RBG, Comptoir, TUI, food prices, trading, late-night, WFH & other:

A DAY IN THE LIFE:

So when is a lie, not a lie?

Is it when you say something to spare another’s feelings, lovely cake / beautiful child, that sort of thing?

Maybe that’s OK.

I mean some cultures pride themselves on forthright comments such as ‘you’re cooking stinks and your child is no better’ but does our forgiveness go so far as to cover comments made to spare one’s own blushes when asked about your age, your weight, height & how much you drink etc?

The rough rule of thumb is that you can multiply the first two by 0.9, add a couple of inches to the third and divide the last one by whatever you think you can get away with but then what about teenagers?

Because they’ll swear blind they got home at twelve thirty (under the ‘the fogies were probably asleep anyway’ principle) when you know perfectly well that their bedroom door was wide open at 2am and the dog had what must have been a coincidental barking fit at the front door at three thirty?

Or, on the basis that we need to take our lead from someone, is mistruthing OK when you feel like it, when you swear under oath that you’ve lost all your WhatsApp messages, something like that?

So who, in a world in which Truth Social is ‘worth’ $5bn or so, really knows? 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

sent separately

PUBS & RESTAURANTS:

Food price inflation:

The latest edition of the CGA Prestige Foodservice Price Index has revealed that ‘food price inflation in hospitality remains more than double the rate seen in the retail sector despite steady easing over the last 12 months’. Having been the same level as retail inflation in general at 19% in March last year, food price inflation has since fallen to only 12% whilst the rate of inflation across retail as a whole has fallen to around 5%….

• 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.

Trading:

S4Labour reports that, buoyed by the fall of weekends in the month and the fact that Easter was early, ‘hospitality sales were up 11.6% overall in March, compared to the same month last year’. It reports that ‘outside of London, sales saw an increase of 13.4% year-on-year, ahead of the capital which saw a marginal uplift of 4.1%….’

• Interesting here to note the provinces outperforming London. S4Labour goes on to say that, countrywide, ‘sales in dry-led sites were up 12.4% and 10.2% in wet-led businesses.’

• S4Labour’s Richard Hartley comments ‘this year, March was a five-weekend month and Easter was earlier, so March saw the trading of Good Friday and the rest of Easter weekend. As a result of the bank holiday and additional weekend, an increase to like-for-likes was to be expected, albeit it is still a pleasant surprise to see them up by over 11%. The increase here, and in February (3.5%), are indicators of a promising start to 2024.’

Late Night Market:

The UK Crowd Management Association, Night Time Industries Association, LIVE, and UK Door Security Association have jointly launched an initiative titled ‘Safer Crowds – Safer Venues’, aiming to enhance crowd management practices following high-profile incidents. The comprehensive guide provides venue operators and organisers with accepted best practices tailored for indoor spaces, emphasising proactive measures and planning to prioritise safety and well-being….

• 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 rates:

With much on hold until a General Election is called, Simon Dodd, CEO of Young & Co, tells the Daily Mail that ‘it is painfully clear that the current business rates system is in dire need of reform.’ He says ‘this is something that must be addressed urgently in manifestos ahead of the upcoming election to secure the long-term futures of businesses and livelihoods across the country….’

Working from home:

Drift back to the office continuing? Accountant Deloitte is reversing its previous office space cuts by taking on additional space in its City of London office, indicating an uptick in office usage….

• 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.

Pragma has reported that ‘only 40% of workers worldwide work exclusively in offices, with 30% adopting a hybrid approach, dividing their time between remote work and the office, and 18% working entirely remotely’. It says ‘the transition towards more flexible work arrangements is most pronounced in the UK and the US, with the UK leading the way….’

• 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.

Other news:

Licensing solicitor Poppleston Allen has reported that the potential for temporary pavement licenses is to be made permanent. It reports that ‘there will be a £500 cap for new applications and a £350 cap for renewal (rather than £100 previously)’ and says that ‘local authorities will be able to grant licences for a length of their choosing, up to two years (local authorities are encouraged to grant licences for two years as standard)…’

COMPANY NEWS:

As reported yesterday, Revolution Bars has suspended its shares from trading on AIM. The Telegraph comments that this is ‘amid a scramble to raise cash, as Gen Z students cut back on alcohol and late night drinking in a blow to nightclubs.’ This is correct in so far as it goes…

• 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.

Comptoir Group Plc has announced the appointment of James Fisher as Finance Director. Mr Fisher will join from Wahaca in Summer 2024. The company reports that ‘James brings more than a decade of experience in senior financial roles across the consumer and hospitality sectors’.

Amazon is reported set to scrap its “just walk out” technology in the US after trying for several years to offer checkout-free shopping in physical stores.

Bill’s is introducing a new sub-brand, Bill’s Café Bar, starting with the relaunch of Bill’s Newbury and later Bill’s St Albans, aiming to offer a wider range of sharing dishes and drinks. The renovated sites will feature distinct zones for guests to enjoy, including vibrant dining spaces, relaxing lounges, and terraces for morning coffee or evening cocktails.

Hestia Hospitality has launched with its first acquisition, sustainable restaurant concept Native. Hestia aims to acquire premium multisite hospitality businesses and achieve revenues of £100m within three years, focusing on premium and high-end experiences. Native, known for its sustainable approach to dining, will open a new site at the Michelin-starred Pensons at Netherwood in May under Hestia’s ownership.

HOLIDAYS, HOTELS & LEISURE TRAVEL:

TUI has added 345,000 seats to its summer 2025 programme, taking its total in the UK up to 10.2 million flight seats….

HVS has reported that ‘high inflation and interest rate rises had a major impact on the European hotel investment market last year, slowing transaction activity and taking volumes 19% lower than in 2022, the second lowest level of investment in the past decade…’

Jet2.com and Jet2holidays has announced plans to make redundancies following a review of their operations in Spain, where they currently have around 1,000 staff based at various airports. Local media reports suggest the proposed job cuts could see 35% of affected positions (resort flight check-in, flight deck, cabin crew etc) removed.

London Heathrow Border Force staff who are members of the PCS union are poised to strike for four days from April 11-14 due to disputes with the UK government over roster and shift pattern changes. The Home Office expressed disappointment with the decision but assured that robust plans are in place to mitigate disruption and maintain border security during the strike period.

OTHER LEISURE:

Liberty Media, owner of Formula One, is set to acquire MotoGP through a €3.5bn deal to purchase its exclusive rights holder and parent company Dorna Sports. With Liberty acquiring an 86% stake, Dorna will remain independently operated, while the deal marks a significant return for investors such as Bridgepoint and the Canada Pension Plan Investment Board (CPPIB).

Tesla has reported a sharp drop in cars delivered in Q1 this year. Q1 was down by 8% year on year and the group’s shares fell by over 4% on the news.

FINANCE & MARKETS:

House prices.

The Nationwide House Price Index reports that house prices fell 0.2% MoM in March but increased 1.6% YoY. The report found that mortgage approvals continue to lag 15% behind pre-pandemic levels with activity continuing to be subdued.

Manufacturing.

The latest S&P Global/CIPS UK manufacturing PMI rose to 50.3 last month, surpassing expectations and marking the first time it has crossed the 50 threshold since July 2022, up from 47.5 in February….

Rate cuts:

First, rates are unlikely to rise. Second, they will not stay where they are forever so that only leaves the third option as a viable one, which is that they will fall…

• 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 Bank of England has reported that mortgage approval numbers rose to 60,400 in February, ahead of around 56,000 in January.

Sterling mixed at $1.2577 and €1.167. Oil up at $89.01. UK 10 year gilt yield up by 16bps at 4.09%. World markets weaker yesterday and London set to open down around 24 points as at 6.30am.

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.