JDW, TMO, Vianet, JET2, Barclaycard, labour issues, WFH, energy etc.:

A DAY IN THE LIFE:

Technology is great – at least until it isn’t.

And trends can cause a bit of bother because Langton’s bank has shut down. The branch, rather than the company, that is. And it’s ‘relocated’, to be more accurate.

This for the second time as branch numbers fall and, going into the new site for the first time – it has the feel of an upmarket departure lounge rather than a Mr Mainwaring-era banking hall – it was immediately obvious that there was no counter, no cash to be seen and only a single machine to clutter up what would otherwise have been an impressively bare wall.

But I got the gist, it’s a DIY job.

Bank your own cash etc but, as they only had one machine in operation and a number of people seemed to be making multiple deposits of both cash and cheques to baffle the hardware, there was a bit of a queue.

Patience was therefore required but, when I finally got to the front there were some technical issues as the cheque I had to deposit was made out in computer-generated italics and the machine read it as a zero balance. Just why you would queue for twenty minutes to bank a big fat zero is unclear but I almost hit ‘enter’ at that point and it’s a good thing I didn’t.

Because, though I held the queue up even longer (as I shouted for a human being to come and bail me out) it would have been the devil of a job crow-barring the machine open to get the cheque out.

Anyway, the staff were friendly and relaxed and that’s what counts. 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:

Consumer spending – Barclaycard data:

Barclaycard reports that ‘consumer card spending grew 2.8% year-on-year in August – noticeably lower than the latest CPIH inflation rate of 6.4% and July’s growth figure of 4.0% – as rainy weather cast a cloud on the high street.’ It says indoor entertainment (perhaps unsurprisingly) did somewhat better and points to a 101% ‘surge’ in cinema spending on the back of Barbenheimer….

• 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.

Access to labour:

A report prepared by Fullers and Rest Less suggests that flexibility is key in attracting people over 50 into work, with 62% saying  they would like a job that fits around their life….

• 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.

WFH:

Lloyds Bank has become the latest employer to encourage workers back into the office as the summer holidays come to an end. It says it is expecting staff to work in the office for at least two days a week….

• 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.

Business insolvencies:

Supply chain management consultancy Inverto reports that drink manufacturing companies saw a 123% increase in insolvencies in the past 12 months, reaching 89 recorded business failures…

Cost of living issues:

Regarding the cost of living, RAC figures for August show that the average price of petrol jumped up by 6.68p a litre last month to 145.57p, adding nearly £4 to the cost of a tank. The RAC said the increase for petrol was the fifth-biggest monthly jump in 23 years and had come as a ‘big shock to drivers’.

Elsewhere, MPs have demanded an explanation of Asda’s ‘complex’ company structure and details about loans and investments amid criticism that the supermarket is not doing enough to tackle soaring prices….

Other news:

The British Beer & Pub Association has said that energy regulator Ofgem needs to act quickly to enact recommendations and avoid another winter energy crisis for many businesses. Ofgem’s non-domestic market review consultation ends this week. The BBPA supported most measures suggested and  stressed the need for urgency…

• 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.

Research by the Association of International Retail (AIR) has found that the UK is losing out on £750m a year in spending by Chinese tourists as a result of PM Rishi Sunak’s tourist tax…

In the US, a Gallup survey has found that 62% of adults under 35 reported that they drink alcohol, down from 72% 20 years ago. Drinking increased, however, among adults aged 55 and older, from 49% to 59% in the same 20-year period.

Springboard reports that footfall in the week to 2 September 2023 was down by 12.3% on the same week in 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.

COMPANY NEWS:

Wetherspoon’s will highlight the potential benefit of a permanent VAT reduction in the hospitality industry by cutting the price of all food and drink by 7.5% for one day on Thursday 14 September….

JD Wetherspoon yesterday announced that chairman, Tim Martin, bought 968,444 shares in the company at 700p each on 1 September.

Time Out Group plc has announced that it has entered into a management agreement with Majid Al Futtaim Properties Bahrain to open a new Time Out Market at City Centre Bahrain with an expected opening date towards the end of calendar 2024. The company says ‘this new agreement increases the number of new sites to nine Markets in development which are set to open between 2023 and 2027, in addition to six Markets already open and a pipeline of other locations in advanced negotiations….’

• 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.

Vianet Group plc has updated on trading ahead of its AGM later today. Chairman James Dickson says ‘the business has made further progress towards its pre-pandemic revenue levels and it is pleasing to announce that this progress continues, with trading in line with our expectations….’

Bill’s Restaurants reported like-for-like sales up 4.5% YoY to £45.3m in the six months ended 30 June 2023. Group EBITDA was £2.45m, representing a £2.55m increase from the prior year….

Searcys is set to open a 76-cover champagne bar in Battersea Power Station on 18 October, featuring a 15-cover marble-topped bar.

HOTELS & LEISURE TRAVEL:

Jet2 plc has announced that Robin Terrell, the Company’s current Senior Independent Non-Executive Director, has been appointed as Non-Executive Chairman. This follows the announcement on 6 July 2023 of Philip Meeson’s intention to step down as Executive Chairman.’

The Department for Business and Trade has launched a public consultation looking at ways to clamp down on firms that add charges at checkout, increasing the final price. Travel companies may be in the cross-hairs…

The Climate Change Committee’s advice to halt all airport expansion is set to be rejected by Rishi Sunak, according to the Sunday Telegraph. Instead, ministers are said to be banking on the rapid development of sustainable aviation fuels (SAFs) to decarbonise the sector.

OTHER LEISURE:

Barbie is now officially this year’s biggest box office hit having overtaken the Super Mario Bros Movie’s total.

FINANCE & MARKETS:

Chancellor Jeremy Hunt has cautioned that the UK may experience a “blip” up in inflation for August when the numbers are released on 20 September. He points to fuel prices having risen.

Former Bank of England chief economist Andy Haldane has told Sky News that the Bank, which has attracted criticism for its interest rate moves and for governor Andrew Bailey’s suggestion that inflation was transient and that staff should not ask for pay rises, “regrettably” made mistakes that have fuelled inflation in the UK…

• 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.

Sterling up at $1.2626 and €1.1696. Oil higher at $88.89. UK 10yr gilt yield up 5bps at 4.46%. world markets better yesterday outside Europe. London set to open down around 30 points as at 7am.

RETAIL WITH NICK BUBB:

• 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.