Gfinity, DOM, PPHE, Barclaycard data, Center Parcs & other:

A DAY IN THE LIFE:

So, we’re back from a shortish first visit to Rome & herewith a few do’s and don’ts:

You gotta do the things you really gotta do. Go to the Colosseum, the Forum, the Pantheon, the Paletine Hill etc. The Trevi Fountain is impressive, the Spanish Steps are, well, steps.

Do brave the crowds (no choice) but don’t get your pocket picket or allow yourself to be pushed into moving traffic. Do eat pasta, pizza and the rest but don’t pay €16 for a beer.

Do take your hat off in churches (including the Pantheon) and don’t sit on the Spanish Steps (if the Feds are watching).

Do get out of Rome. Ostia Antica is very, very worthwhile. And pretty much empty. Hadrian’s Villa up in Tivoli likewise.

But even in Rome, you can slip the crowds. Try Augustus’s Mausoleum, the baths near Roma Termina & several other places.

Do find things to do on your side of the road. You may never be able to cross to the other side. Zebra crossings are interesting.

And, as a driver, don’t hit potholes at 60mph. They mean business and your fillings will fall out. But do expect to be overtaken on blind corners, on hills, in town centres and when navigating pothole infested B and C-roads only wide enough for one vehicle.

That’s enough. On to the news:

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BARCLAYCARD MAY SPENDING DATA:

Barclaycard’s latest consumer card spending report, for the month of May, suggests that spending ‘grew just 3.6 per cent…while food price inflation pushed grocery spending to its highest growth in two years.’

Barclaycard says ‘spending on non-essential items rose just 3.0 per cent due to consumers cutting back to manage household bills, while inconsistent weather hampered spend on clothing.’ It says that ‘spending on groceries surged 8.9 per cent year-on-year – the highest growth in the category in over two years.’

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PUBS & RESTAURANTS:

Cost of living crisis:

Mortgage rates are set to increase this month for more than 100,000 households….

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Food prices: Which? has warned Chancellor Jeremy Hunt that a blanket approach to lowering supermarket bills will not address the problem of accessibility to affordable food….

Services sector:

The S&P Global Services PMI was 55.2 in May, slightly down on 55.9 in April but up from the May flash estimate of 55.1….

Other news:

Footfall. Springboard reports high street footfall up 2.4% YoY for the week ended 3 June, driven by the combination of school half term and warm and sunny weather.

Craft brewery numbers falling. Mazars figures show that the number of breweries going bust has tripled in the past year, with 45 insolvencies in the year to the end of March. Paul Maloney, associate director at Mazars, said: ‘Craft brewers often offer ‘premium’ beers, but consumers are turning to cheaper options.’

Discounting is once again becoming increasingly prevalent in the casual dining sector as Carluccio’s offers 50% off main courses and Zizzi and Ask Italian do 2 for 1 offers on starters, mains and desserts.

The World Coffee Portal has reported that coffee machine sales in the UK rose from £123.2m in 2019 to £157.2m in 2022. The market this year could hit around £162.8bn….

COMPANY NEWS:

Domino’s Pizza Group plc has announced that it had exercised a put option to dispose of its investment in its German associate. It reports that ‘the Transaction completed on 5 June 2023 with £79.9m of proceeds received. As previously announced, this comprises a put option exercise price of £70.6m and the repayment of a £9.3m loan.

The Inn Collection Group has been named by The Sunday Times as one of the UK’s best places to work, with 78% of employee respondents declaring themselves ‘happy’ at work.

The Cornish Bakery has been rated an ‘outstanding’ place to work in the ‘Best Companies to Work For list’.

SSP Group has been granted the franchise rights to open Pret A Manger sites in German-speaking Switzerland….

Papa John’s International Inc has announced the acquisition of restaurants previously operated by the M25 division of franchisee Drake Food Service International…

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In the US, Cava, a Mediterranean fast casual restaurant chain, is to launch an initial public offering, aiming to raise between $245 million and $274 million.

HOLIDAYS & LEISURE TRAVEL:

Sky News reports that a vehicle managed by CVC Capital Partners is preparing to make a bid for Center Parcs’ 6 sites in the UK and Ireland. CVC is one of the world’s biggest private equity firms, and is currently the private equity backer of the Six Nations rugby championship.

IATA has doubled its forecast for industry profits this year to $9.8bn, up from net losses for the industry of $3.6bn during 2022….

Unite members are set to announce a fresh round of strikes for Heathrow security guards this week….

PPHE Hotel Group is today hosting an analyst’s site visit to Croatia ‘to visit properties owned and operated by its subsidiary company Arena Hospitality Group, one of Croatia’s best-known hospitality groups….

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OTHER LEISURE:

Gfinity plc has announced that it is to close down its Esports division. The co has also announced the divestment of 72.5% of Athlos, a subsidiary of the Company, to Tourbillon Group UK Limited. It says Gfinity will retain a 27.5% shareholding in Athlos. The consideration payable to Gfinity by Tourbillon is £1….

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FINANCE & MARKETS:

City AM reports that the Halifax will announce tomorrow that UK house prices grew around 0.6 per cent over the year to May, down from a growth rate of 1.6 per cent in the previous month.

The CEBR reports that ‘mortgage approvals are on track to slump to their lowest level since the financial crisis as high interest rates continue to hammer borrowers.’

Deputy head of the International Monetary Fund Gita Gopinath has said that immigration could help to fill gaps in the UK domestic jobs market and keep down UK inflation, which now appears to be out of line with other developed countries.

Sterling mixed at $1.2448 and €1.1607. Oil lower at $76.52. UK 10yr gilt yield up 7bps at 4.22%. World markets mostly lower yesterday. London set to open down around 7pts as at 6.30am.

RETAIL WITH NICK BUBB:

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