Confidence, NIC, JDW, Portobello, Black Sheep, Chapel Down & other:

A DAY IN THE LIFE:

We came across an out-of-date fish pie ready meal in the fridge the other day and fed it to the dog.

Which we very quickly realised was a bad idea.

As the mixture of fish, the ropey-looking cheese topping and various sauces seems to trigger some sort of chemical reaction, the details of which I was in no rush to find out.

It left the dog bemused but largely unconcerned but had the rest of us furiously opening windows and reaching for the glade for the rest of the evening.

And it was a worried yours truly who came down the next morning to see how the dog had coped overnight. However, there were no obvious physical signs of canine distress but, given the speed with which she sought to exit the house to see to her toilet, I’m not going to be cutting the grass in a hurry.

Anyway, enough of that. On to the news:

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PUBS & RESTAURANTS:

Consumer confidence:

Tariff shenanigans were never likely to boost consumer confidence. City AM has come up with some stats to suggest that ‘UK voters are increasingly downbeat about the economy as President Trump’s tariff announcements have further dampened Brits’ confidence…..’

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NIC:

The Times reports Fuller’s CEO Simon Emeny as saying that the increase to national insurance contributions is “a hammer blow” to sectors like hospitality….

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Other news:

UKH comments on proposals from the Department for Business and Trade to allow local hospitality businesses to better work together to offer customers package deals. It supports the proposed changes saying that restrictions should be scrapped…

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COMPANY NEWS:

The MA writes that JD Wetherspoon has appointed property adviser Christie & Co to support the pub company in its search for franchise partners….

Portobello Starboard Limited has appointed Adam Fowle, formerly CEO of Mitchells & Butlers until 2011, as a Non-Executive Director. Portobello Chair Mark Crowther says ‘as we enter this next chapter of growth, Adam’s perspective will be a tremendous asset, helping us accelerate our progress.’

Conilon (trading as Black Sheep Coffee). Conilon, which was incorporated in 2013, has reported overdue full year numbers to 31 December 2023 to Companies’ House. The Compulsory Strike Off Notice, which was in place due to late reporting, has been discontinued…..

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Property agent Drake & Co has acted for pub operator Brakspear in acquiring The Redesdale Arms, a thriving pub and accommodation business in Moreton-in-Marsh in the Cotswolds. The acquisition takes the group’s Honeycomb Houses estate to 11 sites.

Commenting on the performance of Starbucks UK, The Times reports that ‘calls for a consumer boycott of Starbucks coupled with cost of living pressures, dearer commodity prices and competition from new operators weighed on sales at the coffee chain’s UK arm last year, pushing the business into a loss….

Chapel Down Group has announced that ‘Lourens (Louan) Mouton was appointed as Chief Financial Officer, Company Secretary and Board Director of Chapel Down.’ The company reports that Louan is a Chartered Accountant with significant experience in consumer goods organisations, including Group Finance Director at Fever-tree Drinks plc.

Kweichow Moutai, which is the largest spirits company in the world with an operating revenue of approximately 150.56 billion yuan (about $20.81 billion USD), has pulled back sales growth estimates for this year to 9% having grown by a double-digit amount in each of the last eight years….

Bubble tea brand Gong Cha has reported sales of $600m in the year weeks to 31 December 2024. The company opened some 240 new sites in the year.

HOLIDAYS & LEISURE TRAVEL:

TTG has commented on the likely impact of Trump tariffs and the associated bad-feeling on inbound tourism into the US saying that industry players have not yet seen a reduction in demand from the UK. Demand from Canada is said to be down although stats are not yet widely available….

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The Inveraray Inn trading as the George Hotel entered administration on 28 March.

OTHER LEISURE:

Hornby is to leave AIM this week as it becomes the latest firm to quit the London stock market. Hornby has been listed for almost 40 years.

FINANCE & MARKETS:

Sir Keir Starmer has said he will only sign a trade deal with the US if it is in the UK’s national interest. The PM says the tariffs, if enacted and lasting, will be a ‘huge challenge for our future…’

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Elon Musk, recently seen regularly wearing his Trump Was Right About Everything baseball cap, has reiterated his view that free markets remain vital in today’s economy. Other major figures on Wall St and on Main St have made similar comments…

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President Trump has said that the US Fed should cut rates. He says ‘oil prices are down, interest rates are down (the slow moving Fed should cut rates!), food prices are down, there is no inflation, and the long time abused USA is bringing in Billions of Dollars a week from the abusing countries on Tariffs that are already in place.’

The Halifax has reported that UK house prices fell in March by 0.5% month-on-month. Prices in the year to March were up by 2.8%.

The CBI has reported that financial services firms reported slower business volumes growth in the first quarter of 2025, relative to Q4 2024, according to its latest Financial Services Survey.

Sterling lower at $1.2783 and €1.1650. Oil up slightly at $65.09. UK 10 year gilt yield sharply rebounded at up 17 basis points to 4.62%. World markets worse yesterday but Wall Street off its lows and the Far East was up in Tuesday trade. London set to open around 174 points higher as at 6.30am.

RETAIL WITH NICK BUBB:

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