WFH, labour, deposit return, breweries, SBUX, visa-travel & other:

A DAY IN THE LIFE:

Well, a sunny weekend is almost upon us and, as the prospect is looming, I’ve decided there are at least 100 things I’d rather do than cut the grass.

And the list of things I’d rather do than cut the grass includes making a list of the 100 things I’d rather do than cut the grass.

It certainly includes walking the dog to the pub, having a couple of pints and a pie, getting a text on the way back to say that I’d won the lottery and then being whisked to Istanbul to watch the football.

But it also includes dragging the dog around the block and running out of poo bags in front of a crowd of nuns, seeing the heel drop off my shoe and losing a tenner in the street as I carry the exhausted dog back because, truth being told, that’s a combined price I’d gladly pay not to sit on a bone-shaking mower in the heat for two hours with the sound of chinking glasses gently floating across with the dandelion seeds from the pub down the lane.

Anyway, needs must. Have a great weekend and let’s move on to the news:

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PUBS & RESTAURANTS:

Labour issues.

Various comments on how to free up the labour market. The Telegraph reports  recruitment service Reed believes Jeremy Hunt should cut taxes to encourage more people back to the labour market following an exodus of workers during the pandemic, saying that a cut to NI would boost the labour market…

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WFH.

Google is reported set to crack down on employees who haven’t been coming into its offices consistently, per CNBC. The American broadcaster reports that Google is ‘tracking office badge attendance’ and is now ‘confronting workers who aren’t coming in when they’re supposed to and including the attendance in employees’ performance reviews…’

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Other news:

Deposit return scheme. Business has been wrong-footed a number of times now and Sky News reports that firms such as Coca-Cola and Red Bull are looking to claim millions of pounds in compensation after the collapse of Scotland’s controversial deposit return scheme….

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Retail sales slump. The May retail sales numbers from BDO show that spending fell by 1.5% in the month. Online sales were down 3.3%, continuing the deflation of online sales, which had ballooned during that pandemic. In store sales were up by 1%…

HMRC perhaps getting more aggressive. See news on London Irish below.

COMPANY NEWS:

Carlsberg Marston’s Brewing Company plans to sell Ringwood Brewery, best known for its cask ales….

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BrewDog reported revenue up 13% to £321m in the year ended 31 December 2022….

Diageo has formally RNS’d the appointment of Debra Crew as CEO. The acceleration of the appointment follows the death of previous CEO, Sir Ivan Menezes.

Starbucks is reported likely to experiment with the roll out of a number of delivery-only stores in the US…

Brown‑Forman Corporation has reported Q4 numbers to end-April saying that it generated net sales of $996 million in the quarter, up 23% on the same quarter last year. The company reported operating income increased 46% to $246 million (+62% on an organic basis) and diluted earnings per share increased 26% to $0.31….

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The MCA reports that Imbiba managing partner Darrel Connell has said experiential leisure has clear longevity….

Breal Capital, the UK private equity firm that recently purchased Black Sheep Brewery out of administration for £5m, is considering bidding for struggling south London breweries Brew By Numbers and Brick Brewery according to reports….

The GMB union has accused Amazon of resorting to “dirty tricks” in blocking its move for union recognition at its Coventry site.

HOLIDAYS & LEISURE TRAVEL:

Visitors to the UK will have to pay £10 when the new Electronic Travel Authorisation scheme (ETA) is phased in later this year….

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Brittany Ferries claims passenger numbers are still lagging 2019 levels despite volumes being ‘significantly up’ on last year. Passenger bookings are up 17.6% YoY, but down 15% on 2019.

STR is forecasting that US hotel REVPAR will rise by 5% y-o-y this year. It says rates will rise by 3.5%, currently below the rate of inflation.

OTHER LEISURE:

The administrator’s report for the princess of Wales’s parents busted company Party Pieces shows it was £2.59m short of what it needed to pay off its long list of debts, owing £612k in tax…

Rugby Union club London Irish has been suspended from the Gallagher Premiership and all leagues by the RFU after takeover talks collapsed…

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FINANCE & MARKETS:

The Eurozone economy shrank by 0.1% in Q1 this year per Eurostat. The preliminary reading had suggested growth of 0.1% and the market had been looking for a figure of zero.

Data from UK Finance suggests that mortgage lending to first-time homebuyers has fallen to the lowest level since before the pandemic.

Hedge fund Odey is to be investigated by the FCA…

Sterling mixed at $1.2543 and €1.1639. Oil down at $75.50. UK 10yr gilt yield down 1bp at 4.25%. World markets broadly higher yesterday & London set to open up some 13pts as at 6.30am.

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