Gregg’s (profit warning), SSP, Cooks, Saga, employment law & other:

A DAY IN THE LIFE:

Many countries are sufficiently small that they have to be outward-looking – the UK, the Netherlands, Taiwan etc – and others, well, are simply so large that they don’t need to be.

And with that, a conversation student-daughter on travels, either in Split or Dubrovnik, had with a middle-aged couple from a country that will remain nameless the other day, comes to mind.

‘Where are you from?’

‘York.’

‘New York?’

‘No, old York, it’s in England.’

‘Never hear of that. Is it near London?’

‘Well, I suppose everything’s relative.’

‘Yeah, right, relative, huh? And is York an island?’

And this would likely have gone on for some time but, at this point, I believe she asked them if they wanted to buy a bridge.

Proud. On to the news:

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PUBS & RESTAURANTS:

Consumer demand:

Accountant BDO has produced its latest seasonal consumer trends study saying that consumers are once again beginning to prioritise eating out. BDO comments that ‘as consumers seek more than just a meal, restaurants that embrace themed decor, curated storytelling, and interactive service models will gain a competitive edge, enhancing customer loyalty and driving footfall…’

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Drinking habits:

YouGov has reported that around 82% of adults in the UK will drink alcohol. It says that 6% of adults have a drink every day and 4% take a drink on five or six days. Another 14% drink on three or four days and 23% drink on one or two days. Another 33% say that they drink alcohol less frequently than once a week.

Other news:

UKH has updated on its views on proposed changes to employment law saying that ‘confirmation that changes around guaranteed hours and predictability of shifts will not come into effect until 2027 allows for detailed consultation with business.’ It adds that it will use the time to engage with the government which, it says, ‘must take into consideration the cumulative cost burden facing the sector during consultation periods, particularly on the back of the £3.4 billion additional annual cost that hit the sector in April….’

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The smoking ban is now 18 years old having come into force on 1 July 2007. The MA quotes JD Wetherspoon as saying it was ahead of the curve and Thorley Taverns director Philip Thorley as saying that the ban was the right thing to do. He says ‘pubs are cleaner, healthier and much more friendly to all users – so in the end, it changed pubs for the better.’

GREGG’S – CO WARNS ON FULL YEAR PROFITS:

Gregg’s has this morning updated on H1 trading and our comments are set out below:

Headline figures: Gregg’s announces it believes FT operating profit will be ‘modestly below’ last year. Re H1, Gregg’s reports total sales up 6.9% in H1 with LFL sales up 2.6%, just below inflation. The company says it made ‘good progress in May followed by slower growth in June as high temperatures impacted consumer purchasing patterns.’

It adds that it opened 87 shops but closed 56 to leave 31 net openings. It says there are 2,649 shops now trading. The group says it is ‘on track to achieve 140 to 150 net openings for the full year.’ It says that it ‘now anticipates that the full year operating profit could be modestly below that achieved in 2024.’ The group says ‘high temperatures affected the UK, increasing demand for cold drinks but reducing our overall footfall.’

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COMPANY NEWS:

SSP has updated on its proposed IPO of its business in India saying that Travel Food Services, the Indian business, has ‘filed its Red Herring Prospectus with the Indian regulatory authorities, in relation to its proposed initial public offering.’ It says ‘the price band of the TFS IPO is set between 1,045 to 1,100 Indian Rupees per share; this indicates an expected market capitalisation for TFS between 137.6 and 144.8 billion Indian Rupees, based on the price band range (£1.17 to £1.23 billion at the spot rate of 117.45 Indian Rupees to 1 GBP)…’

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Constellation Brands has reported fiscal first quarter numbers below consensus market expectations. The group says that reported income was $2.5bn, down 6%, with operating income down 11% at $714m. The company reports that it ‘generates reported EPS of $2.90 and comparable EPS of $3.22.’ it says that its ‘Beer Business continues to outperform, outpacing the total beverage alcohol category by over 2 percentage points in year over-year dollar sales.’ The company adds that its Wine and Spirits Business completed its previously announced divestiture of the primarily mainstream wine brands and associated inventory, facilities, and vineyards in June…

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Cooks Coffee Company has updated on trading for the first quarter of the financial year ending 31 March 2026 saying that ‘group systemwide store sales in the UK and Ireland increased 27.8% to £10.2 million in Q1 FY26 (Q1 FY25: £8.0 million), reflecting strong trading momentum.’ It says that ‘UK systemwide sales were up 29.7%, with like for like sales up 2.8%. Seven new stores opened during the quarter, with one closure, bringing the total UK store count to 77 as at 30 June 2025….’

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City AM reports meal kit company Gousto as saying it has never been in better shape after cutting its losses by more than £50m in 2024. The group reports a loss of £20.3m for its latest financial year, having chalked up a loss of £75.6m in 2023….

Wasabi tells the MCA it is trading well in a challenging market, as the business looks to double its estate in the next two years…

Asahi Super Dry and Arsenal yesterday announced a new global partnership that will see Japan’s number one beer become the club’s Official Beer Partner….

Trejo’s Tacos, which has the backing of Hollywood actor Danny Trejo, has closed its crowdfunding campaign after raising £670k from investors on Crowdcube with the cash intended to fund its UK roll-out. The business was founded in 2016 in Los Angeles and it opened its first UK branch, in London’s Notting Hill, in 2024.

HOLIDAYS & LEISURE TRAVEL:

Saga yesterday announced that it has completed the sale of its underwriting business. It says ‘the completion of this transaction represents a significant milestone in the delivery of Saga’s strategy’. It says the disposal ‘simplifies Saga’s insurance operations, eliminates underwriting risk and is an important step toward the full motor and home insurance partnership with wholly owned UK subsidiaries of Ageas SA/NV, expected to go live later this year.’

Splendid Hospitality Group has bought York site 37 Tanner Row. The Grade II-listed Tanner Row property is set to be converted into a number of luxury hotel suites.

easyHotel has announced the appointment of Charley Le Peillet as Director of Development for France and Belgium. It says the strategic appointment confirms the geographies as priority markets.

SAP Concur has said that travel budgets are increasing despite corporate travel policies becoming stricter in some areas.

FINANCE & MARKETS:

S&P reports that the downturn in the UK manufacturing sector showed further signs of slowing in June. It says that its PMI rose to 47.7 in the month, the highest reading in five months. Any number below 50.0 still implies contraction..

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The Nationwide has reported that house prices fell in June by 0.8% vs May’s figure. Prices are still up 2.1% on a year ago…

Eurozone inflation edged up to 2.0% in the year to June from 1.9% in the year to May. Traders are putting at about 10% the chance of a cut in rates at the ECB’s next meeting in July.

President Donald Trump has said he may impose a “30% or 35%” tariff on Japan if he can’t get a deal before a deadline set for next week.

Sterling lower at $1.3744 and €1.1654. Oil lower at $67.19. UK 10 year gilt yield down 4 basis points at 4.44%. World markets mixed but London set to open around 24 points higher as at 6.30am.

RETAIL WITH NICK BUBB:

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