Busaba, BrewDog, Asahi, Meatailer, Cook’s Coffee, festivals & other:

A DAY IN THE LIFE:

Whilst our garden is almost entirely flat, gravity has discerned that bits of it are a couple of inches above some other parts and, as gravity is a 24-7 grafter, that means that our ‘hilly bits’ are about an inch above the water table and our dips are about an inch below.

And, for the discerning out there, ‘land below the water table’ is pretty much the description of a lake where, unless I’m grievously mistaken, it will not be possible to cut the grass that’s gently wafting, seaweed-like, below the surface.

Furthermore, the field to our east, which is admittedly a hundred yards or so nearer the Wolds than our heap, is a tad elevated and, as such, has sent all of its filthy water over to pay us a visit.

Bummer not being able to mow the lawn but it’s hardly existential. Pity the farmers, eh?

Anyway, Hull City managed to thump QPR 3-0 on Saturday. But they remain 100-1 against to win promotion. No such thing as an each-way, of course, but still might make an interesting bet. On to the news:

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PUBS & RESTAURANTS:

Scotland:

CAMRA and the SLTA welcome the Scottish Government’s move to introduce a Scottish pubs code, aiming to protect pubs and increase choice for customers, while the SBPA expresses disappointment….

Costs:

The MA reports hospitality wholesaler Brakes has announced a price hold on over half of its products for six months to support independent pubs, alongside price cuts on popular items, ensuring price stability and supply for operators.

The MA reports that hospitality industry experts are warning that OFGEM’s non-domestic market changes must be enforced with clear direction to address unfair treatment and inadequate service faced by pubs from energy suppliers….

Demographics:

Data from Canopy reveals that one in five private tenants are spending over half of their gross salary on rent, reflecting financial pressure on renters amid rising rents and inflation, with some areas like Poole and Gillingham particularly affected. This has implications geographically and it is likely to impact various age groups differently…

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The Resolution Foundation has reported that the disabled and those out of work will be up to £2,800 a year worse off under universal credit changes. The Times reports that ‘working renters were the biggest winners from the changes to benefits, while people with disabilities were losing out.’

Regarding renters, estate agency Hamptons reports that the pace of rental inflation has roughly halved in the last six months or so. It says that rents rose by 6.7 per cent in the 12 months to March, compared with a 12 per cent rise in the year to August.

UK festivals:

CGA has commented on the UK’s festival scene saying that, perhaps unsurprisingly, ‘consumers are most attracted to festivals by their programmes, with 55% and 44% of them encouraged to buy tickets by a high-quality line-up or great headliner respectively’. It goes on to suggest that ‘value will be a powerful driver this year—especially in light of the cost of living crisis. Nearly half (45%) of festival-goers say they would be encouraged to buy tickets if they were cheaper, and a third (34%) would be motivated by better value of food and drink….’

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Staffing levels:

The Guardian reports that Italian restaurants in London in particular are having difficulty in recruiting Italian staff….

COMPANY NEWS:

Brewdog co-founder James Watt has updated on the company’s performance on LinkedIn saying ‘with the first quarter of the year done and dusted…it is fair to say that the 2 main sectors in which we operate – craft beer and hospitality have both had very challenged starts to 2024. Against that context the performance that our amazing BrewDog team have delivered is phenomenal….

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The FT reports that Asahi is turning increasingly to zero- and low-alcohol drinks, which it says will generate half of the company’s beverage sales by as early as 2040….

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Meatailer, which operates the Meat Liquor chain of restaurants, has reported full year numbers to 25 June 2023 to Companies House saying that revenue slipped to £13.6m from £16.3m as the group closed a number of units. The company reports a loss before tax of £65k (2022: profit £616k)….

Cook’s Coffee has updated on trading at its Esquires brand of franchised coffee shops in the year to end-March saying group store sales were up 17.6% at £27.9m compared with £23.8m in FY23. The company says UK store sales were up 21.1% at £18.1m vs £15.2m and Ireland store sales were up 11.3% at £9.6m vs £8.6m. Cooks says it has 77 Group sites in the UK and Ireland as at 31 March 2024, up from 66 as at 1 April 2023….

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Busaba Eathai Ltd has reported its FY numbers for the period ended 17 September 2023 to Companies House. During the year, the company exited its regional sites, surrendering its lease in Cardiff (opened October 2021) and selling its site in Oxford (opened January 2022). Turnover marginally declined during the year as a result of these disposals but the company swung into a slight operating profit, up from a loss in the year prior. Busaba’s loss before tax lessened significantly but still remains substantial.

Headline numbers: Revenue marginally declined by 0.4% to £21.1m as Busaba exited its regional sites in Cardiff and Oxford. Busaba stated that LFL sales declined by 2%. Gross profit also marginally fell by 0.4% to £8.4m, with gross profit margin staying constant at 40.1%. Adjusted EBITDA fell from a profit of £0.2m to a £0.6m loss….

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Squatters are reported to have taken over Gordon Ramsay’s York & Albany gastropub near Regent’s Park.

Wetherspoons warns of supply chain issues affecting its ability to provide vegan-friendly limes as garnish, advising customers to consider omitting the fruit from their orders due to a coating containing animal derivatives.

Caravan plans expansion outside London with a new site opening in Manchester…

Big Fang Collective announces plans to launch three new multi-concept destinations in London, Bristol, and Nottingham, backed by £5.5 million in growth capital, featuring crazy golf, DJs, and cocktails.

Fuller’s has reported that The Astronomer on Middlesex Street has reopened with a complete new look. It says ‘the pub’s new layout sees the bar now positioned at the back of the ground floor – opening up space for more seating.’

The Telegraph has continued with its series of comments on Pret A Manger’s subscription offer saying that the company faces a backlash as customers cancel Club Pret subscriptions due to limitations on where it can be used, complaints about unavailable drinks like iced coffee, and multiple price increases since its inception in 2020.

Big Bog Brewing Company, based in Liverpool, has ceased operations and appointed administrators due to challenges including higher raw material prices and declining sales linked to pub closures. Neil Henry of Lines Henry has been appointed as administrator, with all assets now up for sale.

HOLIDAYS, HOTELS & LEISURE TRAVEL:

A Co-op insurance survey has found that nearly two-thirds of UK adults are unaware of the European Union’s new entry-exit system (EES), set to launch in October…

Disneyland Resort Paris is to be renamed Disney Adventure World as it prepares for the opening of a series of new attractions.

The Times has reported that hoteliers will be amongst the industries most directly impacted by the recent rise in the NLW.

A survey by CBRE suggests that Spain is now a larger market for hotel investment than the UK having overtaken it this year. CBRE reports ‘Spain is flourishing due to record tourism numbers and robust operational performance from the hotel operators’. It adds that ‘investors see the opportunity in Spain, both coastal and urban….’

FINANCE & MARKETS:

The CBI on Friday responded to the ONS’s GDP release saying ‘with the damp and dismal weather hitting retail and other sectors, it’s not surprising to see activity was broadly flat in February.’ However, it says ‘lower inflation is easing pressure on household incomes and spending, and the economy still seems to be on course to exit its mild recession in the first quarter….’

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Former Fed chair Ben Bernanke has said that the Bank of England’s economic forecasting system has ‘serious deficiencies’ that should be addressed….

Sterling weaker at $1.2455 and €1.1694. Oil lower at $90.15. UK 10yr gilt yield down 10bps from Friday Morning’s spike at 4.13%. World markets heading lower on Friday with London sett to open down around 36 points as at 6.30am.

RETAIL WITH NICK BUBB:

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