Punch Pubs, ROO, XPF, Gordon Ramsay, competitive socialising & other:

A DAY IN THE LIFE:

Congratulations to Hull City for not losing on Saturday.

Not so good was throwing away a one-goal lead at home, albeit to a team justifiably nine positions higher than us in the Championship but the fact that there are two sides to everything set me thinking.

I mean winners are single-minded, bold and driven, right?

And losers are obstinate, impetuous and arrogant but, when you analyse it, those characteristics are pretty much identical and beauty – or the lack of it – is not only in the eye of the beholder but it relies very much on hindsight.

Then again, don’t we all. On to the news:

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PUBS & RESTAURANTS:

Trading:

CGA has updated on trading via its Daily Drinks Trackers for the weeks to 1st and 8th February saying that sales bounced as the impact of Storm Éowyn abated. CGA says that ‘pubs and bars ended the month in better shape as some consumers returned after paydays. Trading amongst drinks categories was exactly level year-on-year in the seven days to 1 February’. It adds that sales were down by 2% (c5% including the impact of inflation) in the week to 8 February…

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Outgoing Greater Manchester late-night economy advisor Sacha Lord has written in The Express saying that ‘our local pubs were once the beating heart of our towns.’ He adds that ‘that way of life is under threat and it’s hard not to miss it….’

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Competitive socialising:

The FT has cautioned that ‘the UK market for “competitive socialising” venues risks becoming oversupplied as they [the major operators] struggle to encourage repeat visits.’ This was always going to be the risk. Diving into a ball-pool may be fun, once, but it is – arguably – not something that even the most hardened fun-seeker will do every week…

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Other news:

Scotch: Scotch whisky exports have fallen in value terms by 3.7% but risen in volume terms by 3.9% as overseas customers have presumably traded down.

Train strikes. The RMT says it ‘has suspended planned strike action today and Monday by Rail Gourmet members on the TransPennine Express contract, following significant progress on disciplinary issues.’

The MCA quotes M&B CEO Phil Urban as saying that PM Keir Starmer’s support for the Daily Mirror’s Save Britain’s Pubs campaign is “fairly worthless” without tangible action.

Day parts. The Times reports that the morning day-part ‘is the future.’ It says ‘the slow death of Britain’s night-time economy has been well documented’ and adds ‘people are just not going out as late as they once did’. WFH is boosting morning, presumably largely non-alcoholic, trade.

WFH. The Times goes on to report that only one in ten Gen Z employees want to work in the office full-time. It says that a half of them concede that they are less industrious than their parents.

In the US, some 95% of operators have told the National Restaurant Association that customers have become more value conscious.

COMPANY NEWS:

The Punch Pubs Group Ltd updated on trading for the 16-weeks to 1 December 2024 on Friday. The company, which comprises 1,267 pubs, 92% of which are owned on a freehold or long-leasehold basis, announced that total revenue (for the 16 weeks) was £97.3 million compared to £96.0 million in the prior year period….

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City AM reports that Pret A Manger ‘has been hit with a winding up petition by a business water supplier over unpaid debts.’ Castle Water is looking for around £1,500.

Deliveroo is reported to have sacked over 100 riders in a crackdown on its employment of illegal immigrants…

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XP Factory has today announced that it is proposing to conduct a balance sheet re-organisation by way of a reduction of capital. It reports that ‘this is a preliminary step to providing the distributable reserves required to have the ability and flexibility to return capital to shareholders in future. The reduction of capital will be subject to shareholder approval and a court approval process.’

Gordon Ramsay Restaurants is set to acquire the site of La Gavroche in Mayfair according to reports. Elsewhere, The Times reports that Mr Ramsay ‘has struck a deal to merge the UK and US operations of his restaurant group in a move that will bring in fresh investment from Lion Capital, the US private equity firm….’

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Peter Wells, CEO of Charles Wells & Co, has reported that strong sales have put the company in an encouraging position…

Starbucks CEO Brian Niccol has told Bloomberg TV that the company intends to open 500 new stores in the Middle East and North Africa before 2030.

HOLIDAYS & LEISURE TRAVEL:

UK Inbound is backing Gatwick’s plans to bring its second runway into regular use. UK Inbound says ‘inbound tourism to the UK was worth £32 billion to our economy in 2024’. The body says ‘London Gatwick plays a vital role in this industry’ and it adds ‘growth of the airport will result in better ability for potential customers to visit and with expanded capacity comes the potential for new routes, including from high-value markets such as North America, Asia and the Middle East.’

FINANCE & MARKETS:

The ONS reports labour market stats tomorrow and CPI numbers on Wednesday. Analysts are expecting CPI to have risen from 2.5% in December to around 2.8% in the year to January.

Sterling mixed at $1.2586 and €1.2003. Oil lower at $74.92. UK 10 year gilt yield up 2 basis points at 4.51%. Markets weaker on Friday and into Monday but London set to open up around 6 points as at 6.30am.

RETAIL WITH NICK BUBB:

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