London restaurants like the Savoy Grill and the Ivy claim that their cover charges do not go to workers. Unions said they are considering legal action following last October’s legislation that obliges business owners to hand over all tips, service charges and cover charges to staff.
Still growing Spain’s gross domestic product grew by 0.8 per cent during the third quarter of 2024 thanks to increased consumer spending, latest figures from Statistics Institute (INE) showed. Analysts predicted that the economy will have grown by 3.1 per cent by the end of the year, compared with 2.7 per cent in 2023.
Safe hands Toni Ruiz, chief executive of fashion chain Mango, will take over as interim chairman following the death of founder and principal shareholder Isak Andic in a hiking accident in Montserrat (Cataluña) on December 14. Ruiz, 55, who owns 5 per cent of Mango’s capital, has been employed by the retailer since 2015.
Foot sore High street footwear retailer Shoe Zone, which has 297 stores and 2,250 employees, announced store closures following the impact of the autumn budget. Exected pre-tax profits of around £5 million (€6 million) for the year ending September 2025 are down from its previous £10 million (€12 million) forecast.
Quiz time Quiz clothing plans to exit from London’s junior stock market (AIM) as the chain of 60 UK stores struggles to maintain buoyancy. Delisting would be best for the company and its shareholders, Quiz said, with founder Tarak Ramzan and his family, together with other major investors voting to leave AIM.
Stat of the week: €1.25 billion paid by BBVA, Merlin and San Jose, the three partners of Crea Madrid Nuevo Norte, to acquire land for their development programme in the Spanish capital.