Prices, failing pubs, jobs market, Oxford St, ROO, EPR, Safestay & other:

A DAY IN THE LIFE:

Having been doe-eyed about it for a few milliseconds many years ago, I’ve decided that, to our dog and to pretty much all others, everything’s a transaction.

For example, whilst there are some things the dog would like to happen, like a pat on the head, these must be judged against the opportunity cost of doing something else.

Because, if a rabbit crosses her path, then you go for it, no questions asked and, on the basis that its easier to grovel for forgiveness than it is to ask permission, it will be forever thus.

And she’s not so stupid as to do owt for nowt.

A whistle without a treat at the end of it is just a noise and, on the basis that it’s always better to be safe than sorry, if she finds a dead bird, she’ll eat it before something or someone, and here she clearly suspects me, eats it first.

And that’s how it is.

Probably best not to think your dog would share their last meal with you because, let’s be real, we’re about nil for a thousand here and they really wouldn’t.

Anyway, enough of that. Let’s move on to the news:

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PUBS & RESTAURANTS:

Foodservice prices:

The latest CGA Prestige Foodservice Price Index for April reveals continued inflationary pressures on the hospitality sector’s food and beverage supply chain. It says that ‘the price of the Index’s overall basket of goods rose by 2.3% year-on-year and by 0.6% month-on-month, highlighting the ongoing challenges faced by businesses in managing their procurement costs’ and ‘indicates that a combination of global commodity market volatility, persistent supply chain disruptions, escalating energy costs and the significant impact of adverse weather conditions are the primary drivers of these sustained price hikes….’

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Failing pubs:

Accountant Price Bailey has reported that some 67 pubs closed down during April, the first month after the rise in NLW and introduction of changed NIC rules. City AM points out that the hospitality sector, which employs 3.5m people, has been particularly hard hit as it relies on part-time and minimum wage workers….’

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Price competition:

Meaningful Vision reports that, whilst delivery across the UK remains an intensely competitive market, pizza delivery is the most competitive area of all…

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Jobs market:

Accountant S&W has reported that as many as a third of business owners are planning further job cuts after April’s increase in national insurance contributions. It says that employers are also considering reducing hours, freezing pay, and raising prices to offset the increased costs. As many as 46% of the 500 companies surveyed said they were planning further price rises…

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Oxford Street pedestrianisation:

The mayor’s office has today reported that a consultation has shown that ‘around 7 in 10 back the Mayor’s transformative plans to regenerate Oxford Street.’ It says some there are ‘two-thirds specifically supporting the idea of pedestrianisation.’ The office says it will push ahead with pedestrianisation as quickly as possible…

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Extended Producer Responsibility:

UKH reports that following significant campaigning, the Government has agreed to explore an alternative approach to its Extended Producer Responsibility scheme. It says ‘due to poorly drafted rules that classify some packaging sold in hospitality, like bottles of beer and wine or cardboard packaging in QSR, as household waste, many venues are being forced to pay twice for recycling. They are being passed on an EPR fee via their suppliers, and they are having to pay to recycle their waste commercially….’

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Other news:

In the US, new data from Revenue Management Solutions reports that customer traffic across US restaurants is down 0.9% year-over-year….

Also in the US, President Trump has reportedly told ICE personnel to pause immigration-related arrests and deportations in a number of sectors that rely heavily on labour of this type including the hotel and restaurant industries.

COMPANY NEWS:

Deliveroo shareholders yesterday voted overwhelmingly in favour of the takeover of the company by DoorDash. ROO says ‘the requisite majority of eligible Scheme Shareholders voted (either in person or by proxy) in favour of the resolution to approve the Scheme at the Court Meeting; and the requisite majority of eligible Deliveroo Shareholders voted (either in person or by proxy) in favour of the Resolution to implement the Scheme, including the amendment of the Deliveroo Articles at the General Meeting….’

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HOLIDAYS & LEISURE TRAVEL:

Hostel group Safestay has this morning commented on ‘recent speculation’ and says that it ‘confirms that it is considering the conditional sale of the freeholds of certain UK assets. The Company does not currently anticipate operational or headcount changes arising from any such freehold disposal….’

Jet2 has been announced as AIM’s greatest success as it approaches its 30th anniversary. Investors could have made around 100x their money if they had invested in Jet2 when it came to AIM some 20 years ago.

The CAA has reported that Berkshire-based holiday company Great Little Escapes has ceased trading as an ATOL holder….

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Unsurprisingly, flights to and around the Middle East have been cancelled in the light of the ongoing armed conflict between Israel and Iran. Israel’s largest airport, Ben Gurion International, located in Tel Aviv, has suspended all civilian flights until further notice…

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Flower of May Holiday Parks has reported full year numbers to end-October 2024 to Companies’ House saying that revenue for the year slipped by 6.9% to £14.8m. Operating profit was down to £3.1m (2023: £3.8m) and, after higher interest charges, PBT was some 25% lower at £2.768m…

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OTHER LEISURE:

A&S Leisure, which operates casinos under the Napoleon’s name in Leeds, Bradford, Hull and Sheffield, has reported full year numbers to 30 September 2024 to Companies’ House saying that revenue rose to £47.6m from £44.4m in the prior year. Operating profit was some 8.3% higher at £7.243m. Interest income rose on higher rates and PBT is up by 11.5% at &.662m…

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Moody’s has reported that Warner Bros. Discovery, Inc’s announcement that it is to separate its streaming and studios business is expected to complete by mid-2026. The ratings agency has ‘downgraded the backed senior unsecured notes of Discovery Communications, LLC and WarnerMedia Holdings, Inc. to Baa3 from Ba1 and placed the ratings on review for downgrade following the announcements….’

WhatsApp is to increase ads on its messaging app. Meta says the contents of users’ messages – which are encrypted – will not be used to decide which ads to display.

Ladbrokes and Sporting Bet owner Entain shares rose by 115p or 15% yesterday on the news that its venture with MGM Resorts, BetMGM, was seeing positive momentum.

FINANCE & MARKETS:

Rightmove reports that UK house prices dipped in June by 0.3% on a month-on-month basis. Prices now stand some 0.8 per cent ahead of this time last year….

President Donald Trump is reported to have signed an executive order to cut tariffs on UK cars being shipped to the US. He says this was a ‘very important day’ for both countries.

Sterling mixed at $1.3572 and €1.1745. Oil lower at $73.85. UK 10 year gilt yield down 3 basis points at 4.54%. World markets mixed yesterday and London set to open around 48 points lower as at 6.30am.

RETAIL WITH NICK BUBB:

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