FDEV, ROO, GYM, SBUX, drinks trends, jobs market, taxes & other:

A DAY IN THE LIFE:

I like the occasional coffee.

But it’s arguably not a drink that you can glug, like tea, beer or water, it’s something that you maybe should savour – or at least not drink in less than 30 seconds or while you’re doing something else.

Hence it’s always a bit of a disappoint to me when I finish whatever task it is I have to do, then make myself a coffee, then become distracted by some other job that’s come up and bang, my coffee’s gone.

And it’s not that somebody’s stolen it.

That would be a quick fix. And I haven’t spilled it, fed it to the dog or left it in the microwave, I’ve drank it and can’t remember doing so.

And that, like allowing your life to pass while you’re doing something else – apologies there to the late John Lennon – is always rather sad. On to the news:

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PUBS & RESTAURANTS:

Drinks trends:

Lumina Intelligence reports that premium drinks, such as cocktails or spirit-based beverages, have been gaining share within the pub and bar market…

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Drinks trends continued:

The Oxford Partnership also reports that, whilst the UK hospitality sector ‘delivered a mixed picture in August…consumers are showing strong appetite for premium drinks and are spending longer in venues.’ It says, however, that ‘structural pressures continue to weigh heavily on the market, with outlet closures accelerating in some regions….’

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Disposable incomes:

Financial platform Revolut reports that millennials and Gen Z consumers ‘are refusing to give up on their dream of owning a home despite the steep challenges of getting on the property ladder’. This will have implications for disposable income levels across various age cohorts…

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Jobs & hiring:

Manpower Group UK has reported that British employers’ hiring intentions have weakened at the sharpest rate out of 21 European countries…

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The economy:

The ICAEW has said ‘the UK will not achieve sustainable growth unless the government acts now to remove the barriers holding businesses back….’

Taxation:

JD Wetherspoon chair Sir Tim Martin has said that the hospitality industry is too heavily taxed. He says taxes are ‘wildly excessive’ and says ‘especially VAT and business rates, in comparison with supermarkets.’ Mr Martin calls for a lower rate of VAT for hospitality and a radical overhaul of what business rates are charged and to whom.

Other news:

Transport in London. The RMT union is reportedly threatening to hit the Elizabeth Line with industrial action.

US Trump tariffs. The administration is listing a range of products that qualify for exemptions from current tariffs including products such as coffee, bananas and avocados, which cannot be produced in the US….

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COMPANY NEWS:

Deliveroo yesterday announced that, as the necessary votes have been received and that ‘the EU Antitrust Condition, the Italian FDI Condition and the EU FSR Condition have now been satisfied,’ the deal by which it will surrender its independence to DoorDash will go ahead…

A year into the job (relatively) new Starbucks’ CEO Brian Niccol has said that ‘what we’re really excited about is we’re seeing both non-Rewards customers come back in a big way, as well as Rewards customers. That is, to me, the sign that we’re doing the right things, both in the store and outside of the store.’ He says that the turnaround is ‘ahead of schedule…’

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Artisanal Spirits has reported H1 numbers to end-June saying that revenue slipped by 4% to £9.7m and the group’s EBITDA loss rose from £1.0m to £1.5m. The company reports a loss before tax of £3.6m (FY24: loss £3.1m)…

As previously announced, Tasty PLC has changed its name and, from today, it will trade as Bow Street Group PLC under the ticker BOW.

A number of BrewDog leases, including sites in Leeds, Sheffield and York, are being offered for sale by property agent AG & G.

Yum! Brands has announced that Sean Tresvant will be its Chief Consumer Officer and Chief Executive Officer of Taco Bell. Ranjith Roy is to be Chief Financial Officer.

Burger King’s 600 or so UK restaurants have added a wagyu burger to their menus at around £11. The burger is being endorsed by Gordon Ramsay who reportedly had nothing to do with its development.

Diageo has agreed the sale of Sheridan’s to Casa Redondo, a Portuguese beverage-alcohol company, for an undisclosed sum. Diageo reports that a Transitional Services Agreement has been agreed to enable a smooth transition and continuity of the business post completion.

HOLIDAYS & LEISURE TRAVEL:

Mollie’s Motel & Diner, which was conceived and developed by Soho House founder & CEO Nick Jones and his team, has reported full year numbers to Companies’ House saying that revenues rose by 3.7% to £10.4m. The group reports a loss before tax of £2.03m against a loss of £2.05m in FY23…

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The price of a travel ESTA to the US will rise to $40 later this month (from $21).

In the US, the National Travel & Tourism Office reports that international travellers into the US spent less money in July than they did in the same month last year. Despite inflation, spend was down some 3% to around $11.3 billion…

The government’s Department for Transport has reported that driving is still the most popular mode of transport for UK business travellers on domestic trips.

HotelHub has reported that business travel hotel bookings fell by 5.4% in H1 this year with US volumes down by 10.7%.

FRONTIER DEVELOPMENTS – FULL YEAR NUMBERS:

FDEV reports that revenues rose to £90.6m from £89.3m in the prior year. It adds that adjusted operating profit rose t o £13.2m from £4.6m in FY24. The company adds that adjusted EBITDA was £9.4m against £0.9m in the prior year and EPS (unadjusted) rose from negative 55.6p in FY24 to some 40.7p. There is no dividend (FY24: nil). The group had net cash of £42.5m at its May year end. It has since commenced buying back up to £10m of it

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OTHER LEISURE:

The Gym Group – H1 numbers & profit upgrade.The Gym Group has reported H1 numbers to end-June saying that revenue rose by 8% to £121.0m with adjusted EBITDA some 16% higher at £48.3m. The group reports adjusted PBT of £4.9m (FY24: £0.5m) and says the adjusted EPS was some 2.7p against 0.3p in the prior year. The company does not pay a dividend…

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Gamestop, the company that was at the centre of ‘meme stock’ phenomenon a couple of years ago, reported Q2 numbers yesterday saying that sales rose to $972.2 million from $798.3 million in the year-ago quarter. This was ahead of Wall Street estimates of around $900 million and the shares rose around 6% on the news. EPS were $0.25, beating the consensus estimate of $0.19.

Reach, which owns The Mirror and the Express and which is currently cutting staff, has said that AI Overviews are eating into its online presence as some web surfers are no longer making it past the AI comment at the top of search pages.

FINANCE & MARKETS:

US Treasury Secretary Scott Bessent, in referring to the Federal Reserve, has said there needs to be an ‘honest, independent, nonpartisan review of the entire institution.’ The fact that the US has added fewer jobs recently than hoped has increased pressure on the Fed, which also has to have an eye on inflation, to cut rates.

Conservative leader Kemi Badenoch has said she is ‘really worried’ that the UK might have to call on the IMF to bail it out. A Labour Party source retorted that it was her party that crashed the economy in the first place.

Sterling mixed at $1.3536 and €1.1562. Oil higher at $67.14. UK 10 year gilt yield up 1 basis point at 4.62%. World markets mostly better yesterday and London set to open up around 17 points as at 6.30am.

RETAIL WITH NICK BUBB:

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