Labour issues, deposit return scheme, DGE, LGRS, Betty’s & other:

A DAY IN THE LIFE:

Had high hopes of getting a bit of work done last night, including writing this section of the email. 

But then ended up doing a little research ‘in-trade’ and then watching the West Ham match so that all went out the window. But anyway, well done to WHU – and to former Hull City prodigy Jarrod Bowen – and let’s move on to the news:

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PUBS & RESTAURANTS:

Labour market:

The Recruitment and Employment Confederation & KPMG have commented on the UK labour market in May saying that there has been a further cooling off. It says that placements fell last month at the fastest rate since January 2021…

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Deposit return scheme:

Scotland’s proposed deposit return scheme is to be delayed until October 2025 at the earliest. The scheme was meant to have commenced in March next year. Scottish Minister Lorna Slater said the Scottish government had no choice after the UK government excluded glass from the Scottish scheme….

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Other news:

Bacardi has published research that shows 29% of Brits would have a rum cocktail such as a Pina Colada or a Mojito instead of a pint this summer….

Cost of living crisis. The RICS says that rising interest rates are leading to landlords either pushing up rents or to selling their properties.

COMPANY NEWS:

Diageo has announced that former CEO Sir Ivan Menezes has passed away following a brief illness….

Loungers has opened its 192nd Lounge (& 228th overall site). The unit, the Occulo Lounge, has opened in Southport in the building previously occupied by Waterstones. Loungers has also announced that it is opening a roadside diner under its Brightside marque by Cornwall’s A38….

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Gong cha Global CEO Paul Reynish has said that he sees the potential for 500 of his company’s bubble tea outlets in the UK….

The MCA comments on Comptoir Group. The group recently reported adjusted EBITDA of £2.8m for FY2022, down £0.2m on the year prior, but revenues up 50% to £31.7m….

Bettys & Taylors Group Ltd has reported its FY numbers for the period ended 31 October 2022 to Companies House. The company owns and operates five Bettys Tea Rooms and Taylors of Harrogate which produces Yorkshire Tea and a range of ground coffees. It describes itself as a family business with Swiss-Yorkshire heritage. Turnover increased in the year, but operating profits fell as cost inflation took hold….

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REKOM has announced that it plans to open its second Proud Mary bar in Wales in Autumn this year….

Stockport-based brewery Thirst Class Ale has shut its doors after suffering from the pandemic and cost-of-living crisis. It joins other Greater Manchester breweries that have closed such as Alphabet Brewing Co, Manchester Brewing Company and Beatnikz Brewery….

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Chopstix will open its first airport site, located in London Luton Airport. The Asian QSR concept has a target of opening at least 30 sites in 2023, adding to its estate of 90 sites under the Chopstix brand, 10 under Yangtze, and 27 under Chozen Noodle.

English sparkling wine producer Gusbourne reports revenue up 49% to £6.2m in FY22, with gross profit margin increasing to 59.2% from 55.9% the year prior….

China’s Luckin Coffee has reached 10,000-stores with an opening in Xiamen. The largely franchised company only reached 9,000 at the end of Q1.

HOLIDAYS & LEISURE TRAVEL:

Holiday market strong. Norwegian Air reports ‘strong’ demand  for holiday flights in May, with passenger numbers up 17% YoY to reach 1.9 million. Overall, it had a load factor of 84%, which rose to 90% on routes to popular holiday destinations….

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Around 2,000 Heathrow security officers who are Unite members are set to strike for 31 days between 24 June and 27 August….

OTHER LEISURE:

The news that New York-based FS Gaming Investments had built a 6.6% stake in 888 Holdings has sent the company’s shares up 20%. The William-Hill owner’s regulatory filing showed FS Gaming’s Shay Segev, Kenneth Alexander, Daniel Shribman, Lee Feldman and B. Riley Principal Investments all have interests in the deal.

Receivers Alix Partners are thought likely to put The Daily and Sunday Telegraph newspapers and The Spectator magazine up for sale due to debts owed by their parent group to Lloyds Banking Group.

FINANCE & MARKETS:

The Organisation for Economic Co-operation and Development has raised its forecast for the UK economy but says the country will continue to lag others in the developed world…

The Halifax yesterday produced its HPI for May saying that UK house prices were unchanged in May to take them down 1.0% for the year to that date…

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Sterling up slightly at $1.245 and €1.1625. Oil price higher at $76.84. UK 10yr gilt yield up 7bps at 4.26%. World markets mostly lower yesterday. London set to open little changed.

RETAIL WITH NICK BUBB:

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