Langton Capital – 2022-08-24 – Mobility, energy, inflation, losers, Time Out, Rekom, hotels, CINE etc.:
Mobility, energy, inflation, losers, Time Out, Rekom, hotels, CINE etc.:A DAY IN THE LIFE: Bit busy today. On to the news: LANGTON EMAIL: The Free Email is now written in short form. Extended versions of many stories are in the Premium Email. Reply to this email if you would like to upgrade. Prices for the Premium at time of writing are £345 for one subscription, £595 for multiple, both plus VAT. Or sign up for easy in, easy out monthly option HERE ENERGY COSTS: Introduction: Higher energy costs hit consumers – but they also represent a real and present financial danger to many hospitality operators… • See premium. Reply for sample or to upgrade. Single £324, multiple £595. PUBS & RESTAURANTS: Cost of living crisis: Philippe Commaret, a senior executive at EDF Energy UK, has said that people face a ‘catastrophic winter’ if the government doesn’t step in and provide further support… Energy costs – the operator view: A survey by The Morning Advertiser has found that 70% of operators do not expect to make it through the winter without government intervention… • See premium. Reply for sample or to upgrade. Single £324, multiple £595. SIBA and CAMRA have issued a joint letter to the Chancellor, highlighting the struggles small brewers are facing… Inflation & the economy: Rival Rishi Sunak has said that Tory Party front-runner and rival Liz Truss would force the UK economy into an ‘inflation spiral’ unless she drops the policies that look set to win her the leadership…. • See premium. Reply for sample or to upgrade. Single £324, multiple £595. S&P Global Flash PMI readings for August were out yesterday & they came in slightly below estimates. See Finance & Markets below. The search for losers: We have commented on ‘un-lockdown losers’ (online, delivery, recent opportunistic IPOs etc) previously and it would appear that others are doing the same… • See premium. Reply for sample or to upgrade. Single £324, multiple £595. Costs, access to labour etc.: The BBC reports that Luke Johnson has admitted that Brexit has cost the UK economy money and has reduced growth… Other news: Google’s mobility data stats show that London is still stuck much further below ‘normal’ than is the rest of the country. True, there were train strikes. However, at some point, there may have to be a reappraisal of just what ‘normal’ means. COMPANY NEWS: Time Out Group plc has announced it ‘has agreed a short-term unsecured loan facility…’ • See premium. Reply for sample or to upgrade. Single £324, multiple £595. Nightcap has announced another opening for The Cocktail Club in Canary Wharf, London… Individual Restaurants Ltd reports a loss after tax of £8.2m for the financial year ending 27 March 2022, down from a loss of £23m the previous year… The MCA reports that Oakman Group CEO Dermot King’s biggest concern is the impact of soaring energy prices… Nightclub operator Rekom (was Deltic, formerly Luminar) has said that it is proud to be opening a new venue in Cardif… HOLIDAYS & LEISURE TRAVEL: Lodging Econometrics predicts that 450 new hotels will open in Europe this year… Gatwick Airport claims its operations are ‘business as usual’ and that capacity limits will come off at the end of the month. Despite this, around 26 EasyJet flights in and out of Gatwick have been cancelled today at short notice, with the airport blaming staff sickness. The Caterer reports that some hotels are considering ‘closing for winter…’ Eurostar has said that it will not reintroduce stops in Kent until at least 2025. It says the post-Brexit border situation makes it impractical and too expensive. OTHER LEISURE: The Telegraph reports that Cineworld has paid $100m in fees to bankers and lawyers over the last two years in its ‘ill-fated survival battle…’ TWEETS ON ENERGY COSTS (23 AUG 22): • See premium (or Twitter). Reply for sample or to upgrade. Single £324, multiple £595. FINANCE & MARKETS: S&P Global Flash PMI readings for August were out yesterday & they came in slightly below estimates… • See premium. Reply for sample or to upgrade. Single £324, multiple £595. Moneyfacts reports that a key mortgage rate, it’s two-year fixed term rate, has risen to 4% for the first time in nine years. The rate was 2,34% in December, Five-year fixed cost 4.24%… Following the perceived threat to cut off supplies to Europe over the winter, wholesale gas prices are back to trading at close to a five-month high… HM Revenue & Customs data reports that some 110,970 domestic properties were sold in the UK during the month of July, more than any month since last September. Sterling slightly higher at $1.1818 and €1.1868. Oil up at $99.80. UK 10yr gilt yield up another 6bps at 2.56%. Markets are now betting on interest rates hitting 4% by next Easter. World markets down yesterday but London set to open up a couple of points as at 6.30am. FORTHCOMING NEWS: Very quiet week in the run up to the August Bank Holiday weekend. Flash PMI numbers are released yesterday. RETAIL WITH NICK BUBB: Nick is taking a well-earned break & is back after the Bank Holiday. |
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