Trading, London, RTN, JW Lees, Forte, CINE, Sportech & other:

A DAY IN THE LIFE:

I think I’m going to have to add Virginia Creeper to the long and growing list of things – animal, mineral and vegetable – that make my life a misery in the garden.

That because you give the thing an inch and it takes a mile.

You turn your back on it and it’s bringing down your telephone lines, smothering your ariel, it’s making a mockery of any outside lights you used to have and it’s providing a very welcome nesting area for all the wasps and bees in the neighbourhood and generally threatening your health, wealth and wellbeing.

And then you risk life and limb and pull some of it down and, apart from the folly of tottering around at the top of a ladder, down will come plaster, bits of paintwork, random, long-forgotten decorative iron-wear and the rest, leaving your house looking as though it has been lightly machine-gunned from a distance.

And soon it will have the bits of dead plant that you couldn’t reach staring down accusingly from the chimney breast and leaving your wondering why you’d bothered.

Anyway, welcome to another 5-day week, the last in June and, indeed, the last in H1 this year. On to the news:

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PUBS & RESTAURANTS:

Inflation:

For the year to May, Fourth Hospitality reports that the price of milk was up 36%, bread +22%, flour +19% and eggs +17% …

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Consumption – potential shock:

The Bank of England’s 0.5% hike has been described by economists as ‘shock and awe’ tactics…

Much of Thursday’s move was anticipated. Moneyfacts data showed no change to the average mortgage rate for a two-year fixed deal after the Bank of England’s interest rate hike. The rate has remained at 6.19%, the same as the day before.

Chancellor Jeremy Hunt has reportedly had a ‘productive’ meeting with bank bosses, including those at Natwest and Lloyds….

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The CEBR comments that ‘as mortgage holders roll off their old, ‘cheap’ fixed deals and onto new contracts with much higher interest rates, they will face a substantial cut to disposable incomes…’

Trading:

CGA reports that ‘warm weather has lifted On Premise drinks sales into year-on-year growth for the eighth week in a row.’ It says that its Drinks Recovery Tracker ‘shows average sales in managed venues in the week to last Saturday (17 June) were 7% ahead of the same week in 2022….’

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Sales prices:

Lynx Purchasing MD Rachel Dobson has said that operators are either having to keep ‘menu prices low, or serving high quality produce that offers consumers a genuinely different choice when compared to eating at home….

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London, WFH etc.

TfL has reported that a return to the office combined with weekend trips to the capital and the popularity of the Elizabeth line have led to it recording its highest passenger figures since 2019….

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Discounts:

Some discounting evident. Carluccio has extended its 50% off mains until Thursday. M&B’s Sizzling Pub Co is offering 40% off mains, also until Thursday. And the same again from (at least some of) M&B’s Vintage Inns units.

Other news:

Per MCA, Ted Schama, joint managing partner at Shelley Sandzer has called for business investment and expansion, saying that it is time for growth….

Cell-cultivated meat has been approved for in the United States for the first time. Upside Foods’ cell-cultivated chicken was granted FDA approval back in November and now the product has been deemed fit for consumers.

Arcade’s Battersea Power Station food hall is set to open in July, featuring 13 different cuisines and seating for 500 people. The new food hall will also have two bars; Tap Room and ABC Bar.

COMPANY NEWS:

Restaurant Group. 14% shareholder Oasis has commented on RTN’s recent change in CFOs saying it was “concerning” that Mark Chambers had worked with Andy Hornby prior to coming to RTN…

JW Lees reports that it has completed on the purchase of The Pointing Dog pub in Cheadle from Marston’s plc….

Just Drinks reports that Pernod Ricard has received an offer from Stock Spirits Group to buy Scotch whisky brand Clan Campbell.

Carlsberg has sold its Russian business, subject to regulatory approvals, saying that the sales agreement will not impact the 2023 earnings expectations….

Dirty Bones has restructured following the sale of half of its six -strong estate in a pre-pack administration reports Propel.

Cake Box has reported full year numbers saying that revenue rose by 6.5% to £34.8m but PBT fell by 29% to £5.4m…

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Aqua Restaurant Group will launch an Italian bakery, café and pizzeria called Luci in Covent Garden. The 200-cover site will be spread across two floors, with a first-floor restaurant and a ground-floor grab-and-go counter.

A new rooftop terrace from Gino D’Acampo has opened at INNSiDE Liverpool, running the full-length of the 18th floor Sky Bar featuring views of the city’s skyline and the River Mersey.

Sticks’n’Sushi has announced plans to open two new London restaurants, located in Kingston upon Thames (October 2023) and Richmond (early 2024). Richmond will be the group’s 13th UK restaurant.

Arc Inspirations has appointed a new CFO, Ciara Allan, and promoted Laura Lewis to Marketing Director. The company is currently looking to expand its footprint, funded by a £19m investment from BGF.

HOLIDAYS & LEISURE TRAVEL:

Sir Rocco Forte, who supported Brexit, has said he is investing overseas rather than in Britain….

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An intended 29 days of strike action have been called off at Heathrow after security officers accepted an higher pay offer.

OTHER LEISURE:

Cineworld has updated on its Ch11 process saying its restructuring ‘will transform the Group’s balance sheet and provide it with significant additional liquidity to fund its long-term strategy.’ It adds that it ‘will involve the release of approximately $4.53 billion of the Group’s funded indebtedness, the execution of a rights offering to raise gross proceeds of $800 million and the provision of $1.46 billion in new debt financing….’

Sportech has announced a restructuring and capital distribution. It says this provides an ‘efficient exit for minority shareholders’ and an ‘efficient return of funds’. The group will also consolidate its shares on a 1 for 10 basis.

The Telegraph reports Viagogo’s comment that the face value of event tickets was an “antiquated” concept that will ultimately be replaced by airline-style surge pricing.

The government is reported to be looking at ‘subscription traps’ where unsubscribing for services can be a difficult process and where renewals can be automatically invoiced.

FINANCE & MARKETS:

The Telegraph reports ‘Andrew Bailey has blamed “unsustainable” pay rises for stoking inflation as the Bank of England lifted interest rates to 5pc in an attempt to tame rampant price growth….’

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PM Rishi Sunak has urged people to ‘hold their nerve’ on higher interest rates…

Sterling up at $1.273 and €1.1675. Oil higher at $74.11. UK 10yr gilt yield down 7bps at 4.31%. World markets down on Friday. London set to open little changed as at 6.30am.

RETAIL WITH NICK BUBB:

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