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Tenanted pub company
Today’s Daily Note
Langton Capital - 2026-10-02 - JDW, Farmer J, McDonald’s franchisees, coffee, Travelodge & other:
JDW, Farmer J, McDonald’s franchisees, coffee, Travelodge & other:A DAY IN THE LIFE: I find it hard to remember which is which when it comes to anamorphism (aka pareidolia) and anthropomorphism. I mean don’t we all. But, with the aid of the internet, the former is misperceiving things, seeing shapes in clouds / stains on the tea-towel and the like and the latter is ascribing human thoughts and emotions to animals or nature / evolution etc. It might be the other way round, though. Still, now we’ve cleared that up, we can move on to the more important question, namely, do you think that fleas and tapeworms are proud of themselves, do they consider debilitating someone or something as a job well done? Well the answer, of course, is that it’s a pointless question. Because ‘think’ and ‘pride’ aren’t in your average tapeworm’s vocabulary. They just do what they do and, if they survive, they breed and their descendants do more of the same until there’s nothing more of it to do and then they either adapt or become extinct. Credit there to Mr Chas Darwin who got there a bit before me, pondering it, as he did, whilst bobbing around off the Galapagos Islands some little time ago. But anyway, enough of that. Have a good weekend, the weather seems set fair and let’s move on to the news: LANGTON EMAIL: The Free Email is now written in short form. Extended versions of many stories (after the ellipses) are in the Premium Email. Reply to this email if you would like to upgrade. Prices for the Premium are £395 for one subscription, £695 for multiple, £995 for very large subscribers, all plus VAT. Or sign up for easy in, easy out monthly option per subscriber HERE https://www.paypal.com/cgi-bin/webscr?cmd=_s-xclick&hosted_button_id=87YUG2Z5W7PSN PUBS & RESTAURANTS: Coffee – consumption trends: Research by the British Coffee Association has suggested that younger adults are drinking more coffee than their older peers for the first time... • See premium. Reply for sample or to upgrade. Single £395, multiple £695. Limited time offer: PayPal alternative monthly £25 + VAT per sub. Easy in, easy out. Hospitality labour market: Data generated by Pineapple and Sona has suggested that ‘management stability is linked to lower staff turnover, stronger engagement and improved customer ratings across UK hospitality.’ It reports that sites retaining general managers see overall team turnover of around 52% versus 82% at sites with high GM turnover.... • See premium. Reply for sample or to upgrade. Single £395, multiple £695. Limited time offer: PayPal alternative monthly £25 + VAT per sub. Easy in, easy out. JD WETHERSPOON – FULL YEAR RESULTS: JDW reports revenue of £2.24bn, up 5.2% on last year. Operating profit is down 18% to £120.2m and PBT is some 28% lower at £58.6m. EPS is down by 16.6% on a lower number of shares in issue and the dividend is 12p per share for the third year running. Current trading: Chair Sir Tim Martin says ‘in the last nine weeks, to 27 September 2026, like-for-like sales increased by 8.6%, helped, no doubt, by exceptional weather.’ He says ‘Wetherspoon has made a good start to the financial year, although it is at least partially due to weather, which will inevitably revert to the norm.’ He concludes ‘at this early stage, we continue to anticipate profit before tax and separately disclosed items in line with current market expectations.’ Specifically re August, JDW reports that its LFL sales rose by 7.7% in August against a Tracker figure of 0.8%. JDW adds that ‘this was the 48th month in a row that Wetherspoon has outperformed the tracker.’ Mr Martin says that he hopes the Budget will bring no further tax increases. He says ‘VAT is the main culprit in the disparity with supermarkets - and the hospitality industry will not be able to survive or thrive unless taxes and other costs are equalised.’ • See premium. Reply for sample or to upgrade. Single £395, multiple £695. Limited time offer: PayPal alternative monthly £25 + VAT per sub. Easy in, easy out. COMPANY NEWS: Amber Taverns has announced that it is ‘continuing its expansion into the south of England with a seven-figure investment in its first Wiltshire pub, Cooper & Co in Salisbury, which will open on 5 October....’ • See premium. Reply for sample or to upgrade. Single £395, multiple £695. Limited time offer: PayPal alternative monthly £25 + VAT per sub. Easy in, easy out. Filipino fast food chain Jollibee UK, which is incorporated as Bee World UK, has reported numbers to the end of December 2025 saying that revenue rose to £36.8m from £32.6m. The company reports an EBITDA loss of £1.4m (against a loss of £1.9m in the prior year. The loss before tax narrowed slightly to a loss of £4.15m from a loss of £4.58m in FY24. Adnams has launched its Ghost Ship Alcohol Free Pale Ale on ‘hand-pull keg’, which its says is a world first. Farmer J Limited has reported results for the 52-week period ending December 28, 2025 to Companies House saying that the company opened four new restaurants during the period, expanding its UK portfolio to 17 sites. It reports revenue up by around 50%, reaching £41.14 million compared to £27.91 million in 2024. Despite strong sales growth, the group reported an operating loss of £2.6 million compared to a loss of £495k in the prior year... • See premium. Reply for sample or to upgrade. Single £395, multiple £695. Limited time offer: PayPal alternative monthly £25 + VAT per sub. Easy in, easy out. Dynamic Restaurants Ltd, which runs a chain of McDonald’s restaurants in Leicester and Leicestershire, has reported results for the year to 31 December 2026 to Companies’ House saying that revenues rose by 26.6% to £27.1m.... • See premium. Reply for sample or to upgrade. Single £395, multiple £695. Limited time offer: PayPal alternative monthly £25 + VAT per sub. Easy in, easy out. K&Z Holdings Limited, which operates Pret coffee & sandwich shops and KFC quick service restaurants, has reported results for the year to end-March 2026 to Companies’ House saying that revenues rose by 8.7% to £30.5m. The company reports GP% up to 38.7% from 38.0%. Admin costs rose more rapidly than sales (up 10.4%) but interest paid feel to £412k from £527k in the prior year. All told, the company reports PBT up by 125% at £354k... • See premium. Reply for sample or to upgrade. Single £395, multiple £695. Limited time offer: PayPal alternative monthly £25 + VAT per sub. Easy in, easy out. Wales-based Domino’s franchisee DP Shayban Ltd, which has 17 restaurants, has reported results for the year to 28 Dec 2025 to Companies’ House saying that revenues rose by 5.2% to £23.1m. The GP% slipped slightly, to 24.6% from 25.0% in the prior year and operating profit was a shade lower at £1.642m (FY25: £1.683m). The company reports that interest paid rose sharply, to £26k from a net £3k in the prior year and PBT was £1.62m against £1.68m in FY25... • See premium. Reply for sample or to upgrade. Single £395, multiple £695. Limited time offer: PayPal alternative monthly £25 + VAT per sub. Easy in, easy out. Distil. Trading on AIM in the shares of Distil PLC was suspended yesterday ‘pending publication of the Company's annual audited accounts.’ Butcombe Brewing Co reports that its alcohol-free beer, Goram IPA Zero, has secured a new national listing with M&S at 180 stores. HOLIDAYS & LEISURE TRAVEL: Whitbread has announced that it has acquired two hotels from Future Inns ‘to support Premier Inn’s UK growth’. It says that the ‘well-positioned hotels in Bristol and Plymouth add 292-rooms to Premier Inn’s expanding network’ and that the hotels will be immediately converted into Premier Inn with rooms available to book from November... The government is to move to prevent airlines from charging parents for sitting next to their children on planes. The ban would be a further move to stop hidden costs from inflating bills. Travelodge: An independent review has found that a woman who was sexually assaulted by a man given a key to her hotel room was ‘fundamentally failed’ by the hotelier... Leeds Bradford Airport has produced results for its year to 31 March 2026 saying that revenue rose to £62.8m from £61.5m in the prior year. It reports a drop in pre-exceptional EBITDA to £19.1m (from £20.0m). Interest charges rose sharply and the group reports a pre-tax loss of £6.6m against a profit of £139k in the prior year.... Silver Door reports that demand for extended-stay accommodation in London remained strong in the quarter to end-July with reservations up by 6% on the same period in the prior year. CoStar reports that the U.S. hotel industry reported positive year-over-year comparisons in the week to 26 Sept. It says that occupancy was up by 6.4% and ADR was up by 7.4% leading to a 14.2% rise in REVPAR. CoStar reports that ‘performance growth was elevated on the positive side of the Rosh Hashana calendar shift.’ BTN reports that Long Lake Management has completed its $6.3 billion acquisition of American Express Global Business Travel. OTHER LEISURE: Global sports / leisure clothing company Nike yesterday reported Q1 results slightly below analysts’ expectations. FINANCE & MARKETS: S&P yesterday reported its September PMI for the UK’s manufacturing sector saying that it came in at 51.9 for the month, a second consecutive slowing... • See premium. Reply for sample or to upgrade. Single £395, multiple £695. Limited time offer: PayPal alternative monthly £25 + VAT per sub. Easy in, easy out. The Nationwide has said that UK house prices fell by 0.2% in September. This pulled the annual growth rate down to 0.8%, its lowest point since December last year. Sterling mixed at Euro 1.1736 and $1.3207. Oil up around $5 at $101.89. UK 10 year gilt yield down 2 basis points at 5.41%. World markets mostly lower yesterday but London set to open some 36 points higher as at 6.30am. RETAIL WITH NICK BUBB: • See premium. Reply for sample or to upgrade. Single £395, multiple £695. Limited time offer: PayPal alternative monthly £25 + VAT per sub. Easy in, easy out. |
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