Spending, strikes, SSP, Artisanal Spirits, Stonegate, heatwave etc.:

A DAY IN THE LIFE:

I was thinking just how interesting the stormy weather was over the weekend when the bough of a tree fell through our greenhouse.

And that changed my perspective somewhat and had me considering just when things, issues or people move from being one thing to another, in this case perhaps from interesting and noteworthy to annoying and perhaps downright dangerous.

I mean when does a cute person become dishevelled?

Maybe when they move from being about three years old to about sixty-three and when do people cease to be chatty and become just, well, drunk?

And is a person forceful or pushy? Are they single-minded or blinkered and, my particular favourite, when does somebody cease being mysterious and just become obtuse?

Anyway, answers on a postcard and let’s move on to the news:

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PUBS & RESTAURANTS:

Consumer spending – food prices

Prices of food have nearly tripled in price in two years and millions are struggling to feed their families. The consumer group ‘Which?’ found some products were around 175 per cent more expensive in the three months to the end of June 2023 than for the same period two years earlier. Thos data came from the analysis of over 21,000 food and drink products at eight major supermarkets…

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Consumer spending – “negative budgets”

Experts say some mortgage holders are living on “negative budgets”, leaving them unable to meet basic costs as a result of soaring interest rates….

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Consumer spending – negative wealth effect

New analysis by the Resolution Foundation suggests that rising interest rates have caused household wealth in Britian to plummet by more than £2 trillion over the past year, which would be the biggest fall since World War Two.

WFH:

Startups.co.uk warns that employees would rather quit their job than return to the office in a move that seems to further cement into place the WFH culture….

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Train strikes:

The ASLEF union has announced that train drivers will refuse to work overtime from Monday 31 July to Saturday 5 August….

Other news:

Tesco has described the grocery market as moving from ‘inflation to deflation’ and has said it is trying to cut prices more aggressively.

Springboard has reported on UK footfall saying that it fell by 1.3% week on week in the week to 15 July. It says this follows ‘a very modest rise in the week before last.’

Liv-ex has reported that the global fine wine market is facing a slowdown…

COMPANY NEWS:

SSP Group has reported that it has completed a new bank financing that ‘consists of a £300m four-year term loan and a currently undrawn £300m revolving credit facility provided by a syndicate of banks…’

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The Artisanal Spirits Company has updated on H1 trading to end June 2023 saying that it has generated revenue ‘of just over £10m in H1-23, with growth in Q2 of +7% (following a relatively flat Q1) and improvement on prior year (H1-22 £9.9m which represented significant growth on H1-21 of +25%)….’

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Stonegate has reported H1 managed like-for-like sales up 6.1% says Propel…

Wingstop UK is reported to be using TikTok, social-media influencers, and rappers to attract Gen Z diners….

McDonald’s. The BBC has reported that ‘a toxic culture of sexual assault, harassment, racism and bullying has been alleged by more than 100 current and recent UK staff at outlets of the fast-food chain McDonald’s….’

Toridoll CEO Takaya Awata claims there is global scope to expand the Franco Manca and The Real Greek brands after acquiring Fulham Shore last week….

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The Russian state has taken control of shares belonging to French yoghurt-maker Danone and Danish brewer Carlsberg…

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Just Drinks reports that The Coca-Cola Co. has created an alcohol subsidiary in the US.

HOLIDAYS & LEISURE TRAVEL:

There have been reports of would-be holidaymakers attempting to change their destinations in the light of the current heatwave in southern Europe…

Which? has suggested that the CAA should be given powers to fine airlines found to be in breach of consumer rights laws.

The Telegraph reports that the City of London Corporation wants to transform as much as 20% of its old office blocks into hotels as part of plans to turn the financial district into a ‘global leisure destination’….

Unite’s continuous strike action at Birmingham airport, set to start today, has prompted Tui to reassure holidaymakers that contingency plans are in place to limit disruption. The union warned on Friday that impact of the action will be increased after a High Court ruling banning agency workers.

Marriott International and MGM Resorts International have announced an exclusive long-term strategic licensing agreement and the creation of MGM Collection with Marriott Bonvoy, encompassing 17 of MGM’s resorts, representing more than 40,000 rooms in Las Vegas and other cities across the U.S.

OTHER LEISURE:

Call of Duty is set to be kept on PlayStation gaming consoles after Microsoft and Sony reach an agreement. The development comes as Microsoft attempts to allay regulators’ concerns over its £60bn acquisition of Activision Blizzard, which makes the Call of Duty franchise.

FINANCE & MARKETS:

The Resolution Foundation warns that house prices could fall by 25% if interest rates keep rising at their current pace. It said that rising interest rates had already wiped £2.1tn off British household wealth in the past year alone.

Visa rules are to be eased for overseas builders, carpenters and those in the fishing industry. No sign yet of any move in hospitality.

Sterling mixed at $1.3097 and €1.1635. Oil price down at $78.74. UK 10yr gilt yield up 2bps at 4.45%. World markets mixed yesterday. London set to open down around 6pts.

RETAIL WITH NICK BUBB:

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