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PREMIUM – Foodservice inflation, Punch Pubs, Vianet, Parkdean, PPHE & other:

A DAY IN THE LIFE:

So, as we commence one of those cheeky – and currently rare – five-working-day weeks, a brief head nod to those who agreed with us that the air is currently thick with dandelion seeds.

Indeed, the benighted things are everywhere.

And, as water butts around the place will be similarly infested with them, gardeners may well be giving the pre-embryonic plants the best start in life by hydrating them as they hand-deliver them to whatever place it is that they least want them.

Anyway, that may become more evident after the things have had a while to grow but, in the meantime, let’s move on to the news:

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PUBS & RESTAURANTS:

Foodservice inflation:

The CGA Prestige Foodservice Price Index reports that foodservice price inflation dropped to 18.9% in March 2023….

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Trade:

Coronation an unmitigated ‘bad’ for retail. MRI Springboard data shows the Coronation drew consumers away from stores and destinations a week ago on Saturday, with footfall across all UK retail destinations down 20.8% YoY…

Access to labour:

Home Secretary Suella Braverman has said that immigration must be reduced because Britain risks forgetting “how to do things for ourselves….”

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Other news:

US trade is set for a boost this Sunday as it is Mother’s Day on the other side of the Atlantic…

JD Wetherspoon chairman Tim Martin has told the Daily Mail that over-60s who have exited the workforce should get back to work.

COMPANY NEWS:

The Times reports that 3% Restaurant Group shareholder Coltrane Asset Management has called for change at the company….

Punch Pubs Group Limited has updated on trading for its H1 (a 28wk period) to 26 February 2023 saying that ‘for the 28 weeks to 26 February 2023 total revenue was £158.1 million compared to £142.6 million in the prior year period of 28 weeks to 27 February 2022, with the conversion of pubs from Leased & Tenanted over to our Management…’

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Gordon Ramsay Restaurants has reported record revenues of £78.9m for the year to end August 2022, up from £26.2m in FY21. The company reports a loss of £505k.

Vianet Group plc has reported that it ‘has acquired the trade and assets of Beverage Metrics Inc, a Denver, USA based provider of inventory software solutions to the USA hospitality sector.’ It says ‘the initial consideration payable to BMI is £577,500….’

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JD Wetherspoon CEO John Hutson on Friday sold 18,000 shares in the company at £7.80 to raise some £140k. As at the company’s last balance sheet date (July 2022), Mr Hutson held 196,618 shares in addition to shares under option.

Pernod Ricard is reported to have halted exports to Russia.

The MCA reports that Busaba is to expand its offering into the breakfast day part, with the Thai restaurant chain first trialling the new menu at three of its sites from early June.

MJMK has achieved its £1m crowdfunding target, with the company having raised £732k prior to launching the campaign. The funds will allow the restaurant chain to open Casa do Frango in Victoria this summer and also open a new venue with chef-partner Lastra.

Krispy Kreme reports Q1 net revenue up 12.5% to $419.0m, with adjusted EBITDA up 12.3% to $54.9m….

Pernod Ricard has joined ecoSpirits’ $10 million Series A funding round via its venture capital fund, Convivialité Ventures. The circular economy technology startup is committed to developing low carbon, low waste distribution systems for the alcohol industry.

The GMB has approached a business tribunal in a bid to get US retail giant Amazon to recognise it as a trade union. Amazon has refused to grant the union recognition claiming  voluntary recognition is not ‘an appropriate path’.

HOLIDAYS & LEISURE TRAVEL:

Parkdean Resorts UK Ltd has reported its FY numbers for the period ended 31 December 2021 to Companies House….

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premium lifestyle brand art’otel in Radisson Hotel Group’s brand portfolio, growing this portfolio to ten distinct brands under one overarching umbrella.’ CEO Boris Ivesha says ‘we are continuing to actively develop our premium lifestyle art’otel brand following the recent opening of our first art’otel in London, and we have a number of further exciting art’otel branded properties in our development pipeline.’

Gatwick saw flights diverted yesterday for almost an hour due to suspected drone activity.

Manchester Airport Group reports it handled a total of 4.8 million in April – up 16.4% YoY…

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Transatlantic air travel is reported to be running at 1.1m seats in the month of May. This equates to some 99% of May 2019 levels. Heathrow has the highest share of scheduled flights from the UK to the US this month.

OTHER LEISURE:

Elon Musk has named Linda Yaccarino, currently at NBC Universal, as the CEO designate at Twitter. Ms Yaccarino is currently

FINANCE & MARKETS:

Official data from the ONS on Friday showed the UK economy shrinking by 0.3% in March but growing by 0.1% in Q1. The prospect of a technical recession (two consecutive quarters of negative growth) is now looking remote….

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Brexiteer Sir James Dyson has said that PM Rishi Sunak’s promise to turn the UK into a science and technology superpower is a “mere political slogan”.

Sterling mixed at $1.246 and €1.147. Oil down at $73.55. UK 10yr gilt yield up 7bps at 3.78%. World markets mixed to better on Friday & London set to open some 16pts better as at 6.30am.

RETAIL WITH NICK BUBB:

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