DGE, ROO, Chipotle, trading, costs, jobs market & other:

A DAY IN THE LIFE:

So, a bit of sun and the editors will be in a quandary as to whether they should kick their wide-eyed interns to get stories out about ice-cream and sun-block sales or dust off the ‘UK hotter than Majorca’ blurb that they re-run once or twice every year.

Or, as is more than likely, they could run both but meanwhile, as we at the coalface try to sit outside to get a bit of work done, we’re reminded once again that, in March at least, when the sun goes behind a cloud it can cool down from 15 to 5 degrees pretty darn quickly.

In addition, you can’t read your screen when the sun shines and you can’t stop shaking when it doesn’t.

The wind will blow your papers all over the garden, your battery will go flat and then a fly, where did that come from, clearly thinking that there is nowhere else in the entire world for it to put down, will land drop in your tea.

And, at that point, and vaguely aware that sunbathing with a hat and coat on isn’t altogether a convincing look, you might give it up till June.

Anyway, the Mighty Hull City extended their not-losing streak to two games on Saturday. Nothing to shout about but better than recent form and, with that in mind, let’s move on to the news:

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PUBS & RESTAURANTS:

Trading:

S4labour reports that February sales across the hospitality industry flatlined year on year. It says the sector registered ‘a modest increase of 0.3%’, well below the prevailing rate of general inflation….

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Upcoming cost increases:

S4L goes on to report that 51% of businesses that responded to its latest survey had not yet calculated the additional costs that will be coming their way as a result of NLW rises and changes to NIC rates and thresholds…

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Disposable incomes:

Whilst the percentage of disposable income spent on postage may have been in a downward trend for decades, interesting to note that the price of a first-class stamp will rise by 5p to £1.70 on 7 April. The price of a second-class stamp will rise by 2p to 87p on the same day.

Jobs market:

Commenting on the UK jobs market, KPMG and the Recruitment and Employment Confederation have suggested that hirings are slowing amid a “subdued” economic outlook and rising wage bills…

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Other news:

The founder of MW Eat, which runs the Masala Zone chain of restaurants in addition to a number of high-end Indian restaurants, has told The Telegraph that American junk food chains are taking over Britain’s high streets. Ranjit Mathrani says that higher taxes and increased labour costs are playing into the hands of US fast food giants as they are better equipped to cope than smaller independent restaurants….

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The British Institute of Innkeeping has launched its Our Pub campaign, aimed at building on the success of the My Pub campaign last year. The BII says its members have ‘survived the pandemic, proving their enormous value to communities across the UK, at a time when they were unsure if they would ever open their doors again.’ It says they ‘fed the homeless, fundraised for local, national and international charities, cared for the vulnerable and lonely, and were the first place that the public wanted to visit when lockdown restrictions were lifted.’

Tequila is reported to be in solid growth at a time when most other spirits are in decline. CGA reports that sales of Tequila rose 3.2% last year whilst the sales value of spirits as a whole has fallen by 4.5% (with volume down 10.1%) from 2023.

In the US, the restaurant industry is reported to have cut some 27,500 jobs in February despite employment levels rising elsewhere.

COMPANY NEWS:

Diageo last week raised the price of its Guinness products by 4.2% to the on-trade. Guinness 0.0 is not included in the hike. Diageo says ‘we have today [Thursday] informed our on-trade customers of a Cost Price Increase (CPI) on Guinness Draught products….’

Deliveroo, which reports full year numbers on Thursday this week, reports that it ‘has decided to exit its Hong Kong operations through a sale of certain assets to foodpanda and the closure of other assets….’

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The MCA reports that Chipotle plans to ramp up equity growth in the UK and continental Europe. It is reported to be additionally exploring new partnerships.

English wine producer Gusbourne PLC on Friday saw 99% of shareholders voting, vote in favour of delisting the company’s shares from AIM….

Bistro Pierre is to close eight sites after a part of the business was purchased in a pre-pack administration by a vehicle owned by Cherry Equity Partners….

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EG Group is reported to be exploring the sale of some of its European businesses at the same time as the company considers the option of a listing on the New York market.

Petersham UK, the Petersham Nurseries arm which operates the The Petersham and La Goccia restaurants in central London, is reported to have entered liquidation on 4 March…

HOLIDAYS & LEISURE TRAVEL:

Eurostar services to Paris are reported to have resumed following disruption on Friday after an unexploded World War 2 bomb was discovered on the tracks near Paris Gare du Nord train station.

Helmsley hotel The Feversham Arms Hotel entered administration on 6 March…

OTHER LEISURE:

Sky News reports that ‘the bosses of the Premier League and English Football League have held secret talks aimed at reviving an industry-wide deal ahead of the launch of the government’s new football watchdog….’

The UK government is reported set to take former Chelsea owner Roman Abramovich to court to obtain up to £2bn that was received from the sale of the club.

FINANCE & MARKETS:

Bank of England MPC member Catherine Mann has said that the economy is weak enough for the Bank to push ahead with further interest rate cuts. Ms Mann says ‘with substantial volatility coming from financial markets, especially from cross-border spillovers, the founding premise for a gradualist approach to monetary policy is no longer valid.’

The US Labour Department reports that the US economy added 151,000 jobs in February. Nonetheless, the rate of unemployment in the US rose from 4% in January to 4.1% last month.

Sterling up at $1.2910 and €1.1920. Oil higher at $70.03. UK 10 year gilt yield down 2 basis points at 4.66%. World markets mixed on Friday but better going into Monday and London set to open up around 28 points as at 6.30am.

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