Consumer credit, Chapel Down, Artisanal Spirits, Subway, holidays etc.:

A DAY IN THE LIFE:

Have got a bit on just at the moment. Let’s move on to the news:

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PUBS & RESTAURANTS:

Trading:

The ONS reports that retail sales volumes increased by 1.2% in February, beating expectations of +0.2%…

Labour issues:

Hospitality Rising’s inaugural campaign, ‘Rise Fast, Work Young’, which has been running for some five months, has ‘reached over 5.5m of the UK’s 16 to 30-year-olds, equal to half this demographic, via its digital marketing campaign…’

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The consumer:

Consumer credit. Depending upon the way it is used, consumer credit can be good, bad or indifferent. Few people ever have enough ready cash to buy a house, for example but, if consumer credit extends (via credit cards and store cards) to food, drink & clothing, debts may be run up in order to maintain a standard of living that may be unsupportable…

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Other news:

The RAC has bemoaned the price of diesel. It says that the fuel, which currently retails for around 17p per litre more on average than petrol, should be much lower. It particularly says that the gap with unleaded petrol is “scandalous.” The RAC says it should retail for around 152p…

KAM has conducted research & concluded that hospitality businesses are failing to maximise employee benefits. It says ‘Hospitality businesses are not effectively communicating what they already offer; 75% of employees couldn’t find information about employee benefits while researching their hospitality job. 20% said they only found out during their interview and 15% had to wait until after they’d started in the role…’

COMPANY NEWS:

Chapel Down has reported full year numbers to end-December saying that net sales revenue grew by 10% to £15.6m with 14% growth in H2. The company says that sales of sparkling wine grew by 53% to £9.6m with adjusted EBITDA up by 30% at £2.8m. The company reports a profit from continuing operations of £1.053m (2021: £1.388m) and…

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The Artisanal Spirits company has reported full year numbers to end-December saying that revenue rose 19% to £21.8 million (2021: £18.2 million). It says this is ‘ahead of expectations’ and adds that gross margin was 63.6%, up by 2.1ppt from 61.5% in FY21. The company says adjusted EBITDA was £0.4 million (2021: loss of £0.6 million)….

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Uber Eats is delisting a number of delivery-only restaurants on its app globally. It is seeking to remove low-quality listings, reports The Wall Street Journal. It suggests that a number of virtual restaurants contain the same menu as other sites….

Subway. The Issa brothers are reportedly considering an £8bn takeover of Subway with a view to integrating the sandwich chain into their EG petrol forecourts….

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Pizza Pilgrims will open a site in Nottingham on 17 April, located on Carlton Street, Hockley, in the heart of Nottingham’s creative district.

Wendy’s is set to open three new restaurants in Lincoln, Wisbech, and Colchester in the coming months. Following its launch in 2021, Wendy’s has opened 30 UK locations with plans to reach 45 by the end of the year.

Kirsten and Nathan Cortilla have opened their third pub together and their first in partnership with Red Oak Taverns. The Three Brewers in Corsham opens after refurbishment and will have a focus on hosting events.

PepsiCo has ‘reformulated’ its eponymous soft drink, slashing its sugar content by 57% to 4.55g per 100ml. Pepsi will instead be sweetened with a blend of acesulfame potassium and sucralose. The new bottles and cans hit supermarket shelves in March, but pubs and restaurants will continue to serve the higher sugar version.

Sky News reports that Waitrose ‘has called off secret talks about a deal that would have involved it taking a stake in Planet Organic, its smaller rival grocer.’

Next has bought brand Cath Kidston from its administrators in a deal worth £8.5m.

HOLIDAYS & LEISURE TRAVEL:

Hotelplan CEO Joe Ponte claims that British skiers have ‘flooded back’ to the market, saying ‘We’ve had customers booking two, three, four times in this season…This entire season has almost been completely sold out for us. People are actually having to book really early [for next season].’

Manchester is to introduce a tourism tax from 1 April. Guest staying in city centre hotels and holiday apartments will have to pay £1 per night, per room. The ‘City Visitor Charge’ may bring in around £3million a year.

OTHER LEISURE:

The Gambling Commission has ruled that three firms owned by William Hill are to pay penalties of £19.2m for failing to protect consumers and weak anti-money laundering controls. The problems were so severe the commission had ‘seriously considered’ suspending the firm’s licence.

Walt Disney Co has  eliminated its metaverse division as part of staff cuts that aim to reduce headcount by c7,000 across the company over the next two months. All 50 or so members of the team have lost their jobs, but division head Mike White will remain at the company.

FINANCE & MARKETS:

Bank of England governor Andrew Bailey has told MPs that the Bank is currently in a period of “very heightened tension and alertness”. He was commenting on the collapses of Credit Suisse and SVB. On a brighter note, he says ‘I don’t think we are at all in the same place that we were in 2007 and 2008’.

JP Morgan has raised concerns that the commercial property market could be a source of problem loans for some banks. Whilst not yet evident, it says that when the Fed taps the brakes (via raising interest rates), something often shoots through the windscreen….

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Sterling mixed at $1.2329 and €1.1373. Oil up at $78.85. UK 10yr gilt yield up 8bps at 3.46%. World markets mixed yesterday. London set to open around 7pts higher as at 6.30am.

RETAIL WITH NICK BUBB:

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