Punch, Just Eat, Redcat, PIER, BOWL, late night & other:

A DAY IN THE LIFE:

Maybe this is one we should have left for Christmas week but, and just asking for a friend, what’s the most inconsiderate – but still non-fatal – present you could buy for a two-year-old?

Would it be a set of indelible market pens?

Accompanied by a stepladder to get to those hard-to-get-to areas of wallpaper that you couldn’t otherwise reach, or would it be an airhorn, with associated alarm clock, hardwired to go off at 5am and 5am only?

Or maybe a set of oil-based paints with extra-long handled brushes and a set of bagpipes chaser?

Because you name it and we’ve probably been there.

Still quiet so short. On to the news:

LANGTON EMAIL:

The Free Email is now written in short form. Extended versions of many stories (after the ellipses) are in the Premium Email. Reply to this email if you would like to upgrade.

Prices for the Premium are £395 for one subscription, £695 for multiple, £995 for very large subscribers, all plus VAT. Or sign up for easy in, easy out monthly option per subscriber below:

https://www.paypal.com/cgi-bin/webscr?cmd=_s-xclick&hosted_button_id=87YUG2Z5W7PSN

PUBS & RESTAURANTS:

The MCA reports on the late night market suggesting that cocktails and premiumisation are providing rays of hope ‘in a market that has suffered a punishing period post-Covid…’

• See premium. Reply for sample or to upgrade. Single £395, multiple £695. Limited time offer: PayPal alternative monthly £25 + VAT per sub. Easy in, easy out.

In the USA, observers are suggesting that the delivery and takeaway market is being driven more by price than by convenience…

• See premium. Reply for sample or to upgrade. Single £395, multiple £695. Limited time offer: PayPal alternative monthly £25 + VAT per sub. Easy in, easy out.

McCain Foods has produced a report suggesting that ‘limited funding, training and mentorship are seen as barriers to food entrepreneurship.’ It has warned that more support needs to be given to the next generation of foodservice operators….

• See premium. Reply for sample or to upgrade. Single £395, multiple £695. Limited time offer: PayPal alternative monthly £25 + VAT per sub. Easy in, easy out.

COMPANY NEWS:

Punch Pubs & Co has announced the acquisition of four pubs from Leicester-based brewing company Everards….

• See premium. Reply for sample or to upgrade. Single £395, multiple £695. Limited time offer: PayPal alternative monthly £25 + VAT per sub. Easy in, easy out.

Just Eat Takeaway.com N.V. has updated on Q1 trading saying that it has seen constant currency GTV growth excluding Rest of World of 2% with ‘group constant currency GTV flat year-on-year. The group says that its guidance for 2025 is reiterated and it says it believes that the recommended offer by Prosus of €20.30 per share is expected to launch in Q2 2025…

• See premium. Reply for sample or to upgrade. Single £395, multiple £695. Limited time offer: PayPal alternative monthly £25 + VAT per sub. Easy in, easy out.

In the US, brokers are predicting that Mediterranean food concept Cava should outperform the wider market…

Redcat Pub Company, chaired by former Greene King CEO Rooney Anand and incorporated in early 2021, has reported full year numbers for the 52 weeks to 31 March 2025 to Companies House. The Group ‘specialises in the acquisition, development and management of pubs, pubs with rooms, inns and hotels across the United Kingdom.’ It has 95 sites across England and Wales and includes subsidiary units, RedCat Group and The Coaching Inn Group. Headline numbers:

• See premium. Reply for sample or to upgrade. Single £395, multiple £695. Limited time offer: PayPal alternative monthly £25 + VAT per sub. Easy in, easy out.

HOLIDAYS & LEISURE TRAVEL:

The World Travel and Tourism Council has reported that overseas visitors to the UK spent £40.3bn in 2024, down 5.3% on 2019. It said, however, that the government has made ‘deliberate policy choices’ that had created ‘barriers to travel’…..

Brighton Pier shareholders yesterday voted 83.4% in favour of delisting the company…

• See premium. Reply for sample or to upgrade. Single £395, multiple £695. Limited time offer: PayPal alternative monthly £25 + VAT per sub. Easy in, easy out.

Referring to travel spend, Amex reports that total spending by commercial customers in Q1 this year was up by 2 per cent year-on-year…

HOLLYWOOD BOWL – H1 UPDATE:

Hollywood Bowl has this morning updated on H1 trading and our comments thereon are set out below: Headline numbers: Hollywood Bowl Group has updated on H1 trading saying that it has generated ‘record first half Group revenue of £129.2m, up 8.4%. compared to £119.2m in H1 FY2024.’ The company adds that UK revenue is up 4.7%, to £108.2m and Canada revenue is up 40.8% on a constant currency basis, to CAD 38.0m (£21.1m). Total Group like-for-like revenue growth was 2.1% with UK LFL total revenue up 1.3%,with bowling centres LFL of 1.5% and Canada LFL total revenue up 13.6%, with bowling centres LFL of 3.7%, on a constant currency basis. The company reports that ‘group LFLs are negatively impacted by 0.9% due to the timing of Easter compared to H1 FY2024, as well as a 0.2% impact from the extra leap year day in 2024.’

• See premium. Reply for sample or to upgrade. Single £395, multiple £695. Limited time offer: PayPal alternative monthly £25 + VAT per sub. Easy in, easy out.

OTHER LEISURE:

Elon Musk says he will cut the time spent at DOGE after Tesla’s profits and revenues fell sharply in Q1 in his absence. The company yesterday Q1 profits down by over 70%. The group generated $19.3bn in revenue in the quarter, less than the $21.1bn expected by analysts.

Rugby club Cardiff Rugby has reportedly had its business and assets purchased out of administration by Welsh Rugby Players Limited, a company controlled by The Welsh Rugby Union.

FINANCE & MARKETS:

The ONS has commented on public borrowing saying that the March 2025 figure came in at £16.4 billion in March 2025; £2.8 billion more than in March 2024 and the third-highest March borrowing since monthly records began in 1993. The ONS further reports that ‘borrowing in the financial year ending (FYE) March 2025 was provisionally estimated at £151.9 billion; this was £20.7 billion more than in the same twelve-month period a year earlier and £14.6 billion more than the £137.3 billion forecast by the Office for Budget Responsibility.

The IMF suggests that the Bank of England may cut interest rates three more times this year despite higher-than-expected inflation. Analysts are suggesting an ‘up to 100%’ chance of a cut in May, which is a statistically meaningless statement.

The IMF has downgraded its growth forecasts for most developed countries on the back of President Trump’s tariffs. The body has cut its estimate for the UK by 0.5% this year from growth of 1.6% to just 1.1% in 2025. Estimates for 2026 are reduced by 0.1%.

IMF estimates for US growth have been reduced from 2.7% to 1.8%. Its estimate for world economic growth has been cut by 0.5% to 2.8%.

CBRE has updated its economic forecasts, saying that ‘business sentiment remains tentatively poised towards the positive largely because of the services sector, as manufacturing and construction continue to lag…’

City AM reports that ‘businesses across Britain are being shut down at a rate not seen since the financial crash.’ It says that over 1,100 companies have faced winding-up orders in the first fifteen weeks of 2025, up nearly a quarter on the number at the same point last year.

Rachel Reeves has said she will ‘stand up for Britain’s national interest’ as she heads to Washington DC in order to attempt a trade deal.

Tariffs: The US Commerce Department has announced plans to impose tariffs of over 3,000% on solar panels from four South East Asian countries.

Sterling has found itself broadly steady vs the Euro but strong against the dollar. This reflects weakness in the latter, which is now hitting three year lows.

Donald Trump is now reportedly saying that he has ‘no intention of firing’ Fed chair Jerome Powell after markets dropped sharply on his earlier criticism.

Sterling mixed at $1.3302 and €1.1686. Oil higher at $68.07. UK 10 year gilt yield unchanged at 4.57%. World markets better yesterday and London forecast to open up around 92 points as at 6.30am on what looks like a further Trump climb-down re Jerome Powell.

RETAIL WITH NICK BUBB:

• See premium. Reply for sample or to upgrade. Single £395, multiple £695. Limited time offer: PayPal alternative monthly £25 + VAT per sub. Easy in, easy out.