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A DAY IN THE LIFE:

I was considering, whilst cooling my heels and partaking in many a pub-lunch in Norfolk last week, just what is the thing, animal, vegetable or mineral, that I have eaten most of that I didn’t want to eat.

Because the odd fly, the occasional wasp and heaven knows what other directionless invertebrates seem to have an unerring ability to make their way into my pie.

Alongside innumerable grains of sand, bits of dust etc and I have to accept that the things that I notice and pick out may well be outnumbered by the things that I don’t.

And there are the bits of cellophane that I eat stuck to bits of bread, clingfilm on sandwiches and the odd label on an apple but, I think, the out-and-out winner has to be dog hair.

Because it’s everywhere.

It’s a wonder there’s any left on the dog, so much of it ends up in my food, because I’d swear it’s lighter than air, gravity has no pull and it can drift around for hours or, more often, until it finds a piece of food to stick to and manages to get itself ingested.

Anyway, enough of that. On to the news: 

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PUBS & RESTAURANTS:

Trading:

The Coffer CGA Business Tracker shows industry LfL sales up 7.8% YoY in July. Restaurant sales outperformed, up 12.2% YoY. Pub sales growth remained steady, up 7.1% YoY….

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CGA has updated on sales for the seven days to Saturday (12 August) saying they ‘were down on the same week in August 2022 due to bad weather.’ It says ‘while this decline was less severe than the previous week’s low of minus 6%, the On Premise experienced a modest recovery thanks to improved temperatures toward the week’s end…’

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The Scotch Whisky Association (SWA) reports that the volume of Scotch whisky exported in H1 fell by 20% YoY, while value exports were down just 3.6% to £2.57bn….

Business rates:

The Sunday Times reports that chancellor Jeremy Hunt has been urged to freeze business rates again, with trade bodies warning that a multi-billion rise in bills could leave many small firms “on the brink…”

On the same theme, UKH Cymru has ‘backed Welsh Government proposals to ensure businesses are not inadvertently penalised for improving their venues or investing in renewables.’ Such improvements may lead to higher rates bills…

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Export problems.

The Guardian reports that over 100 small brewers ‘have been forced out of business in the past 18 months, hit by a combination of Brexit, the pandemic and the cost of living crisis and now threatened by changes to beer duty laws.’ It reports that in June, the accountancy firm Mazars found that 45 small brewers had gone into liquidation, but it says that many more have either been sold or swallowed by rivals….

Train strikes:

Members of the ASLEF train drivers union have announced strike action on Friday 1 September and overtime bans on Saturday 2 September. The current pay dispute has so far seen 11 days of strikes take place.

Energy costs:

Cornwall Insight predicts the annual energy bill for a typical household will fall slightly to £1,926 from October. The consultancy firm says a new official price cap set to be announced by Ofgem next week could lead to bills decreasing by £148….

COMPANY NEWS:

DP Eurasia to initiate bankruptcy proceedings for its Russia business: DP Eurasia, which has the master franchisee of the Domino’s Pizza brand in Turkey, Russia, Azerbaijan and Georgia, has updated on its Russian business, saying it ‘announces the initiation of steps by DP Russia’s immediate holding company to file for DP Russia’s bankruptcy.

DPEU says ‘this is preceded by the announcement on 28 December 2022, which confirmed that the Company was evaluating its presence in Russia, the impact of sanctions and its continuing ability to serve its customers in Russia. In this connection, the Russian segment was classified as discontinued operations within the Company’s audited financial statements for the year ended 31 December 2022….’

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J D Wetherspoon has released a statement correcting ‘a number of errors’ in a Mail Online article released on 15 August. This follows similar action the company took against the Daily Mail at the start of the month, resulting in a reissue of the article including corrections…

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Carlsberg reports that H1 organic volume growth of 0.8% and organic revenue growth of 11.2% to DKK37,788m. The company states that organic volume development in Western Europe was down by 2.1%. Organic operating profit growth in the period was 5.2% and the company launched a new quarterly share buy-back programme, amounting to DKK 1bn….

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Kevin Styles, CEO of Jamie Oliver’s business empire, told the FT he would ‘not try to replicate’ the rapid expansion of the Jamie’s Italian chain, saying ‘We’re not trying to execute a 30-40 site restaurant chain…’

Loungers has announced that it will open a Cosy Club in Cornmarket in Oxford on 9 October.

XP Factory has confirmed that it is to open its first Boom Battle Bar in Kent, in Canterbury, next month at the Riverside complex.

The MCA reports that Cornish Bakery is moving its focus toward quality high-street locations, with the c55-strong independent bakery chain recently announcing plans to open five sites in the coming months. Founder Steve Grocutt said ‘bakery is the new coffee shop…there are not many good bakery-coffee shops, and that is where the opportunity is.’

GMB union National secretary Andy Prendergast has indicated that there are ‘genuine grounds for hope’ that at least parts of Wilko will be taken over. A couple of weeks ago, Wilko announced last week that it was going into administration, putting 12,500 jobs at risk.

HOTELS & LEISURE TRAVEL:

A wildfire on Tenerife in the Canary Islands has seen thousands of people evacuated and is being described as the worst in 40 years. According to reports, more than 7,500 people have been evacuated or ordered to stay indoors.

According to TheBusinessDesk.com, this summer season has seen 29 RoyaleLife holiday parks, complexes, and property companies go into administration. Earlier this month, a firm representative reiterated his allegation that winding up orders were ‘based on false claims and unfounded information’ and that legal action was being taken against them.

Accountant PwC’s UK consumer sentiment survey has suggested that outbound travel demand should stay strong through the autumn despite “some caution” at the lower end of the market. It says that older and richer consumers are best-placed and most confident at the moment. Confidence is less bad overall, having risen from minus 44 in September last year to minus 13 in June…

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The GBTA’s Business Travel Index Outlook shows that global business travel spending is expected to surpass 2019 levels in 2024, two years sooner than previously forecast….

Cvent reports that 64%  of travel buyers based in Europe’s major markets expect their organisation’s business travel to be higher this year than in 2022. Minimising costs is also a priority for buyers, with 65% saying it was their top concern.

FINANCE & MARKETS:

Recent stats. The ONS and other bodies have reported recently that:

• The UK economy grew by 0.2% in Q2 (ONS).

• Taxes in the UK have risen by 40% in the UK since the pandemic (OECD).

• Unemployment in the UK is 4.2% (ONS).

• Average earnings rose by 8.2% in the quarter to June (ONS).

• UK CPI in July was 6.8% (June 7.9%) (ONS).

• UK seasonally adjusted retail sales fell by 1.2% between June and July (ONS).

China’s central bank has cut one of its one-year loan prime rate to 3.45% from 3.55%. The country’s economic recovery has been impacted by property losses, falling exports and weaker consumer spending.

Rightmove reports that average asking prices for UK homes fell by 1.9% this month. It says the volume of agreed sales was 15% below those seen in 2019….

• Rightmove also reports that rents continue to rise with levels now up by 12% on this time last year. Rightmove says re house prices that ‘a key factor preventing more significant price falls so far this year is that the number of available properties for sale remains historically constrained and is currently 10% lower than in 2019.’

Sterling up on levels seen ten days ago at $1.2738 and €1.1704. Oil down a little at $85.36. UK 10yr gilt yield sharply higher (on sticky inflation fears) at 4.68%. World markets wobbly on Friday but firmer in the Far East today. London set to open up around 4pts as at 6.30am.

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