LGRS, FEVR, Gusbourne, sport, WFH, coffee market & other:

A DAY IN THE LIFE:

I leave my wellies in the porch by the front door.

It’s a sort of inside-but-also-outside space and, as it’s a step lower than the house itself, it does flood from time to time as the water hear-abouts takes a while to drain through the clay-infested soil when it rains.

And that means that the porch, and my wellies for that matter, occasionally become home to newts, frogs, spiders and, though I’ve never seen the animals themselves, only the evidence thereof, voles.

Also to whichever animal feeds on the above but that means it never pays to examine too closely what falls out of your boots when you give them a shake.

Particularly if whatever it is scurries off.

And doubly particularly if you’re in the company of a person or persons of a nervous disposition who’s carrying a hot drink or a glass object.

Rather just thank your lucky stars that you didn’t step it and squidge what’s left of it – or them – around the garden for an hour or so. On to the news:

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PUBS & RESTAURANTS:

The upcoming Six Nations:

The Oxford Partnership comments on the upcoming Rugby Union Six Nations Championship saying it is ‘a golden opportunity for pubs and bars’. It adds ‘with fans packing in to watch the action, these venues see longer visits, higher footfall, and a surge in pint sales every match day.’ The Partnership points to an 11% uplift in footfall at pubs showing the Rugby in FY24 compared to pubs that did not feature the sport…

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WFH:

Barclays has told staff via a memo that they should attend the office for a minimum of three days a week. WPP, Lloyds, Goldman Sachs and others have made similar comments. Barclays says ‘we recognise the benefits of balancing flexibility for colleagues with the importance of working together to collaborate in our physical locations. Our minimum time in office requirements vary between business areas depending on the nature of work and needs of the business.’

Coffee:

The World Coffee Portal’s Project Café UK 2025 has reported that the number of branded coffee outlets ended the year at some 11,456, up 5.2% on the prior year….

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COMPANY NEWS:

Loungers yesterday reported that, following the increased, recommended and final bid from Exedra Bidco Ltd (Fortress), at the Court Meeting and the General Meeting …were passed by the requisite majorities…

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The MCA reports that PE house Directional Capital paid £10m to acquire Heart with Smart in a pre-pack administration deal earlier this month. Administrator Interpath says the ‘decision was primarily based on the combination of overall value and return to the creditors as a whole, the franchisors support and the deliverability of the offer presented in the limited time frame available….’

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TGI Fridays has reportedly closed its flagship Leicester Square restaurant after having operated from the site for almost ten years.

Heavitree Brewery has announced that, further to its announcement on 15 January 2025 detailing the Board succession plans, the necessary regulatory due diligence has now been satisfactorily completed and accordingly Mrs. Nicola McLean, currently Company Secretary and Group Accountant, will join the Board as Finance Director, with effect from 1 February 2025.

Wine maker Gusbourne has said that it is continuing to work with Lord Ashcroft regarding a possible sale of his stake in the company, reports The Times….

Keystone Brewing Group has purchased beer brands Magic Rock and Fourpure. Both brands had been a part of Good Company Brewing. PE backed Keystone has recently acquired brands including Big Drop Brewing Co, Black Sheep Brewery, Purity Brewing Company and Brick Brewing Company….

Shepherd Neame chairman Richard Oldfield yesterday bought 7,541 shares in the company at £5.175 (c£39k).

The MCA reports that The Alchemist is ‘experiencing steady growth in both the UK and internationally’. The company now has some 23 sites and says ‘we’re targeting prime locations like Covent Garden, Canary Wharf, and Kings Cross, as well as areas like Old Street and Battersea that offer strong potential.’

Vianet chairman James Dickson yesterday bought 25k shares in the company at a price of 88p. CFO Mark Foster purchased an additional 5,000 at 89p…

FEVER TREE – N AMERICA PARTNERSHIP WITH MOLSON COORS

This to clients yesterday:

Fever Tree has this morning announced a strategic partnership with Moslon Coors in the US and our comments are set out below:

The Partnership: Fever Tree has announced that it has ‘entered into a long-term strategic partnership for the exclusive sales, distribution and production of the Fever-Tree brand in the US.’ It says ‘since first entering the US market in 2008, Fever-Tree has consistently delivered very strong growth in the US and has become the number one tonic and ginger beer brand across America.’ It adds that the new partnership ‘provides a transformational platform to drive the brand to the next level in its largest and most dynamic market.’

Specifics:

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HOLIDAYS & LEISURE TRAVEL:

Mayor of Doncaster Ros Jones has said she believes Doncaster Sheffield Airport will recommence operations in spring next year….

Wizz Air, which yesterday reported higher Q3 volumes but said ‘disappointingly the benefits of the stronger demand environment did not flow through to our reported profit level due to these cost headwinds and a significant €160m negative FX charge, saw its shares give back another 9% of their value to leave them now some 50% below their 12 month highs.

OTHER LEISURE:

Apple yesterday reported lower-than-expected sales in its financial Q1…

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FINANCE & MARKETS:

Bank of England governor Andrew Bailey has cautioned that government plans to reduce regulation on mortgage lending could lead to problems down the line if loans are made to homeowners who subsequently struggle to service them.

The European Central Bank has cut base rates across the Eurozone (to 2.75%) for the fifth time in seven meetings. The ECB’s president, Christine Lagarde, said that she believed ECB policy is still “restrictive”, fostering the belief that further cuts are likely.

Eurostat yesterday reported that GDP was unchanged in Q4 in the Eurozone and it rose by 0.1% across the EU as a whole. Eurostat says ‘according to a first estimation of annual growth for 2024, based on seasonally and calendar adjusted quarterly data, GDP increased by 0.7% in the euro area and by 0.8% in the EU.’ It adds that ‘these preliminary GDP flash estimates are based on data sources that are incomplete and subject to further revisions.’

The Bureau of Economic Analysis in the US reports that the US economy grew at an annualised rate of 2.3% in Q4 last year, slightly below the 2.6% that had been expected by analysts.

Lloyds Banking Group has reported that business confidence slipped to its lowest level in a year in January falling two points to 37 per cent in the month. The barometer thus fell for the fifth consecutive month. Ahead of budget changes to NIC in April, pessimism was most noticeable across retailers and hospitality companies.

US President Donald Trump has said he will raise tariffs at 25% on Canada and Mexico from tomorrow. He says ‘with China, I’m also thinking about something because they’re sending fentanyl into our country, and because of that, they’re causing us hundreds of thousands of deaths.’ He says ‘so China is going to end up paying a tariff also for that, and we’re in the process of doing that.’

Sterling mixed at $1.2420 and €1.1960. Oil up at $77.27. UK 10 year gilt yield down 4 basis points at 4.56%. World markets better yesterday & London set to open around 12 points better as at 6.30am.

RETAIL WITH NICK BUBB: