Langton Capital – 2022-12-20 – Footfall, energy costs, labour, air travel, Twitter, AG Barr, Artisanal etc.:
Footfall, energy costs, labour, air travel, Twitter, AG Barr, Artisanal etc.:A DAY IN THE LIFE: So, we made it down to London yesterday on a train that seemed to consist of the odd homeward-bound student, about a billion noisy Christmas shoppers, and me. But, here we are and, after a bustling King’s Cross it was over to the City where there is the definite feeling that term has already ended for many and that school has effectively broken up. Nonetheless, we got in a number of ‘site visits’ last night and aim to do the same today. We’ll also try to add some modicum (def: tiny, tiny little bit) of value. On to the news: LANGTON EMAIL: The Free Email is now written in short form. Extended versions of many stories (after the ellipses) 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 https://www.paypal.com/cgi-bin/webscr?cmd=_s-xclick&hosted_button_id=87YUG2Z5W7PSN PUBS & RESTAURANTS: Footfall: Springboard reports weekly footfall down the week before Christmas, despite analysts expecting it to have risen. A combination of cold weather and rail strikes disrupted footfall… • See premium. Reply for sample or to upgrade. Single £345, multiple £595. Limited time offer: PayPal monthly £25 + VAT. Easy in, easy out. Meanwhile, The Oxford Partnership has said that ‘Wad Weather and Strikes Bring More Misery for Pubs.’ it says ‘in a week that should have been one of the biggest of the year for the trade with Christmas parties and office dos aplenty, we’re saddened to report the reality makes for unpleasant reading…’ Longer term trends: CGA reports that footfall to the ‘On Premise’ is being squeezed, but it is the less engaged consumers who are reducing visitation. The analytics firm said that nearly half of British consumers plan to prioritise spending their disposable income on visits to the On Premise over other indulgences such as clothing, domestic holidays and international holidays… • See premium. Reply for sample or to upgrade. Single £345, multiple £595. Limited time offer: PayPal monthly £25 + VAT. Easy in, easy out. Consumer squeeze: The ONS reports that Londoners spend nearly half their pay cheques on rent each month, with average monthly rent reaching £1,430. Elsewhere in England, private renters could expect to spend 26% of their income on an average-priced rented home… Energy prices: The Press has picked up on the proposed extension of the energy support scheme. We should hear something later this week. The Daily Mail reports that ‘shares in hospitality groups surged after news of more energy bill support from the Government… Labour and inflation. The House of Lords Economic Affairs Committee has been told that the wave of early retirement after Covid is the “biggest cause of labour shortages” across the UK. The retirement comes on top of the end of free movement in labour, Covid itself and the war in Ukraine… • See premium. Reply for sample or to upgrade. Single £345, multiple £595. Limited time offer: PayPal monthly £25 + VAT. Easy in, easy out. Other news: Rent squeeze. Fewer properties to rent squeezing up monthly rents. Research by accountancy group UHY Hack Young revealed on Monday that the market has lost 116,000 buy-to-let properties between 2020 and 2021, while 70,000 landlords have exited the market. Labour. City AM reports analysts as saying that a shortage of money is driving older workers back to work ‘as the merciless cost-of-living crisis increasingly bites.’ Coronation licensing hours. UKHospitality has ‘backed plans to extend licensing hours in England and Wales to 1am for next year’s coronation celebrations for HM The King…’ Rail strikes. The Caterer reports some hospitality businesses as saying that ‘last week’s rail strikes had a worse than expected impact on sales in the run up to the festive period…’ The Society of Independent Brewers has have responded to reports of an anticipated announcement on the extension of the alcohol duty freeze, saying ‘independent breweries play a vital role in the British hospitality industry and are embedded in their local communities, providing jobs and adding greatly to local economies across the UK. The extension of the beer duty freeze will come as welcome news to these vital independent businesses, providing some certainty until the summer…’ • See premium. Reply for sample or to upgrade. Single £345, multiple £595. Limited time offer: PayPal monthly £25 + VAT. Easy in, easy out. The Night Time Industries Association has said that it welcomes new legislation that will be introduced to tighten security at venues in the wake of the Manchester Arena bombing. ‘Martyn’s Law’ will require sites to have action plans against terror attacks in place. COMPANY NEWS: A.G. Barr has announced that it has acquired the remaining 38.2% equity stake in MOMA Foods Limited that it did not already own from founder Tom Mercer, and the other minority shareholders, for a total cash consideration of £3.4m… • See premium. Reply for sample or to upgrade. Single £345, multiple £595. Limited time offer: PayPal monthly £25 + VAT. Easy in, easy out. Propel reports that London-based healthy food and juice brand Crussh has been placed on the market after appointing advisors to assess its options. Scotch Whisky and other spirits supplier The Artisanal Spirits Company has announced that it ‘has extended its agreement with RBS to increase its existing revolving credit facility to £21.5 million (previously £18.5 million) and extend the term of the commitment until 19 December 2025, broadly representing a two year extension of the previous term…’ • See premium. Reply for sample or to upgrade. Single £345, multiple £595. Limited time offer: PayPal monthly £25 + VAT. Easy in, easy out. Toast Ale is reported to have raised over £2 million from investors including the National Geographic Society & Heineken International. HOLIDAYS & LEISURE TRAVEL: London City airport has submitted an application to raise annual passenger numbers by 3.5 million to 9 million to the London Borough of Newham. An extension to operating hours is also being sought on Saturdays from the current closing time of 12.30pm to 6.30pm, with an additional hour in summer for arriving flights only, up to a maximum of 12. The Institute of Travel Management (ITM) Trending Summit in London last week saw business leaders claim that corporate travel will not return to its pre-pandemic level, with pressures on cost and on companies to decarbonise leading large firms to question the purpose of trips. Network Rail has advised passengers to travel only if ‘absolutely necessary’ on Christmas Eve as strike action is set to have a severe impact on services. The strike by RMT workers will start at 18:00 and continue until 06:00 on 27 December. An amber warning has been issued by the AA for 23 and 24 December as 17 million drivers are expected on the road. Routes linked to the M25 will carry most of the traffic – in particular interchanges connecting the M25 with the M3, M4, M1, M11, M20 and A1(M). European airports trade body ACI Europe has said that it now expects a recovery in volumes to pre-Covid levels to come in 2025 (rather than 2024). ACI says the deteriorating macro-economic outlook is to blame. OTHER LEISURE: Elon Musk has lost the vote for him to remain as CEO that he himself orchestrated. Whilst it is unclear whether he will honour the result, the billionaire had 10 million Twitter accounts vote for him to step down as CEO, equalling 57.5% of the vote. He had earlier committed to abiding by the result. FINANCE & MARKETS: The CBI reports that ‘UK manufacturers reported a fall in output volumes in the three months to December, at the fastest pace since the three months to September 2020.’ It adds ‘this fall was largely driven by the food, drink & tobacco, paper, printing & media, and mechanical engineering sectors…’ • See premium. Reply for sample or to upgrade. Single £345, multiple £595. Limited time offer: PayPal monthly £25 + VAT. Easy in, easy out. The CEBR says that strikes in recent months have cost the economy around £1.7bn… • See premium. Reply for sample or to upgrade. Single £345, multiple £595. Limited time offer: PayPal monthly £25 + VAT. Easy in, easy out. Sterling weaker at $1.2113 and €1.1441. Oil up at $79.83. UK 10yr gilt yield down 3bps at 3.47%. World markets mixed yesterday but Far East down this morning and London set to open down around 63pts as at 6.30am. RETAIL WITH NICK BUBB: • See premium. Reply for sample or to upgrade. Single £345, multiple £595. Limited time offer: PayPal monthly £25 + VAT. Easy in, easy out. |
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