BUSINESS EXTRA Keep right on

BRITAIN’S Foreign Secretary

James Cleverly warned that armed conflict between China and Taiwan would destroy world trade, dealing a catastrophic blow to the global economy. Discussing Britain’s relations with Beijing, Cleverly said no country could shield itself from the repercussions of a war in Taiwan.

Fair shares

SPAIN’S capital gains tax charged at a maximum of 26 per cent when selling shares is 6.45 percentage points higher than the EU’s 19.55 per cent. The Czech Republic, Luxembourg, Slovakia and Slovenia charge nothing at all, while Belgium charges 0.15 per cent on transactions over €1 million.

Off the menu

PREZZO, affected by soaring energy and food costs, will close 46 loss ­ making Italian restaurants in the UK and where the post­Covid recovery proved harder than the private equity­owned chain had anticipated. Approximately 810 workers were at risk of redundancy due to the overhaul, Prezzo said.

Fast lanes

SPANISH toll road company

Albertis is bidding a total of €6 billion for three contracts to manage the Attica motorway in Athens, four motorways in Puerto Rico and the 16.5­kilometre State Highway 288 in Houston. With two lanes in each direction this is one of the busiest roads in Texas.

Downsizing

JOHN LEWIS PARTNERSHIP will halve the size of its central London headquarters now that thousands of employees work from home. The offices occupy 220,000 square feet (approximately 2,044 square metres) but only half of that is being used and some floors have been completely closed off.

TELEPIZZA has survived and can live to deliver pizzas another day.

Bondholders and Santander, the fast­food company’s largest creditor signed an agreement on May 2 that has saved the Spanish multinational chain. Sources close to the operation told financial daily, Cinco Dias, that the private equity investors and the bank agreed to a write­down of around half of Telepizza’s liabilities, estimated at approximately €400 million, in exchange for 100 per cent of the company. As a result, the bondholders headed by the Oak Hill, Blantyre, HIG, Fortress and Treo are now majority shareholders in the company, renamed Food Delivery Brands, and own 75 per cent of the capital.

Santander lent Telepizza €40 million that was guaranteed by Spain’s Official Credit Institute (ICO) during the pandemic. A Telepizza statement had announced at the time that it needed between €95 and €115 million to cope with its problems and that the situation created by the Covid restrictions had endangered the company’s ability to meet its liquidity needs.

Santander and ICO itself, together with other financial bodies which have yet to be named, will now share the remaining 25 per cent between them.

Shareholders including KKR, Arta, Torreal, J Safra Group and Altamar, who lose their entire stake, have come off worst in the deal.

Telepizza, was originally founded in Madrid as Pizza Phone by Leopoldo Fernandez Pujaz, a Cuban­born US businessman, in 1987.

There are now more than 1,600 Telepizza outlets worldwide, of which 694 Telepizza are located in Spain.