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Economy – growth, interest rates, jobs market. Pizza Express & other:

A DAY IN THE LIFE:

Yesterday, we posited that tech has made us lazy and, whilst I try hard not to believe such a thing isn’t possible, that was tempting fate.

Because it was brought home to me almost instantly, and I really didn’t need reminding, that tech can also make you stressed, furious and frustrated, roughly in that order.

And then desperate and ultimately resigned, which is what happened to me when my MS File Explorer couldn’t recognise my Google Drive yesterday morning.

The folder isn’t there, it said.

But it has most of my files on it, I replied. Dropping time now will kick me out of my stride for the rest of the day, it must be there.

Well, what can I say, it said. And then it smirked and shut down.

Of course the fix took maybe fifteen seconds but finding out what the fix was took a couple of hours meaning that, for the foreseeable future, I’ll adopt a silent position on tech as a genre and just keep my fingers crossed.

On to the news:

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PUBS & RESTAURANTS:

The Economy – Growth:

The British Chambers of Commerce has cut its estimate for UK economic growth this year to 0.9% from its previous 1.3% forecast. The BCC says this is due to the ‘raft of rising cost pressures’ set to afflict industry including rises in NIC and minimum wages, which will impact from the end of this month…

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The Economy – Interest Rates: 

Bank of England chief economist Huw Pill has said that economies are entering an ‘age of uncertainty’ when it comes to inflation and, as a result, interest rate movements. Mr Pill’s comments were taken to mean that a series of cuts to interest rates in the short term were less likely than they maybe had been before President Trump took office…

The Economy – Costs to Business:

Bank of England governor Andrew Bailey has referred to upcoming rises in NIC costs saying that economists expect higher prices, lower profit margins and lower employment as a result of the costs. He says ‘we can see all of those… and when we ask firms, that’s exactly the answer we get…’

Labour reforms:

Writing in The Times, President of the CBI Rupert Soames says the government’s employment reforms remain “highly damaging” to companies’ willingness to invest and hire and must change course. He says ‘despite government amendments this week, the Employment Rights Bill would deter both domestic and foreign businesses from employing more people in the UK….

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Low and no-alcohol beers:

The British Beer & Pub Association has called for alcohol descriptors to be changed. It says that some staple food products, such as yoghurt and bread, can contain more alcohol than a ‘no alcohol’ beer…

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High Street:

The government reports that ‘High Street Rental Auctions let councils auction off leases for empty commercial properties.’ It says that this should bring ‘businesses back to high streets’ and drive ‘growth across country as part of Plan for Change milestone to kickstart local economic growth…’

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COMPANY NEWS:

Pizza Express. Sky News reports that shareholders ‘are preparing to inject tens of millions of pounds into its parent company to help secure a refinancing of its debt amid tough trading in Britain’s casual dining sector….’

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The MCA talks to RedCat Hospitality CEO Richard Lewis who says the company is set to grow once more after a period of consolidation…

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Bleecker Burger is set to open its largest site to date next month with it opens for business at a 28-cover site in Kerb’s Seven Dials Market in Covent Garden.

Black Sheep Coffee has updated on 2024 trading saying that system sales rose by 74% in Q4 driven by both new openings and LFL growth. System sales hit $108m in the quarter.

Jack Daniel’s producer Brown Forman, which is an April year end, has reported Q3 numbers to January saying that sales fell by 3% to $1 billion. The company nonetheless reports that organic net sales rose by 6% once disposals were excluded…

Uber Technologies in the US has announced ‘a major expansion of its grocery delivery offering with the addition of FreshDirect, the leading online fresh food grocer, to the Uber Eats platform in New York City.’

Ahead of an investor day in the US, burger chain Wendy’s has said that it expects to add 1,000 restaurants globally over the next three years. The move would take it to between 8,100 and 8,300 stores at the end of 2028….

Cracker Barrel Old Country Store in the US has reported a third quarter of positive same-store sales growth at 4.7%…

HOLIDAYS & LEISURE TRAVEL:

Dalata Group, which is now the UK and Ireland’s largest independent four-star hotel operator, yesterday reported full year numbers to end-2024 and announced it would undertake a strategic review of its corporate options. The company may consider a sale of the business. Re FY24 numbers, Dalata reported that revenues rose by 7.3% to €652.2m. Adjusted EBITDA was up by 5.1% at €234.5m but profit before tax slipped by 13.6% to €91.2m. Adjusted EPS came in at 40.4c, down from 41.7c in the prior year. The total dividend for the year is to be 12.5c…

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The CAA reports that Jetline Travel has ceased trading as an Atol holder….

Data produced by the CAA reveals that the number of flights landing on time at UK airports in Q4 last year was still not back to pre-Covid 2019 levels. Gatwick had the worst record with Aberdeen turning in the best figures.

Transport Secretary Heidi Alexander has said that UK rail stations are to begin publishing stats on punctuality to be displayed at the stations themselves. Ms Alexander says ‘these displays are a step towards rebuilding trust with passengers using our railways, as we continue to tackle the root causes of frustrating delays and cancellations.’

Travel Weekly reports that IHG Hotels & Resorts has signed eight additional hotels in the UK and Ireland across its collections.

The CMA has now reported that ‘further analysis’ has led it to recommend that Global Business Travel Group, which is owned by American Express, be allowed to proceed with its purchase of CWT Holdings LLC….

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OTHER LEISURE:

Universal Music Group has reported Q4 and FY numbers to end-December saying that, in Q4 ‘revenue of €3,439 million increased 7.2% year-over-year, or 7.9% in constant currency, driven by growth across all segments. Excluding items impacting comparability detailed below, revenue grew 6.1% in constant currency….’

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A SpaceX rocket exploded after take off in Texas yesterday. The explosion was reported as a ‘rapid unscheduled disassembly.’ The craft was unmanned.

FINANCE & MARKETS:

The ECB yesterday cut interest rates across the Eurozone for the sixth time in nine months. The bank cut its main interest rate to 2.5% from 2.75%.

S&P has reported the Feb PMI for the UK construction industry saying that output hit a five-year low in the month. The PMI fell to 44.6 in February, down from 48.1 in January….

As what looks like something of a climbdown continues, President Trump has exempted a further range of goods from tariffs imposed on Mexico and Canada.

Sterling lower at $1.2882 and €1.1919. Oil lower at $69.64. UK 10 year gilt yield up 1 basis point at 4.68%. World markets mostly lower yesterday and London set to open around 48 points down as at 6.30am.

RETAIL WITH NICK BUBB:

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