Just Eat, OTB, Cornish Bakery, SBUX, confidence, sport & other:

A DAY IN THE LIFE:

We managed to pop out for a late lunch on Sunday and, as we’re a bit further north than usual, we caught the St James’s traffic both going into and out of Newcastle as we fought our way through to Tynemouth.

Which was an experience as, indeed, was watching the first half of the Newcastle-Notts Forest match in a black & white pub in Tynemouth where five goals in 20 minutes or so had us sloshed with beer, deafened and danced with by a number of beefy and very happy Geordies in short order.

But that, of course, is what it is.

And, though the dog, whose affections seem directed to the Magpies was horrified, confused and ultimately bemused by the experience it was not, I’m told, a patch on what was going on in The George in the Bigg Market at 9pm the previous evening.

Quite a lively pub, I’m led to believe.

Anyway, on to the news:

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PUBS & RESTAURANTS:

Hospitality business confidence:

CGA has updated on sector business leader’s confidence saying that it is in the balance with [the] squeeze on hospitality set to tighten.’ CGA says that ‘the confidence of Britain’s hospitality leaders has fallen for the fifth quarter in a row as pressure mounts on operating costs. Only 33% of leaders ‘feel confident about prospects for their business over the next 12 months—8 percentage points down from October’s figure of 41%…’

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Current trading, Six Nations:

The Oxford Partnership has reported that the Six Nations’ Rugby continues to drive strong pub sales growth against non-sporting comps, but it also points to year on year declines in sales. The Partnership says overall sales are currently running down 4.6% compared to the same weekend in 2024….

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Other sport:

UKH has commented on the proposal to relax licensing hours if any of the qualifying home nations reach the semi-final or final of the UEFA Women’s Euro 2025 saying that ‘we wholeheartedly support the proposal to extend licensing hours for the Women’s Euro’s this summer, which would be beneficial for both the hospitality sector and fans alike….’

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Jobs market:

Job ad company Adzuna has reported that under 828,500 jobs were available in January, down 1.9% on December and some 4.5% lower than January last year. It says this is the worst January since 2021.

Food security:

The CBI is urging the government to back the farming industry saying ‘you can’t grow without food….’

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Other news:

Disposable income levels: OFGEM is set to publish its latest price cap with analysts suggesting that consumers could be in line for the third increase in a row. Prices could rise by around 5%.

Wi-Fi: Sky Business and Wireless Social (part of The Access Group) have announced a partnership to deliver advanced guest Wi-Fi portal services and connectivity support for hospitality, retail, and leisure venues across the UK.

COMPANY NEWS:

Just Eat Takeaway.com has announced that it is to be acquired by Dutch investment group Prosus in an agreed €4.1bn deal that will value the group’s shares at €20.30 a share. The price represents a 22% premium on the highest value of its stock over the past three months. Just Eat was considered a lockdown winner and the group’s shares exceeded €100 in Q4 2020….

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The Cornish Bakery, which  at its financial year end had 61 bakery locations across the UK including 6 locations under a franchise agreement with Roadchef Motorways, has reported full year numbers for the 52-week period to 30 May 2024 to Companies’ House. 2023 comps are for a 53-week period. The Cornish Bakery reports that revenue rose to £29.4m from £23.7m in the prior year.

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FI Holdings, parent company to the Flat Iron Steak Ltd, has reported numbers for the 52 weeks to 25 August 2024 to Companies’ House.

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Starbucks in the US has reported that it is to cut 1,100 jobs and reduce its menu in a move aimed at improving profitability…

D&D London is to change its name to The Evolv Collection in April.

HOLIDAYS & LEISURE TRAVEL:

On the Beach has updated on Q1 trading ahead of its Annual General Meeting to be held later today saying that ‘following another record year in FY24, the Board is pleased to report that this momentum has continued into FY25…..’

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Center Parcs in the UK has reported continued buoyant demand saying that there is a “real resilience” being exhibited by its guests. The company operates six Center Parcs’ holiday villages in the UK.

Hotel booking company HotelHub has reported that room rate increases across a number of key global business destinations are slowing down. It adds that lead times are lengthening…

• Despite the slowing rate, a number of headline figures are still inflating more rapidly than is CPI as a whole. HotelHub reports that London rates rose by 8.7% in Q1 2024 against a year earlier but, in Q1 this year, they are up by ‘only’ 6.7%.

The Foreign Office has warned of flight cancellations and delays in Greece on Friday as mass demonstrations are planned.

OTHER LEISURE:

CEO of Vue Tim Richards tells The Evening Standard that Vue has had an “extraordinary” Christmas for UK cinemas but warned it remains in “recovery mode” after Hollywood strikes slimmed down the number of films slated for release….

The Times reports that Regal Cineworld is likely to float this year. It says advisors have been appointed and the ‘options include whether to float only the US arm or the entire group, which was effectively split in two after being forced into bankruptcy protection in 2023. It means that the UK business, known simply as Cineworld, could be sold separately.’

FINANCE & MARKETS:

Sterling mixed at $1.2633 and €1.2067. Oil up at $75.09. UK 10 year gilt yield down one basis point at 4.57%. World markets mixed yesterday and London set to open down around 9 points as at 6.30am.

RETAIL WITH NICK BUBB:

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