Langton Capital – 2022-09-16 – Monday openings, tax cuts, food supply, Naked Wines, Heathrow etc.:
Monday openings, tax cuts, food supply, Naked Wines, Heathrow etc.:A DAY IN THE LIFE: So, it would appear that we’re not alone in suffering the attentions of moths and that the little blighters are a major problem and, as misery loves company, that’s something, I suppose. Thanks for the suggestions and, furthermore, having listed some of the long list of pests that blight us – rats, mice, squirrels, foxes, roe deer, pigeons, various insects, those huge, plate-sized spiders etc – we were told that we were lucky not to be plagued by chimney-nesting corvids, moles and badgers as well as all of the above. And that’s fair enough, I suppose, but the latter two pests mentioned are at indicative of dry ground because, unless they’re either handy with a snorkel or can hold their breath for six months, they couldn’t really live in the wet and often waterlogged ground (aka the fetid swamp) that we inhabit here in the Vale of York. Anyway, we’re awaiting delivery of various cans of poison, noxious sprays, coves of garlic, sprigs of lavender and cedarwood whatnots to put alongside our home-made vinegar-water and a lucky rabbit’s foot which, it has to be said, wasn’t too lucky for the rabbit concerned. To business and it feels quiet out there. The markets are shut on Monday. We’re back on Tuesday so have a good – or at least appropriate – long weekend. On to the news: LANGTON EMAIL: The Free Email is now written in short form. Extended versions of many stories are in the Premium Email. Reply to this email if you would like to upgrade. Prices for the Premium at time of writing are £345 for one subscription, £595 for multiple, both plus VAT. Or sign up for easy in, easy out monthly option HERE ON MONDAY; SHOULD YOU OPEN OR STAY CLOSED…? This went out to clients earlier in the week: Introduction: With precious little guidance, it is up to business to decide. And, with such a visible and in some cases such a sensitive subject as the Queen’s death, there may be a rush to judgement. The stark choice: Businesses may be worried that they will be damned if they do and damned if they don’t. Stay open, that is and, with the case of Center Parcs (what a complete screw up) front of mind, the stakes are perhaps quite high. The dividing line: I mean who really knows. This hasn’t happened for seventy years but it would seem that there is a spectrum of choices. • See premium. Reply for sample or to upgrade. Single £345, multiple £595. Limited time offer: PayPal monthly £25 + VAT. Easy in, easy out. PUBS & RESTAURANTS: Government: The mini-Budget next Friday will deliver Liz Truss’ promised tax cuts. Chancellor Kwasi Kwarteng may remove the cap on bankers’ bonuses… • See premium. Reply for sample or to upgrade. Single £345, multiple £595. Limited time offer: PayPal monthly £25 + VAT. Easy in, easy out. Consumer behaviour. Most operators are still suggesting that they are seeing no trading down. Away from hospitality, shares in Hilton Food fell 30% on Thursday after it said sales volumes have come under pressure as customers are becoming more cost-conscious amid the cost of living crisis… Labour issues: Accountant BDO reports that a drop in productivity and fears of a recession have ended a ten month run of positive intentions on the part of employers when it comes to hiring staff. BDO says that the labour market is at a “turning point”… Food supply: Chickens culled. The government reports that the UK is dealing with its largest ever outbreak of avian influenza, with 2.8 million poultry and captive birds having been culled so far this year. Inflation: The ICAEW takes a look at inflation and says that, though the number dropped from 10.1% in July to 9.9% in August, and says ‘August’s dip in inflation reflects temporary distortions rather than the painful reality facing people and businesses…’ • See premium. Reply for sample or to upgrade. Single £345, multiple £595. Limited time offer: PayPal monthly £25 + VAT. Easy in, easy out. The FT reports the BBPA as saying that brewers are being hit by an up to 10x increase in the price of CO2. The coffee market: World Coffee Portal’s Project Café USA 2023 suggests that the $45.8bn segment grew 10% over the last 12 months to regain 96% of its pre-pandemic market value… Other news: A mixed bag of share price moves yesterday. Fulham Shore, Cranswick & Frontier Developments were down 5%, Nightcap was 6% off, Tasty and Fever Tree were 7% off whilst risers included TUI at +5%, Carnival at +8% and Tortilla at +9%. Trade bodies, charities and training providers have come together to promote Hospitality Apprenticeship Week 2022, which this year runs between 3 and 9 October… In the US, demand to dine in restaurants remains strong but TouchBistro reports that 86% of customers would be interested in joining a restaurant loyalty program if it provided discounts… Energy crisis. CEO of UK Hospitality, Kate Nicholls, has told Times Radio & others that parliament should not be suspended for the party conference season as businesses need “urgent action” to handle the energy crisis. COMPANY NEWS: Naked Wines, whose shares have fallen by 37% this week and which now stand down some 90% on their 2yr highs, announces ‘that Rowan Gormley, former-CEO and material shareholder, has been appointed as an advisor to the board as it finalises its revised operational and financial plans… • See premium. Reply for sample or to upgrade. Single £345, multiple £595. Limited time offer: PayPal monthly £25 + VAT. Easy in, easy out. A Loch Fyne Restaurant, Bar and Hotel in Canford Cliffs is to be rebranded as The Anchorage. It will be closed for refurbishment later this month. Starbucks’ is aiming for some 45,000 stores globally by 2025. That implies an increase in the size of the estate of around 7% a year between 2023 and 2025… Amazon workers at a warehouse in Coventry are to be balloted on whether to take strike action. The GMB union says that a pay offer recently made was ‘insulting’. Coca-Cola HBC AG yesterday announced the issue of €500 million aggregate principal amount of debt at a coupon of 2.750% due 2025. Boparan Restaurant Group has entered into an exclusive partnership with supermarket chain Tesco to launch a debut retail range of chilled Indian ready meals under its modern Indian restaurant brand Cinnamon Kitchen… HOLIDAYS & LEISURE TRAVEL: Airports in the UK and Ireland saw the highest growth rates in Europe during July, up 350% and 387% respectively… Staycity has announced a five-year £30m loan facility from OakNorth Bank, at the same time as opening its seventh Dublin site… Local politicians in the South Yorkshire area are reported to have been in talks with potential buyers for Doncaster Sheffield airport after owner Peel Group began a consultation process on its future after Wizz Air withdrew. Morris and Company Ltd has outlined proposals to redevelop a 93-space car park on Barker Street, Shrewsbury, into an 83-room hotel to be run by Travelodge. Some 200 Heathrow flights are to be cancelled on Monday as the airport and airlines try to avoid noise that might disrupt the Queen’s funeral. Trainline yesterday reported upbeat H1 numbers with sales driven by the return to travel across the country. CEO Jody Ford says ‘in the UK, the rail industry has continued to see passenger numbers recover.’ OTHER LEISURE: Microsoft’s £50 billion purchase of Activision Blizzard, which makes the Call of Duty video game, has been referred for an in-depth probe by the UK competition regulator… FINANCE & MARKETS: Mortgage rates in the US have risen to 6.02% for 30yr loans, the highest level in some 14yrs. Sterling flashing amber. Today marks the 30th anniversary of Black Wednesday, the day when Sterling was forced to leave the ERM… • See premium. Reply for sample or to upgrade. Single £345, multiple £595. Limited time offer: PayPal monthly £25 + VAT. Easy in, easy out. Sterling weaker at $1.1467 and €1.1466. Oil price lower at $91.15. UK 10yr gilt yield up 1bp at 3.14%. World markets mostly lower yesterday and London set to open down around 43pts as at 6.30am. FORTHCOMING NEWS: Labour market stats out today. Next week sees TUI report H1 numbers and City Pub Group also report June H1 figures. Ten Entertainment and Cineworld also report H1 numbers and Games Workshop hosts its AGM. In the world of statistics & economics, the Fed opines on US interest rates on Wednesday (75bp rise baked in) and the Bank of England speaks on Thursday, where a 75bp rise is entirely possible. GfK updates on UK consumer confidence on Friday. RETAIL WITH NICK BUBB: • See premium. Reply for sample or to upgrade. Single £345, multiple £595. Limited time offer: PayPal monthly £25 + VAT. Easy in, easy out. |
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