Pubs & Restaurants – A slower market:
Note, a lot’s priced in. The sector is cheap. Some PERs are single digit & yields are near 5%. Recent data: It’s fast becoming official; the market is tougher. Peach Tracker for March & April (smoothing Easter) suggests LfL sales down c0.2% Marston’s yesterday alluded to tougher H2 comps (starting April) M&B today said that…
London Hotels, further evidence of a slowdown:
Background: Whitbread, STR etc. say the London market has deteriorated This is a supply, rather than a demand issue – see earlier Langton emails Other leisure operators are interested in the volume of hotel visitors Bed/night prices could soon be on the slide More evidence: Latest HVS/AlixPartners Hotel Bulletin reports ‘the UK’s hotel market saw…
London Hotels, implications for the wider leisure market:
Background: Staffed as we are by mean, northern accountants, price-gouging is anathema to Langton We prefer ELP but gouging is a feature subject to the following rule: you gouge when you can Ask RTN or any London hotelier where the market was in an upcycle until c-mid last year But now it’s not. It shouldn’t…
JDW versus RTN. Ten year tussle but I think we have a winner…
JD Wetherspoon & Restaurant Group; contrasting styles… Background: In 2013, 14 & 15 we ran side-by-side pieces comparing JDW w. RTN. Whilst the companies were broadly the same size, we much preferred JDW RTN had lower sales but higher margins Whilst JDW ‘invested’ its lost margin in staff, product and premises & had more freeholds…