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Shaftesbury, YUM, Monster, NCL, funding, big ticket, air fares etc.:

A DAY IN THE LIFE:

Sadly my work shoes are pretty much falling off my feet.

That’s because I can’t really face the idea of buying a new pair that I then have to break in as that’s such a literal pain.

They’ll be uncomfortable.

They always are and the more so if you’ve got feet like flippers and they’ll remain uncomfortable until you’ve worn them for a while.

But you don’t want to wear them as they’re uncomfortable, so the whole thing is a bit circular and there’s no real short cut.

Because if you just tiptoe around the house in them and slip them off when you’re at your desk you won’t achieve much and you’ll be back to square one.

That’s probably why the old pair have been pulled out of the bin on more than one occasion, there’s some life left in them yet.

On to the news:

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PUBS & RESTAURANTS:

The market:

Property agent Fleurets has reported ‘funding partner’ Sirius as observing that, across hospitality, ‘money has quickly become more expensive.’ It maintains that ‘there are still lots of people seeking debt finance in the leisure sector’ and ‘we have seen an increase in the number of closed pubs being acquired that are using short term funding solutions….’

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Consumer disposable income:

Inflation as a whole is down but not out and that is certainly the case with regard to petrol. Brent crude prices have been edging up for several weeks (it was $74 in early June and is $84 now) and petrol prices are beginning to respond…

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Big ticket:

Upholstered furniture retailer ScS has updated on FY trading saying that it was taking market share ‘resulting in strong like-for-like order growth of 6.0% from weeks 34 to 52 building on the 5.7% previously announced for weeks 27 to 33….’

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Other news:

Energy costs. Big name Generator reports that he hospitality industry is more worried about energy prices (with 32.8% of businesses citing it as their main concern) than are other sectors.

Footfall: Springboard has reported that footfall across the UK’s high streets fell in July by 0.3%, reported to be the first drop in July since 2009…

COMPANY NEWS:

Yum! Brands reports Q2 system sales up 13% YoY with same-store sales up 9% and unit growth of 6%, adding 1,025 gross new units. Worldwide system sales growth by brand, in constant currency, was as follows: KFC at 19%, Taco Bell at 7% and Pizza Hut 7%. The company reported that GAAP operating profit grew 4% and core operating profit grew 12%….

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Shaftesbury, the West End landlord that has recently merged with CapCo, has reported H1 numbers saying that it has seen ‘excellent operational momentum with high footfall, positive trading activity, strong demand for all uses, excellent leasing activity and low vacancy…’

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Monster Beverage Corporation completes the acquisition of Vital Pharmaceuticals, Inc. and certain of its affiliates, collectively known as Bang Energy, for c$362m, subject to adjustments….

Creams Café is set to open spaces in Tesco Cafés under a new national franchise agreement with the supermarket. In November last year a standalone Creams Café opened in Tesco Extra Streatham, marking the first partnership between the supermarket and 100 strong café company.

Roxy Leisure has said it is submitting a licensing and planning application to open in Stonebow House, York.

Yummy Pubs has acquired the former Villagio restaurant in Hammersmith, with plans to open a new British seafood restaurant concept…

HOLIDAYS & LEISURE TRAVEL:

Whitbread has opened its first Premier Inn in Camden located on the bourough’s High Street. The new 80-bedroom hotel is located directly opposite the famous Blues Kitchen pub.

GGS workers who are contracted to work for British Airways have voted to accept an improved pay offer, calling off planned strike action between 4-8 August at Gatwick Airport.

Norwegian Cruise Line Holdings president and chief executive Harry Sommer said the company’s largest brand, Norwegian Cruise Line, had a ‘strong’ H1 performance and expects that momentum to continue into 2024….

Interestingly, Cathay Pacific yesterday opined that rates were likely to fall next year….

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Barclays has announced a £60m refinancing package to support Apex Hotels’ “ambitious” growth plans in Scotland. Barclays says ‘we are there as collaborators and partners to support our clients, helping inform decisions and achieve business opportunities.’

Flight delays across Europe in the last week of July were reported to have worsened over last year as a result of bad weather and air traffic control problems per Eurocontrol.

OTHER LEISURE:

The Hippodrome Casino has reported its FY numbers for the period ended 31 December 2022 to Companies House. Turnover rebounded in the year as the company oversaw a recovery from the coronavirus pandemic. Operating profit materially increased Year on Year (YoY) despite the inflationary environment. During the year, the company opened two additional trading floors for gaming and hospitality…

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Pinterest earlier this week reported Q2 numbers ahead of estimates and forecast margins around 400bps higher for the year as a whole. Growth has been supported by an advertising market recovery and cost-cutting.

FINANCE & MARKETS:

Bank of England rate decision later today. A 25bp rise seems to be the bookies’ favourite.

No shortage of advice with the TUC stepping up to call on the Bank to halt rate rises to avoid further damage to an economy that is teetering on the brink of recession….’

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Service sector and composite UK PMIs for July are also due out later this morning.

Sterling weaker at $1.2698 and €1.1623. Oil lower at $83.37. UK 10yr gilt yield up 1bp at 4.40%. World markets lower yesterday but Far East mixed in Thursday trade & London set to open around 14 points better as at 6.30am.

RETAIL WITH NICK BUBB:

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