Revolution Bars, Domino’s, Distil, business rates, interest rates & other:

A DAY IN THE LIFE:

So here’s a bit of a conundrum faced by many – and just asking for a friend here – what do you do when you realise that you have more head than you have hair to cover it?

Indeed, a puzzler, and the options are somewhat limited.

You could wear a rug, spiff up your hair into some sort of Mr Whippy combo or, my particular favourite, rather I should say my friend’s preferred solution, wear your hair short and chuck away all the mirrors in your house.

Particularly those that have the capacity to sneak up on you.

You know, the mirror in a mirror jobbie favoured in lifts where you get a wonderful rear-view aspect with acres of bald scalp edged by a frayed shirt collar to the south and some windswept stubble to the north, that sort of thing.

Anyway, sigh. On to the news:

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REVOLUTION BARS – FUND RAISE, DEBT FORGIVENESS, WARRANTS, H1 NUMBERS

Revolution Bars Group yesterday evening announced that it was to raise new funds and restructure its business. The group also reported H1 numbers and our comments are set out below:

Fund raising: Revolution Bars is proposing raising up to £12.5m via a placing and open offer of shares at 1p each.

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Proposed Restructuring Plan:

Formal sale process:

H1 results: Whilst overshadowed by the corporate moves, RBG has also announced H1 numbers. These had been delayed as the company had been unsure of its future – and therefore the use of the Going Concern principle was questionable. RBG reports H1 sales of £82.3m, up from £76.0m. The group reports adjusted EBITDA of £8.9m (H1 2022/23: £9.8m). PBT is £3.1m against a loss of £0.1m last year.

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PUBS & RESTAURANTS:

Business rates:

UKHospitality supports the Labour Party’s plan to replace business rates with a new system of business property taxation, aiming to revitalise high streets and level the playing field between local retailers and online giants….

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COMPANY NEWS:

Domino’s Pizza has reported that, ‘following clearance by the Republic of Ireland’s Competition and Consumer Protection Commission, the transaction [to purchase the shares in Shorecal Ltd that it does not already own] has now completed.’ The company reiterates that 61% of the Consideration is payable in cash, with the remaining 39% to be satisfied by an issuance of shares.

Distil has updated on trading for its Q4 (the quarter ended March 2024) saying that volumes fell by 47% year on year with full trailing year volumes up 8%. Q4 revenue was down by 23% with gross profit down by 19% to £205k…

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C&C Group, the UK’s largest drinks distributor, has appointed Jamie Avenell as Wine Trading Director, responsible for sourcing the company’s wine portfolio across various brands and driving the commercial wine strategy across the GB On and Off Trade.

As reported yesterday, the Portobello Pub Company has completed the acquisition of Darwin & Wallace, a London-based bar-restaurant business focused on ‘neighbourhood’ bars….

The Telegraph reports Pret A Manger’s Club Pret subscribers are experiencing difficulties claiming their free coffees due to changes in the chain’s app, leading some to consider switching to other coffee shops….

The MCA reports Crêpeaffaire has enlisted property adviser Christie & Co to aid its expansion plans in the UK and seek new franchise partnerships. With 13 current sites in England and a global presence spanning three continents, the brand aims to form lasting partnerships with hospitality entrepreneurs or investment groups to maximise its growth potential.

Domino’s Pizza China has reported a significant 51% increase in revenue for FY23…

Panera Bread in the US has reported that footfall was up 5.2% year-over-year last month, the sharpest increase in a year.

London Shuffle Club is looking for funding to drive growth reports Propel.

HOLIDAYS, HOTELS & LEISURE TRAVEL:

London City Airport has reported that ending the 100ml liquid limit on hand luggage has helped it cut passenger queue times by half. The functionality will not be available in other airports for some time as there have been supply chain issues and problems with building works necessary for installation….

Eurocontrol has revised its air traffic forecasts, now projecting a slower return to pre-pandemic levels in Europe, with 2019 levels not expected until 2026. Despite an initial recovery to 93%-95% of 2019 levels in 2021, traffic fell back in late 2021 and early 2022, leading to lower-than-expected volumes.

The price of a UK passport will increase on Thursday…

EasyJet cabin crew will see a 20% increase in their basic pay starting next month, along with additional variable pay based on flight length, following negotiations between the airline and union Unite….

OTHER LEISURE:

EBITDA at ByteDance, the China-based owner of TikTok, rose by c60% last year from $25bn to $40bn reports Bloomberg.

FINANCE & MARKETS:

The US Labor Department has released CPI numbers for the US for the year to March saying that inflation blipped up from 3.2% in the year to February to 3.5% in March. This was slightly ahead of analysts’ estimates.,,,

Fitch has downgraded the outlook on China’s long-term foreign currency issuer default rating to negative from stable…

The Royal Institution of Chartered Surveyors has reported that the number of new buyers coming into the market rose for the third consecutive month last month…

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Sterling down against both the dollar and the Euro at $1.2547 and €1.1673 respectively. Oil higher at $90.64 and the yield on UK 10 year gilts rose to 4.14% (up 11bps). Markets were mixed yesterday and London is set to open up around 22 points as at 6.30am.

RETAIL WITH NICK BUBB:

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