Langton Capital – 2023-01-27 – Business confidence, On the Beach, trading, WFH, the High Street etc.:
Business confidence, On the Beach, trading, WFH, the High Street etc.:A DAY IN THE LIFE: Blow-out day for companies reporting yesterday but much quieter today. However, the news-flow did displace work from yesterday into today and that’s left us short of time again so, with it being Friday and all, we’ll just say have a great weekend and move 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: Current trading. With Valentine’s Day on the horizon, DesignMyNight has released consumer insight suggesting that it is not too late to plan saying ‘many leave dinner and bar reservations until the last minute. In 2022, online searches for Valentine’s Day rose more than 50% from the last week of January to week commencing 8th February and bookings made through DesignMyNight were up over 10% in the same period….’ • See premium. Reply for sample or to upgrade. Single £345, multiple £595. Limited time offer: PayPal monthly £25 + VAT. Easy in, easy out. Business confidence: The ICAEW has suggested that the risk of a recession hitting the UK is increasing. Suren Thiru, economics director at ICAEW, said the findings of its latest Business Confidence Survey ‘suggest that the economy went from bad to worse at the end of last year. The drop in confidence largely reflects the lethal combination of sky-high inflation and deteriorating customer demand that many firms are struggling to grapple with….’ • See premium. Reply for sample or to upgrade. Single £345, multiple £595. Limited time offer: PayPal monthly £25 + VAT. Easy in, easy out. WFH: Music to the ears of many in the hospitality industry as Tony Danker, DG of the CBI, says that most bosses would like all of their workers to return to the office… • See premium. Reply for sample or to upgrade. Single £345, multiple £595. Limited time offer: PayPal monthly £25 + VAT. Easy in, easy out. The High Street: The Local Data Company alongside the BRC have reported that the number of vacant shops on British high streets fell during Q4 last year. It says that the vacancy rate improved by 0.1% to 13.8% from Q3. The vacancy rate also stands some 0.6 percentage points better than the same quarter in 2021… • See premium. Reply for sample or to upgrade. Single £345, multiple £595. Limited time offer: PayPal monthly £25 + VAT. Easy in, easy out. Cost of living crisis: Rightmove has reported that domestic rents reached record highs last year and it says it expects them to rise still further this year… Retail sales: The CBI has released its Distributive Trade’s Survey for January saying ‘retailers began the year on a disappointing note, reporting that sales volumes fell at a fast pace in the year to January’. It says ‘sales are expected to decline again next month, but at a slightly slower pace…’ • 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: The Night Time Industries Association has reported that 75% of night time economy businesses have called for the late night levy (LNL) to be abolished. CEO Michael Kill says ‘the House of Lords review on licensing last year was very clear that the late night levy had not met its objectives, wholeheartedly backed by the industry, suggesting that it is unaffordable and represents no benefit to businesses on the ground.’ Figures from accountant Price Bailey have shown that 41% of pub operators have reduced their headcount over the last month. Moving from December to January, a large part of this could be seasonal…. • See premium. Reply for sample or to upgrade. Single £345, multiple £595. Limited time offer: PayPal monthly £25 + VAT. Easy in, easy out. COMPANY NEWS: Hostmore plc yesterday announced that Chairman Gavin Manson will retire as both Chair and as a non-executive director of the Company at the end of the Annual General Meeting on 25 May 2023, to focus on his other executive commitments. The company says it is ‘pleased to announce that Stephen Welker, a current non-executive director, has agreed to become Chairman-designate and will succeed Gavin as Chairman at the conclusion of the AGM.’ ETM Group’s Ed Martin has said that anyone who works in the hospitality sector will be given 50% off food and drinks at the company’s sites on rail strike days. JDE Peet’s has reported sales growth across all channels in 2022. It says ‘in spite of the challenging macro-economic environment, we are delivering on our commitments to build a stronger, more productive, and more inclusive enterprise.’ Ping Pong is reported to have been bought out of administration by a company connected to its CEO for £3.13m. ASDA has warned that the jobs of over 4,000 staff are under threat as a result of an efficiency drive enacted by the company’s owners. Mission Mars is set to open on Shaftesbury Avenue in London reports Propel. Cayote Ugly is due to open a unit in Piccadilly Circus. Work is reported to be underway on a 6,200 sq ft space on Shaftesbury Avenue. Moody’s has reportedly warned that the Issa brothers’ need to bring down their debts or face increased ‘negative rating pressure’. HOLIDAYS & LEISURE TRAVEL: On the Beach has updated on trading for the period from 1 October to date saying ‘following a year of disruption in FY22, On the Beach began FY23 with a healthier overall forward order book than the prior financial year. Although the first quarter (calendar Q4) is historically the quietest trading period, Group total transaction value (TTV) for October, November and December 2022 exceeded the comparative months in FY22…. • See premium. Reply for sample or to upgrade. Single £345, multiple £595. Limited time offer: PayPal monthly £25 + VAT. Easy in, easy out. Travel Weekly reports that ‘travel agents have enjoyed another week of record sales with some firms reporting clients booking multiple holidays at the same time.’ It quotes agents as saying there was no sign of bookings easing off. The Advantage Travel Partnership has suggested that demand for the services of business travel specialists is increasing… STR has reported that hotel prices in Europe rose by around 20 per cent in 2022 despite occupancy remaining around 10pps lower than the last pre-Covid year… The 2023 Americas Lodging Investment summit has heard from a number of leading US hoteliers several of whom suggested that the ongoing trends that will dominate the lodging industry in the US this year include remote work, rising wages and a larger population of retirees. Remote working has increased worker flexibility. Wages are reported to be ‘sticky’ and a large number of would-be workers have left the US workplace. The Sun has reported that the government could scrap plans to extend HS2 trains into central London. It reports that HS2 trains may terminate in the suburbs of west London instead. The leg to Leeds has been scrapped. FINANCE & MARKETS: Former Bank of England economist Andy Haldane has said he believes real wages will fall again this year. He says that recent political chaos has contributed to the UK’s poor relative economic performance… • See premium. Reply for sample or to upgrade. Single £345, multiple £595. Limited time offer: PayPal monthly £25 + VAT. Easy in, easy out. Official figures show the US economy grew at an annual rate of 2.9% in Q4 last year, down from 3.2% in Q3 but ahead of expectations. Sterling mixed at $1.238 and €1.1383. Oil higher at $87.86. UK 10yr gilt yield up 4bps at 3.31%, World markets better yesterday and London set to open some 10pts higher as at 6.30am. RETAIL WITH NICK BUBB: • See premium. Reply for sample or to upgrade. Single £345, multiple £595. 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