Cost of living, Covid, Carnival, JDW, Pret, Grind, 2023 outlook & other:

A DAY IN THE LIFE:

Right, it’s the last working day and a half day at that, at least as far as the London Stock Exchange is concerned.

And that will leave this afternoon and tomorrow to get all the present shopping done, to get the food and drink in, visit the relatives, send out cards etc before the main fixture, no, not Christmas Day itself but rather the earth-trembling Hull City vs Blackpool fixture on Boxing Day.

So, secure in the belief that we have our priorities rightly-ordered, it only remains to us to wish all readers a very Merry Christmas and a Happy New Year. On to the news:

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PUBS & RESTAURANTS:

Cost of living:

Rail fares in England are to rise by up to 5.9% from March, the Department for Transport has announced. This is well below inflation but it is the second highest hike on record.

Covid:

Numbers are rising, which isn’t good. The BBC reports that ‘thousands of people who had Covid-19 at the start of the pandemic are still finding that certain foods, toiletries and even their loved ones smell repulsive…’

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Outlook for 2023:

We think there’s a good chance that it will end better than it starts. That a) isn’t saying much but nor b) is it a certainty.

Restructuring specialist Cork Gulley says ‘the UK economy is expected to have entered a recession in the second half of 2022, after a 0.2% quarterly GDP contraction was measured in Q3 [this has now been upped to minus 0.3%] and a 0.3% decline is forecast for Q4. GDP is expected to continue declining in 2023, with a 1.6% contraction expected for the year as a whole…’

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Follow accountants RSM are similarly downbeat saying 2023 is expected to be an exceptionally tough year for the UK economy. It says the squeeze on household real incomes will intensify as tax rises kick in and rising interest rates reduce discretionary spend…

Train strikes:

Bloomberg reports that last week’s rail strikes cut sales in pubs and restaurants to half of pre-pandemic levels. Kate Nicholls, CEO of trade group UKHospitality, said takings were 46% lower.

COMPANY NEWS:

J D Wetherspoon will close three more pubs in the new year, bringing the total number of its pubs on the market to 42. The three pubs are The Postal Order in Worcester, The Willow Grove in Southport & The Edmund Halley in Lewisham.

Pret A Manger is to shut or rebrand 75% of its Veggie Pret stores, leaving just two open in Soho and Shoreditch..

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Grind reported turnover of £8.3m in the year to 30 April 2022, up from £2.1m in the prior period. The 13-strong operator said its High Street bounced back well the business generating EBITDA of £200,000, having made losses in previous years…

HOLIDAYS & LEISURE TRAVEL:

Research from travel debit card Currensea shows that half of regular skiers say they can’t afford their annual winter ski trip this year. The data showed that 57% were exploring more cost-effective destinations for a ski trip and 60% were looking at booking a shorter trip.

Carnival Corporation reports a record $5.1bn in customer deposits in Q4 2022, with the company stating that there has been a ‘measurable lengthening in the booking curve’…

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The Times reports that Schroders €260m deal for the assets of the Hoxton hotels in Paris & Amsterdam works out to be nearly €1 million per room. The Times says that this is thought to be the biggest per-room price ever paid in Europe for a hotel without suites.

FINANCE & MARKETS:

UK GDP fell by a revised 0.3% (was 0.2%) in Q3. The ONS reports that households’ savings rose markedly during the quarter and spending declined. That’s ultimately what rising bank rates are meant to achieve…

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