Langton Capital – 2023-08-07 – Punch Pubs, JDW, Stansted, trading, energy costs, cinema, vinyl etc.:
Punch Pubs, JDW, Stansted, trading, energy costs, cinema, vinyl etc.:A DAY IN THE LIFE: A busy weekend as ‘the rain finally cleared from the West’. This has left us struggling somewhat to catch up. We’ll have more to say later in the week when we’ve caught our breath back but, for the moment, let’s move on to the news: LANGTON EMAIL: The Free Email is now written in short form. Extended versions of many stories (after the ellipses) are in the Premium Email. Reply to this email if you would like to upgrade. Prices for the Premium are £395 for one subscription, £695 for multiple, £995 for very large subscribers, all plus VAT. Or sign up for easy in, easy out monthly option per subscriber HERE https://www.paypal.com/cgi-bin/webscr?cmd=_s-xclick&hosted_button_id=87YUG2Z5W7PSN PUBS & RESTAURANTS: Trading levels: Lumina Intelligence reports that in the four weeks to 9 July 2023 eating out frequency increased by 7.1%, with pubs and bars benefitting from good weather in June as channel share increased by 2.9 percentage points…. • See premium. Reply for sample or to upgrade. Single £395, multiple £695. Limited time offer: PayPal alternative monthly £25 + VAT per sub. Easy in, easy out. Energy costs: Responding to Ofgem’s non-domestic energy market review, UKHospitality Chief Executive Kate Nicholls has said the ‘market review is extremely welcome, as energy continues to be a critical concern for hospitality businesses. It’s great to see that our ongoing campaigning has been acknowledged and that action is being taken to provide some much-needed support….’ • See premium. Reply for sample or to upgrade. Single £395, multiple £695. Limited time offer: PayPal alternative monthly £25 + VAT per sub. Easy in, easy out. The High Street: Greeting cards retailer Clintons is reported set to shut around 20% of its shops in an effort to save money. The retailer is reported to have appointed restructuring experts FRP Advisory. Neither FRP nor Clintons would comment on The Times story. The Times says Clintons is to close 38 of its 179 shops. Other news: Research by CAMRA finds that 43% of respondents do not trust governments to look after the interest of British pubs. Only 9% trusted Rishi Sunak. Some 17% would trust Sir Keir Starmer. CAMRA CEO Nik Antona comments ‘sadly, this data suggests the public’s perception is that our beloved locals have often been an afterthought in politics.’ Discounting. M&B’s Toby Carvery is offering kids eat for £1 until 11 August. COMPANY NEWS: JD Wetherspoon has criticised the accuracy of a Daily Mail article of 1 August 2023 entitle ‘Wetherspoons closes more pubs with dozens of boozers across Britain earmarked for closure.’ The article claims that Wetherspoon “has closed 29 pubs so far this year…” JDW says ‘the article contained a number of mistakes, including the startling assertion that , “In September 2023 the company announced that it was putting 32 of its pubs up for sale.” JDW maintains that ‘the announcement was made in 2022, nearly a year before the article appeared’ and says that ‘in general, the headline and article created a misleading impression….’ • See premium. Reply for sample or to upgrade. Single £395, multiple £695. Limited time offer: PayPal alternative monthly £25 + VAT per sub. Easy in, easy out. Punch Pubs on Friday updated bondholders on its quarterly trading for the 12 weeks to 21 May. The company says ‘performance in the quarter has remained strong, delivering £20.3m of underlying EBITDA’. It adds that ‘total revenue was £75.8 million, compared to £68.7 million in the prior year…with the conversion of pubs from Leased & Tenanted over to our Management Partnerships estate contributing to the increased revenue….’ • See premium. Reply for sample or to upgrade. Single £395, multiple £695. Limited time offer: PayPal alternative monthly £25 + VAT per sub. Easy in, easy out. TDR Capital and Sycamore Partners are in talks to launch a joint bid to acquire Subway, with the sandwich restaurant chain valuing itself at over $9bn. Another group led by Roark Capital remains in the running, the sources added. Papa Johns acquired a further 27 sites in July, Q2, bringing its total corporate estate to 118 restaurants…. True North Brew Co has been acquired out of administration by Cocktails and Craft Beers Limited, which shares one of the same directors. The Sheffield-based business operates 12 pubs and bars across south Yorkshire and employs 325 people. The MCA reports that London-based Incipio Group, which operates Pergola, Lost in Brixton, and The Prince, has a near-term focus on further expansion in the capital and has a strong pipeline of new sites. The company said expansion will still be opportunity- rather than numbers-led. North Brewing Co has teamed up with digital agency Zeal to grow its online sales. John Gyngell, director and co-founder of North Brewing Co, said ‘We see huge potential for online sales growth and have found a great partner in Zeal to help us.’ The founder of burger chain Patty & Bun, Joe Grossman, is to oversee the opening of the Watermans Arms pub in London’s Barnes in September. The 1850s-era pub will undergo a refurbishment and will feature a 14-cover outside dining space. HOLIDAYS & LEISURE TRAVEL: Stansted reports passenger numbers up 13% YoY to 2.8 million in July, equivalent to 102% of the volume served in July 2019…. • See premium. Reply for sample or to upgrade. Single £395, multiple £695. Limited time offer: PayPal alternative monthly £25 + VAT per sub. Easy in, easy out. The CEBR has said that the decision to scrap the UK tax-free shopping scheme in 2021 has cost the taxpayer money. it maintains that the ‘additional revenues generated by restoring scheme would outweigh losses associated with VAT refunds by £2.3 billion in 2023….’ • See premium. Reply for sample or to upgrade. Single £395, multiple £695. Limited time offer: PayPal alternative monthly £25 + VAT per sub. Easy in, easy out. Pilots at Virgin Atlantic are said to be considering strike action as a result of “serious concerns” about fatigue at the airline. BALPA reports that 96% of Virgin Atlantic pilots supported a ballot on industrial action. Travel Weekly reports that TUI River Cruises has announce its “best-ever sales day” following the addition of Nile cruises. The subsidiary saw a 170% year-on-year increase in bookings on August 2 and reported “significant uplift” across all four seasons currently on sale, from summer 2023 to winter 2024. The Caterer reports that Britannia Hotels will be charged for ‘all costs incurred’ during demolition and safety work at the Royal Albion Hotel in Brighton, which was destroyed in a fire last month…. OTHER LEISURE: Vinyl record sales have continued to grow rapidly despite the success of streaming services such as Spotify reports the British Phonographic Industry. It says that over 2.7m LPs were sold in H1 this year, up 12 per cent from last year. Last year vinyl records had their best year since 1990. The Barbie film is reported to have taken $1bn at the box office in the first 17 days of its release. Warner Bros described this as a “watershed moment”. Nintendo reports overall sales up 50% YoY to $3.2bn, driven by the launch of a successful Legend of Zelda game which brought in profits of $1.3bn. The new game also boosted sales of the Nintendo Switch console, which has now sold a total of 130 million units. FINANCE & MARKETS: Chancellor Jeremy Hunt warns that Britain is stuck in a ‘low-growth trap’ as the BoE lifted interest rates to a 15-year high of 5.25%…. US employers added 187,000 jobs in July with the jobless rate falling to 3.5%, from 3.6% in June per the US Labor Department. UK car sales rose by 28% in July compared with the same month last year per the Society of Motor Manufacturers and Traders. Sterling mixed at $1.2732 and €1.1579. Oil up at $86.15. UK 10yr bond yield down 7bps at 4.40%. World markets mixed on Friday. London set to open down around 26 points as at 6.30am. RETAIL WITH NICK BUBB: • See premium. Reply for sample or to upgrade. Single £395, multiple £695. 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