WFH, inflation, supply, Tortilla, Burger King, holiday demand etc.:

A DAY IN THE LIFE:

The international break has helped Hull City to keep its 100% record and its clean sheet in October.

True enough, we’ve only played one game – and managed to win that one this month (and the less said about when happened in September the better), but we’ll take maximum points over any period wherever we can get them and it makes a pleasant change to be out of the relegation slots so ‘late’ in the season.

And just a bit sorry that the Saudis got off the train a couple of stops too early and bought Newcastle by mistake but, anyway, enough of that. On to the news.

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PUBS & RESTAURANTS:

WFH. Serviced office provider Workspace Group on Friday reported that it has seen an upturn in lettings and office. It put this down to small and medium-sized companies leading a return to the workplace.

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Inflation. Whilst people can see that gas and other energy prices, petrol, council tax and food and delivery costs are increasing, the Bank of England maintains that inflation is transitory. This word may be changed somewhat in the near future. City AM points to the KPMG and REC study that shows that pay increases are running at 24yr high levels. Kraft Heinz has told the BBC that consumers will have to get used to higher food prices.

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Delivery problems. The ONS has said that 17% of adults, up to eight million consumers, have not been able to purchase essential goods because they were not available. It says that around 23% said the same for non-essential food items. The ONS says that around 60% of respondents said that their food shopping experience had been different to usual. Some 43% said there was less variety, and 14% said they had to go to a larger number of shops to buy what they were after.

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KAM Media has highlighted the importance of events, venues and product being ‘Instagrammable’.

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Trading: CGA’s latest Drinks Recovery Tracker shows average drinks sales by value in the seven days to Saturday (2 October) were down by 1% on the same week in 2019. Spirits were the best performing drinks category with sales up by nearly a quarter (24%).

Per The Telegraph, the Chancellor is being pressured to cut business rates to avoid high street disaster by retail bosses and landlords.

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COMPANY & OTHER NEWS:

Having priced its IPO at 181p, Tortilla’s shares finished their first day’s trading at 192.5p.

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Per Sunday Times, Burger King’s UK division is set to float on the London Stock Exchange for about £600 million. Owners Bridgepoint are said to be in talks with bankers from Investec and Numis.

BrewDog has said that it will open six bars in Italy in the next three years. Founder James Watt says ‘when we first started shipping beer overseas many years ago, Italy was one of the first markets to stock Punk IPA, so we’ve always felt a strong connection with this amazing country and the beer drinkers who live there.’ He says the company is ‘delighted to be working with 4Food to open six new BrewDog bars in northern Italy over the next three years.’ He adds ‘these beacons of beer will be a true showcase of our brand, with a focus on high-quality beer, fantastic food experiences and exceptional service. We can’t wait for this project to get underway.

ISS, a food supplier to 450 schools, has advised school catering staff that  they should stock up on frozen and tinned food to ensure that children are properly fed over the winter.

Meat consumption has fallen by 17% in the past decade in Britain. The national food strategy for England recently recommended that people try to cut their meat consumption by about 30% within the next decade.

In the US, TGI Fridays is partnering with Reef Technology to launch 300 delivery kitchens across North America and other international markets throughout the next five years.

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ETM Group reports turnover of  £6.8m for the full year to 28 February 2021, down from £31.6m in the previous financial year. Loss for the period, after tax, amounted to -£4.3m, compared to a loss of £2.3m in 2020.

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The Morning Advertiser reports that SA Brain & Co is seeking a buyer for 99 pubs, which are currently let to Marston’s Estates on 25-year leases. The package provides a gross rent roll of £5.42m a year, with offers in excess of £87.3m being invited for the portfolio.

The SIBA British Craft Beer Report will return next year after a one year hiatus. James Calder, SIBA Chief Executive, said the report ‘provides incredibly valuable insight into the independent craft beer market in the UK, including expert analysis and commentary from some of the industries foremost writers.’

Las Iguanas is set to open a site in Southampton’s Westquay shopping centre before Christmas. The new 180-cover restaurant and bar will be Las Iguanas’ 45th site.

The Times reports that Stephen Thomas, who built Luminar into the industry leader in the late-night market in the 1990s, is ‘understood to be seeking to build a fresh bar and nightclub business with an initial target of 10 to 15 venues under new brands including Rhythm Room and Liberation.’ It says ‘the 68-year-old is being backed by Hugh Osmond, the former Pizza Express and Punch Taverns tycoon. John Gripton, one of Osmond’s lieutenants at Osmond Capital, his private investment office, is listed as a director of the venture.’

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LEISURE TRAVEL & HOTELS:

Travel Weekly reports that the ‘lifting of restrictive travel advisories by the Foreign Office has been welcomed by a number of countries seeking to attract UK holidaymakers this autumn and winter.’ Jet2 has said that the liberalisation has led to an immediate bounce in bookings.

Travel Weekly reports that Jet2holidays’ bookings have doubled  in less than 24 hours after the government’s confirmation on Thursday that it was slashing its red list to just seven countries. Steve Heapy, CEO, said ‘customers clearly view this latest announcement as the genuine reopening of international travel.’

The London Resort theme park will begin construction next year on the banks of the River Thames at Swanscombe Peninsula in Kent. The £2.5 billion park aims to have the initial phase opened by 2024 with completion by 2029. 

Per STR, US hotel occupancy fell 1.5% to 61.7% last week, with weekly demand declining the most among hotel types that have traditionally served business and conference guests. 

OTHER LEISURE:

Sportech has released further information on the potential sale of its terrerstrial lottery supply contract, saying that the ‘period of exclusivity afforded to the potential buyer has been extended to 29 October 2021 in order to bring the negotiations and any resulting transaction to a conclusion.’ It adds that there can be no certainty that this transaction will proceed and a further announcement will be made if and when appropriate.’

US investment firm Carlisle Capital is reported to be one of the interested parties in talks with administrators of Derby County.

FINANCE & MARKETS:

The Telegraph quotes Bank of England Monetary Policy Committee member Michael Saunders as saying that UK consumers should brace for “significantly earlier” interest rate rises as the Bank seeks to dampen inflation. The paper says Saunders believes ‘financial markets were right to bet on faster increases as the CPI heads over 4% and even hinted rates could rise before the end of this year.’

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The UK is thought set to reject the EU’s proposals over tweaks to the agreement for trade with Northern Ireland. This has led to concerns re potential trade disputes.

The Bank of England has said that the risk of a sharp downward correction to share prices has increased due to the potential for a negative review of the prospects of economic recovery from COVID-19 and supply problems, rising prices, tax rises and a spending squeeze.

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The US economy added a somewhat disappointing 194,000 jobs in September per the US Dept of Labour. It says that foodservice employers only added 29,000 jobs in September, changing little from last month.

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Sky reports on the ‘unprecedented public slap down’ of Kwasi Kwarteng by the Treasury, where a spokesman said that he was not telling the truth about meetings between himself and finance ministers.

Sterling up at $1.364 and €1.1786 on hopes/fears of higher interest rates. Oil higher at $83.55. UK 10yr gilt yield up 8bps at 1.16%. World markets slightly better on Friday with the Far East stronger in Monday trade. :London set to open perhaps 5pts better as at 7am.

RETAIL WITH NICK BUBB:

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