Langton Capital – 2024-04-22 – Charles Wells, Stonegate, Sodexo, prices, labour, product supply & other:
Charles Wells, Stonegate, Sodexo, prices, labour, product supply & other:A DAY IN THE LIFE: These lighter evenings are great. But I find that, if I don’t come in from the garden (be it pub, beer, zoological or unkempt Langton) until seven or eight o’clock at night, everything gets delayed, it’s almost instantly bedtime and Monday morning sneaks up on me like the proverbial thief in the night. And here, as if proof were needed, it is. It’s Monday, back to work and fewer thoughts in my head than there perhaps should. Hence, rather than stumble around for longer than is strictly necessary, 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: Selling prices: ONS data shows a 0.5% uptick in draught lager prices during Q1 2024, with a pint increasing by 2p to £4.71. Prices were up by 4.6% compared to 2023. This is ahead of the headline rate of CPI but that, as the trade knows, is not the full story… • 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: The UK government has reportedly rejected an EU-wide agreement on allowing an the exchange of young people to work and study for extended periods of time. In addition to the social side of things, this would have helped with staffing across hospitality…. • 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. Food and drink supply. Fears ease as bits of Brexit deemed economically harmful are postponed once again. The UK government has delayed health and safety checks for EU imports as new post-Brexit border controls start, citing concerns over system readiness and the risk of significant disruption, according to a presentation by Defra…. • 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 FT reports that, despite delaying some of the checks, ‘small and medium-sized importers of food and plants from the EU will face punitive monthly charges running into tens of thousands of pounds when post-Brexit border checks come into force at the end of this month….’ • 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: Scotland, the first country to implement a minimum unit price (MUP) for alcohol in 2018, has now increased it from 50p to 65p per unit, effective from September, reflecting inflation…. The Evening Standard reports that ‘working from a pub is 40% cheaper than booking a coworking space for the day, saving Brits an average of £9 a day…’ • 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: Stonegate: City AM cites the GMB Union claiming that almost 450 Stonegate pubs in London face closure after the company raised concerns about its £2.2bn debt pile, which could impact its ability to refinance by the July 2025 deadline. The union criticises private equity involvement, attributing potential pub closures to risky ventures…. • 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. Electric Shuffle has reported that it will open a unit in Manchester this summer on 21 June. The company says that this will be the fourth UK opening for Electric Shuffle and the second outside of London. It adds that it ‘is the second concept to hit Manchester from Red Engine, the experiential bar innovators that brought the hugely popular Flight Club to Manchester’s King Street in 2018. …’ France-based contract catering company Sodexo reported H1 numbers to end-February on Friday saying that the results had been ‘solid’ with organic revenue growth at top of the expected range and reported sales up 7.8% at constant currency rates at €12.1bn. The company reported operating profits up 30.1% (constant currency) at €642m with profit after interest charges and taxation up 50.5% at €496m… Charles Wells has reported its FY numbers for the period ended 1 October 2023 to Companies House. During the year, Charles Wells saw turnover moderately increase but profits fall as increased costs eroded margins. Revenue grew by 12.8% YoY to £62.3m, with EBITDA up 9.2% to £9.5m driven by an increase in property disposal profits. Operating profit fell by 9.7% to £3.0m, with operating margin declining to 4.8% in FY23 from 6.1% in FY22. Government grants reduced to zero in the period, down from £131k in FY22. Profit before tax fell to £1.3m from £5.9m as the company annualised a £4.3m profit on derivatives…. • 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. Incipio Group, operator of The Prince and Pergola, will occupy 39,000 sq ft of food and beverage space in West London’s Olympia redevelopment launching several concepts as part of the £1.3bn development. The MCA reports The Five Points Brewing Company saw revenue increase by 18.5% YoY to £1m in Q1 2024. The independent brewery based in Hackney, London, has raised c£350k through crowdfunding to fund the opening of a new London pub this summer, with ambitions to open more Five Points pubs across the city in the future. The Times reports that the family-owned Estrella Damm is investing €60 million (£50 million) in building a state-of-the-art brewery in Bedford. Tim Horton’s China operation, Tim’s China, is reported to be targeting corporate EBITDA break-even by the end of 2024. The Shanghai-based group reported sales up 56% year-on-year sales growth in the 12 months ending 31 December 2023. The group reported a 2023 net loss of RMB 873m. Tim’s China opened 285 net new Tim Hortons stores last year to reach 902 outlets. Restaurant Dive reports on Red Lobster in the US, saying that it ‘has been struggling to pay its bills on time for several months’ according to commentary Creditsafe… Just Wines has acquired craft spirit subscription service Liquor Loot, which entered voluntary administration, with the assistance of business turnaround specialist Jirsch Sutherland. HOLIDAYS, HOTELS & LEISURE TRAVEL: Amsterdam has further clamped down on over-tourism, with Reuters reporting that a new hotel in Amsterdam can only be built if another hotel closes, if the number of sleeping places doesn’t increase and if the new hotel will be better, for example more sustainable. OTHER LEISURE: Sky News reports that private equity company Blackstone is drawing up plans for a £1.2bn takeover bid for Hipgnosis. Reuters reports that Tesla has once again cut its prices in a number of major markets including the US, China and Germany. The move comes after further sales falls. A price war is looming between the company and Chinese competitors offering cheaper products. New data from Ofcom reveals that a quarter of three- and four-year-olds in the UK own smartphones, while half of children under 13 are active on social media platforms. These figures underscore the significant and increasing online activity among young children, with 38% of five- to seven-year-olds using social media, up from 30% a year ago. Tesla has recalled thousands of Cybertrucks due to safety concerns related to the accelerator pedals potentially getting trapped by interior trim, posing a risk of unintended acceleration and crashes. The recall affects 3,878 Cybertrucks made between November 2023 and April 2024. FINANCE & MARKETS: Jeremy Hunt is reported to be considering stamp duty and NI cuts to be announced before the next general election. The Building Societies Association has reported that first-time buyers are facing the toughest conditions in 70 years to buy their first home. It says they are increasingly reliant on having two high incomes or on receiving help from their parents (or both). The BSA reports that home ownership across younger people has been in decline for 20 years. Sterling weaker at $1.2389 and €1.0665. Oil lower at $86.57. UK 10yr gilt yield down 3bps at 4.24%. World markets mixed. Far East better in Monday trade and London set to open some 62 points higher 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. |
|