Remy, SBUX, Peloton, Flight Club, employment, footfall, incomes & other:

A DAY IN THE LIFE:

Call me Sherlock.

There are a lot of Out-of-Office replies coming back, it’s nearly Easter, the weather is good, the golf courses and pub beer gardens are beckoning and it’s the end of the week.

All of which lead me to conclude that would-be readers may be distracted and offices will perhaps not be as full as the F&B operators clustered around them would like.

Anyway, as mentioned, the sun’s shining, the pubs’ tills should be singing and Hull City can’t lose at the weekend because they’re not playing.

All of which helps to lift the mood so it just remains to say have a good one and let’s move on to the news:

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PUBS & RESTAURANTS:

London:

The mayor’s office has written to London councils inviting them to lodge suggestions as to how they could support the hospitality industry. London Mayor Sadiq Khan is to be given new ‘strategic licensing powers’ intended to support the capital’s Night-Time Economy. The Mayor’s office is soliciting suggestions saying ‘we are keen to work together with you to ensure the capital does all it can to drive growth and prosperity through our thriving culture and nightlife….’

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Disposable incomes

Supermarket price wars. The Press has picked up on Tesco’s comments that sharper prices in supermarkets were likely to be a feature for some time to come. Tesco says ‘in the last few months, we have seen a further increase in the competitive intensity of the UK market.’ it says it has the ‘flexibility and firepower to respond to current market conditions…’

And interest rate movements could help. Mortgage rates have shown further signs of falling with Barclays becoming the largest lender to date to cut mortgage rates, in its case on certain fixed-term deals to 3.99%. This, as mentioned yesterday, will put money in the pockets of new borrowers but existing customers will not feel the benefit if on fixed rates already.

Delivery:

Meaningful Vision reports that inflation rates for dine-in and delivery food have converged. However, it adds that, in Q3 of 2023, ‘delivery prices soared to a staggering 20% year-on-year increase, reflecting the heightened costs associated with logistics and third-party platform fees.’ It adds that ‘dine-in/takeaway prices, while still substantial, registered a 15% rise, indicating a comparatively lower impact from these external factors….’

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Footfall:

The BRC reports that shoppers turned away from the High Street in March. It adds that that downturn could worsen if Donald Trump’s tariffs hit consumer confidence….

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Employment:

KPMG and the Recruitment and Employment Confederation have produced their employment survey for March, saying that levels of unemployment rose whilst job vacancy numbers fell as some plans were shelved in the face of NIC cost increases…

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The British Chambers of Commerce has reported that UK employers have been cutting back on hiring in the face of uncertainty caused, some of the papers suggest, by chancellor Rachel Reeves’s £25billion National Insurance increases…

Other news:

Scottish Licensed Trade News reminds readers that the first section of the Scottish Pubs Code is now in effect, as the person responsible for enforcing the legislation takes up her role. The code is similar to the one that has existed in England since 2016….

Tariffs. The EU has reciprocally put its 25% tariff to be charged on US imports on hold for 90 days. European Commission President Ursula von der Leyen says ‘we took note of the announcement by President Trump. We want to give negotiations a chance. While finalising the adoption of the EU countermeasures that saw strong support from our member states, we will put them on hold for 90 days.’

In the US, retailers are warning of the risk of price rises in the shops as early as this month following Donald Trump’s tariffs decisions…

COMPANY NEWS:

After five years in charge, CEO of Remy Cointreau, Eric Vallat, is to step down from his role this summer in order to ‘dedicate himself to a new professional project…’

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Cooks Coffee Company yesterday updated on trading saying that, in Q4, group store sales were ‘up 35% to £9.5m (2024: £7.1m) reflecting strong trading momentum.’ It says that full year Group store sales were £35.1m up 26.4% compared to a 53 week trading year in 2024…

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State of Play Hospitality has announced it has signed its 12th North American lease for Flight Club in the heart of Downtown Cincinnati’s Fountain District. It says the venue will feature 9 private and semi-private playing areas…

Starbucks is reported to have reiterated its commitment to the UK market after reporting significant losses and revenue decline last year. Pre-released full year numbers suggest that the company made a £35.2m ($44.8m) loss before tax in the UK for the 12 months ended 29 September 2024, compared to a £16.9m ($21.5m) profit the year previously.

Lavazza has reported 9% year-on-year revenue growth in the 12 months ended 31 December 2024 to reach a record €3.35bn…

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Carl’s Jr has entered the UK market with the opening of its first location in Cardiff, Wales.

The MCA reports that Roxy Leisure expects to open four to five new UK sites in 2025 as it accelerates its national expansion. Marketing director Joel Mitchell sats ‘every year we aim to open between four and six venues. Just for this year alone, it’ll probably be another four after this.’

The MA reports that York-based craft brewer, Brew York, is set to launch a new concept venue in Leeds named Brew+Bao. The concept is to be a collaboration between the brewery and Asian offer YUZU Street Food.

Broadwick Group reports that it ‘has officially acquired Camm & Hooper, expanding its footprint across the UK’s events and live entertainment scene….’

HOLIDAYS & LEISURE TRAVEL:

Auditor EY has been fined £4.9million by the Financial Reporting Council in relation to its audits of Thomas Cook in 2017 and 2018. Thomas Cook collapsed in 2019.

The UK government has given the multi-million-pound investment plan to reopen Doncaster-Sheffield airport its backing….

OTHER LEISURE:

Private Company Accounts – Peloton Interactive UK Ltd. Introduction: Peloton UK’s accounts: Peloton didn’t get these out until August last year, so there has been some improvement on timeliness, if nothing else. They are nonetheless dreadful numbers. Peloton UK reports revenue up by only 0.7% at £94.6m. Revenue was £127.8m two years ago. The company reports an operating loss of £89m (2023: loss £98m). After restructuring charges, this loss rises to £94.4m (2023: £115.3m loss). The UK subsidiary had made a loss between incorporation (in January 2018) and end-June last year of some £575m. Shareholders’ funds stand at a negative £119.9m (2023: negative £25.6m).

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FINANCE & MARKETS:

The ONS has reported that the UK economy grew by more than expected in February, up by 5%, driven by services. Forecasters had been looking for just 0.1%….

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Inflation in the US fell be a greater-than-expected amount to 2.4% in the year to March from 2.8% in the year to February. The impact of the Trump Tariffs has yet to be felt. Year over year menu prices for food away from home rose by 3.8%.

Pitchbook reports that UK private equity deals were at their lowest level since 2020 in Q1 this year.

City AM quotes former Bank of England MPC member Jonathan Haskel as saying that persistent inflation should persuade the bank to hold rates when it next meets on 8 May.

US stocks fell again yesterday. President Trump blames ‘transition problems’. Former Fed chair Janet Yellen said that Trump’s economic policies were the ‘worst self-inflicted wound’ an administration had ever imposed.

Sterling mixed. Up sharply vs US$ at $1.3017 but down equally sharply vs the Euro at €1.1502. Oil lower at $63.57. UK 10 year gilt yield 17 basis points lower at 4.63%. World markets better yesterday but US down. Far East mixed in Friday trade & UK set to open around 70 points up as at 6.30am.

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