Trading, cash v plastic, holiday discounts, JDW, DGE & other:

A DAY IN THE LIFE:

So, I’ve been driving to Leeds quite a bit recently and it’s drawn my attention to all of the ‘in-Elmet’ places.

You know like you get Westcliff-on-Sea, Westgate-on-Sea and, of course, for readers of a certain age, Walmington-on-Sea, we also up here have Sherburn-on-Elmet, Barwick-in-Elmet and a few others and it prompted me to wonder what or where Elmet was.

I mean ‘sea’ is pretty obvious but Elmet, it turns out, was a Celtic Kingdom that somehow survived into the Saxon period without being absorbed into Yorkshire, or Northumbria as it was then, until the seventh century. 

So, given all of the strife and whatnot that would have been going on at that time, they must have been hardy blighters but the only genes that seem to have survived into the twenty-first century, are the ones that make them terrible drivers.

Because they seem to excel in waiting to turn left onto the busy A64. And waiting and waiting. And waiting a bit more until they see a lorry thundering along towards them in order to pull out in front of it and then tootle leisurely through the gears up to a stately 30 or 35mph.

Natural selection may have something to say about that over time but, for the moment, be warned, that is what it is.

Let’s take a moment to congratulate Hull City on their four match, not losing streak. Weak, to be sure, but about the best run of the season. On to the news:

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PUBS & RESTAURANTS:

Trading:

CGA has reported its Daily Drinks Tracker for the weeks ending 1st and 8th March. It says that drink sales rose as ‘On Premise bounces into Spring’ with LFL sales across all drinks up by 4% in the first of the two weeks and up by 8% in the week to 8th. Although perhaps aided by some good, early Spring weather, both numbers are comfortably above the prevailing rate of inflation…

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Money:

Interesting to note that the FCA is considering scrapping the contactless limit of £100. The government is under pressure to stimulate growth and it is clearly looking at options. Elsewhere, the Guardian notes that ‘campaigners and politicians say the law should force retailers to accept coins and notes….’

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Lobbying:

UKH CEO Kate Nicholls has taken the occasion of the report of a drop in GDP in the UK in January to say ‘increasing costs across the board are putting intense pressure on both businesses and consumers, and this will only intensify in April, when £3.4 billion hits hospitality businesses….

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Other news:

Wasted beer. Waste-watchers, which is backed by UKH, has pointed to data produced by beer quality services company Avani Solutions as suggesting that poor pouring techniques and suboptimal cellar management are a major cause of beer wastage in the UK….

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Exports: The Food and Drink Federation reports that British food and drink exports to the EU have fallen by 34% since Brexit. Meanwhile, the total volume of food and drink imported into the UK rose to the highest ever level last year…

Mitigating cost increases: The MA reports that reducing labour costs, creating products in-house and utilising technology are some of the ways operators are mitigating the price rises that are due to hit the sector from the end of this month.

Sweet beers: Tesco reports that younger consumers seem to be demanding fruit beers with a sweeter taste.

In the US:

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COMPANY NEWS:

Diageo has cautioned that Donald Trump’s proposed import tariffs will put thousands of American jobs at risk.

The Sun reports that JDW is to cut ‘steak, mixed grills and gammon from menus across the country in a cost-cutting shake-up.’ It says ‘the pub chain’s top brass John Huston told staff on Friday that the popular dishes would be disappearing in May after an increase in meat costs made them the company’s “biggest loss-makers”.

BOXHALL City, which is due to open on 10 April, has confirmed the full line-up of food and drink operators due to trade from day one. There are 13 operators including a new concept from the team behind the  Argentinian steak restaurant, Gaucho.

The MCA comments on the newly-opened venue BLOODsports, which has been opened by MEATliquor founder Scott Collins in Covent Garden…

Rare Restaurants, which operates the Gaucho and M Restaurants chains of outlets, has appointed Baton Berisha, formerly at The Wolseley, as CEO.

Shares in ready-meal maker Bakkavor rose sharply last week as the company revealed that it had turned down two takeover bids from rival Greencore.

HOLIDAYS & LEISURE TRAVEL:

Discounts are said to be spurring holiday bookings at the moment. This will need watching…

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The 19th annual Holiday Money Report from Post Office Travel Money has reported that the Algarve is once again the cheapest region globally in which to take a holiday…

IHG reports on the China tourism market saying that, ‘supported by favourable policies, Greater China’s tourism market continued to recover [in 2024], with both the number of travellers and tourism spending wholly surpassing the level of the same period in 2019.’

OTHER LEISURE:

The FT suggests that TDR Capital may sell gym chain David Lloyd to another internal fund.

Tesla has warned that it could be damaged by President Donald Trump’s trade policies. President Trump is urging Republicans to buy a Tesla themselves.

FINANCE & MARKETS:

Splitting the 0.1% drop in GDP in January into its constituent parts, the ONS says that manufacturing fell by 0.9% whilst services rose by 0.1% and construction fell by 0.2%.

The price of gold went through $3,000 per ounce last week.

The RICS reports that a net balance of 14% of estate agents saw a drop in enquiries (rather than a rise) last month….

Rightmove reports that average prices are rising in March by less than would be the seasonal norm. it says ‘the big milestone ahead in England is the stamp duty deadline, and with a massive logjam of 575,000 moves going through the legal completion process, many cost-conscious buyers will be doing all they can to get their move over the line and avoid unnecessary extra tax.’

Chancellor Rachel Reeves is to meet with regulators across UK industries today in a bid to remove red tape and encourage growth. She may find she is asking turkeys to vote for Christmas. Ms Reeves says ‘by cutting red tape and creating a more effective system, we will boost investment, create jobs and put more money into working people’s pockets.’

Sterling lower at $1.2933 and €1.1893. Oil higher at $70.99. UK 10 year gilt yield up 1 basis point at 4.67%. Markets better on Friday and into Monday and London set to open around 9 points higher as at 6.30am.

RETAIL WITH NICK BUBB:

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