Safestay, Dalata, PPHE, insolvencies, tenancies, jobs market & other:

A DAY IN THE LIFE:

Statistics can be misleading.

That’s hardly new news but I was thinking the other day about coincidence, correlation and causation and how the first is often more likely than the other two.

Because take feet size and intelligence.

And, spoiler alert here, big footed adults tend to be more intelligent that small-footed infants so, whilst some politicians on the world stage might prove that this is not always the case, there’s prima facie more of a correlation than there is simple coincidence.

But to suggest that bigger feet caused the rise in intelligence would be somewhat misleading.

And to attempt to raise capital to open a chain of foot-enhancement clinics and market the same to a bunch of less-than-bright would-be customers might, arguably, be a mistake.

However, as I’ve heard more than once when flirting around the above anecdote, often from people who believe that The Market can do no wrong, you’ve got to feed the ducks when they’re quacking.

Anyway, it’s a tad cooler so, without further ado, let’s move on to the news:

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PUBS & RESTAURANTS:

Tenancy models.

The MA looks into the above and quotes a number of licensees as variously saying that some models are ‘archaic’ and need changing and that revenue-based rents could be the way forward…

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Alcohol free products:

The Club Soda Drinks For Everyone 2025 report suggests that some 48% of UK adults have tried alcohol-free products. Regarding timescale, the report finds that 37% of 18 to 34-year-olds drink alcohol-free drinks every week but only 9% of those over 55…

Jobs market:

Clouds continue to gather as Bank of England Governor Andrew Bailey says that there are further ‘signs of softening in the labour market.’ And The Telegraph reports that the “Big Four” accountants, Deloitte, EY, KPMG and PwC, are cutting back on recruitment as they find ways to employ AI in their businesses…

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More taxes:

UKH has warned that the proposal by Westminster City Council to consult on introducing a late-night levy on venues which sell alcohol would be a ‘mistake’. It says that, whilst other cities such as Liverpool charge such a tax on venues serving beyond midnight, some councils have scrapped earlier decisions to do so…

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WFH:

The Telegraph reports that Rami Baitiéh, who took over as CEO of Morrison’s in late 2023, has ‘ordered staff working in its head office back to their desks five days a week as the supermarket battles to revive its fortunes.’ It says the supermarket is understood to have told its employees based at its headquarters in Bradford that they must work a full five-day week after abandoning a policy which allowed staff to work compressed hours.

Insolvencies:

The Insolvency Service has released company failure numbers for May 2025 for both corporations and for individuals saying that there were 2,238 company insolvencies in the month. This was ‘8% higher than in April 2025 (2,074) and 15% higher than the same month in the previous year (1,946 in May 2024)….’

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Other news:

More on the jobs market: River Island is set to close 33 shops in the UK. It will put hundreds of jobs at risk and add to voids on the High Street. See Nick Bubb below.

COMPANY NEWS:

The FT reports that, in the past three months, listed pub companies have outperformed the FTSE 250. It says ‘Britain’s unusually sunny spring and summer — so far — is one reason the droop has been reversed….’

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Starbucks. The FT reports that Workers United, which is seeking to unionise the Starbucks workforce, claims to have won elections at 600 of Starbucks’ more than 10,300 company-operated US stores. Workers United is offering to help people, pre-disposed to join the union, to get jobs at the company.

HOLIDAYS & LEISURE TRAVEL:

Safestay has reported full year results to end-December 2024 saying that revenue rose to £22.5m from £21.5m in the prior year. Operating profit rose to £2.8m (2023: £2.4m) and the loss before tax has been reduced to £407k from £757k in the prior year…

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Re Dalata Hotels, bidder Pandox Abhas announced that it has purchased 1,698,112 ordinary shares in Dalata at a price of €6.30 per share, representing approximately 0.8% of the issued share capital of Dalata. The company says that the offer remains unsolicited….

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PPHE Hotel Group has announced that it ‘has entered into an agreement for the acquisition of a 13,000 sqm mixed-use development site in a prime central location near the City of London and Tower Bridge, with planning permission….’

The National Audit Office has said that the Passport Office should raise the £95 passport renewal fee. There were a short 7m passports issued in the UK last year.

A number of flights to and over the Middle East have been cancelled due to escalating tensions. Air India has a number of international flights operated by Boeing 787-8 Dreamliners following the crash the week before last that killed at least 270 people.

Accor’s latest hotel ads are to feature French international Kylian Mbappé as the company says “Don’t Be a Guest, Be a Guest Star”.

OTHER LEISURE:

DCMS Culture Secretary Lisa Nandy last week pledged £900m of taxpayer investment into major sporting events and grassroots sports.

President Trump, as previously suggested, has gone ahead and signed an executive order to delay the ban or sale of TikTok for the third time.

The BBC has said it will take legal action against an AI firm, Perplexity, which it says has reproduced BBC content word-for-word without its permission.

Padel. The FT reports that ‘the organisers of the Hexagon Cup padel tournament are planning to set up a network of amateur leagues around the world, in a bid to tap into the soaring grassroots popularity of the sport and boost the long-term audience for their annual five-day elite event.’

FINANCE & MARKETS:

The OBR has reported that Chancellor Rachel Reeve’s tax increases raised some £300m less than expected in their first two months.

UKH has said that April’s tax rises are partly responsible for keeping interest rates in the UK ‘higher for longer’.

Knight Frank has claimed that the abolition of non-dom concessions has lost the government hundreds of millions of pounds in stamp duty on properties, primarily in London.

Sterling down at $1.3407 and €1.1673. Oil up at $77.88. UK 10 year gilt yield 2 basis points down at 4.52%. World markets mixed on Friday and into Monday with London set to open some 32 points lower as at 6.30am.

RETAIL WITH NICK BUBB:

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