Barclaycard spending data, inflation, ROO, Vianet, Merlin & other:

A DAY IN THE LIFE:

Wasn’t there a time, not too long ago, when you only had to pay your TV license to watch the box?

I mean that’s no walk in the park. You had to sit through a few ads on the other channels, too, but now you have your license and subs to Sky, Apple, Netflix, Amazon Prime, Disney, Paramount, Brit Box and heaven know what else.

And you still have to pay your license and that must add up to a grand a year.

And then, when something really catches your eye on a channel that you subscribe to you could easily find that it’s a pay-to-view screening or, worse still, something you can only watch if you buy it outright and that’s £12 or £15 alongside the programme itself that you’ll never see again.

But it’s just more proof, as if more were needed, that you can rip off the consumer and call it progress.

Anyway, that’s what the mean Yorkshireman says. On to the news:

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PUBS & RESTAURANTS:

Consumer spending:

Barclaycard has produced spending data for June saying that ‘consumer card spending fell 0.1% year-on-year in June.’ It points out that this is worse than the 1.0% growth reported in May and is well below the latest CPI inflation rate of 3.4% ( albeit for the year to May). After May’s ‘two Bank Holidays and record spring sunshine supported seasonal categories,’ spend sagged as consumers presumably ran out of money or the inclination to spend. Or both.

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Inflation – rises again, July rate cut more finely balanced:

The ONS has updated on UK inflation saying that the Consumer Prices Index (CPI) rose by 3.6% in the 12 months to June 2025, up from 3.4% in the 12 months to May. It reports that on a monthly basis, CPI rose by 0.3% in June 2025, compared with a rise of 0.1% in June 2024….

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WFH (and RT the O):

As Starbucks (in the US) tells its employees to work from the office for at least four days a week – or consider taking a compensation payment to leave the company if they are not willing to do so – a survey from recruitment company Hays concludes that concerns about being forced back to the office are negatively impacting workers’ wellbeing…

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Other news:

Lease tenures: UKH has welcomed moves to ban upward only rent reviews. Legislation introduced to parliament last week should ‘help keep small businesses running and boost economies and job opportunities’ says the government….

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Global spirits market. The International Wine & Spirits Record has said that total globel beverage alcohol volumes fell by 1% in 2024 versus the prior year. Major economies the US and China saw volumes fall by 3% and 5% respectively. Many other markets rose and certain other segments, such as no-alcohol beer (up 23%) rose strongly….

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Tariff retaliation. The EU is set to include Bourbon, wine and beer in its list of US products against which it proposes to introduce retaliatory tariffs.

US menu prices: Data in the US from the Bureau of Labor Statistics shows that food inflation in the country remained stable in the year to June at 0.3%. It reports that grocery prices are up by 2.4% (below the rate of general inflation) and menu prices, which have to factor in labour and other costs, were up by 0.4% in the month and by 4.0% in the year to June.

COMPANY NEWS:

Deliveroo bid, no real new news: DoorDash has updated on the terms of its recommended acquisition of Deliveroo saying that, following the approval via shareholder vote on 16 June 2025, it has now ‘arranged its cash resources so as to enable J.P. Morgan Cazenove to give the confirmations…in respect of those cash resources alone.’ It says that it is therefore cancelling its bridge loan agreements.

Vianet, positive AGM update: Vianet Group has updated on trading in a statement that will be read at its AGM later today. James Dickson, Chair, says ‘the positive momentum reported across both divisions at the time of our Full Year results has continued, with the business making further progress in line with management’s growth expectations….’

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The MCA quotes Nightcap CEO Sarah Willingham as saying that 2024 was the hardest year by far in her career to date. She says the landscape for the late night bar group was now improving….

Brunning & Price is reported to be actively looking for new sites to add to its portfolio. The group recently added 10 freehold pubs from Oakman Group…

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Restaurant company Dave & Buster’s in the US has appointed Tarun Lal as CEO and member of its board of directors with immediate effect.

Butcombe Pubs & Inns reports that its The George Inn, Norton St Philip, has been named ‘AA Inn of the Year, England’ at its annual Bed and Breakfast Awards

OTHER LEISURE:

Merlin Entertainments reports details of its ‘space-themed experiences being developed at its LEGOLAND Resorts in Florida and California, including groundbreaking indoor rollercoasters.’ It says this ‘marks the next milestone in the £70 million investment already announced for the two resorts.’

The Guardian reports that ‘high-street slot machines are reaping record takings as operators expand apace on Britain’s high streets, reigniting calls for the government to give councils more power to curb their spread.’ It says that ‘overall, betting and gaming revenues – excluding the National Lottery – reached £11.5bn in the year to March 2024, a 3.5% annual increase and the highest figure on record.’

City AM has reported that Manchester City is set make over £1bn from its new long-term kit deal with Puma.

FINANCE & MARKETS:

For today’s CPI news, see Pubs & Restaurants above.

Glenigan reports that construction project starts are up 6% this quarter but contract awards are said to be down 24% year-on-year. In a sign of things to come, it reports that planning approvals fell 22% quarter-on-quarter.

US inflation rose to 2.7% in the year to June, up from 2.4% in the year to May as President Trump’s tariffs pushed up costs to the consumer.

CBI CEO Raine Newton Smith has said that yesterday’s ‘launch of the Leeds Reforms spearheaded in the Financial Services Growth and Competitiveness Strategy send a positive signal for the UK’s financial services sector and wider economy.’ She adds ‘it’s clear the Chancellor recognises that when the Financial Sector thrives so does the rest of the economy.’

Chancellor Rachel Reeves has said that red tape is acting as a ‘boot on the neck’ of businesses. She says it risks ‘choking off’ innovation. She has been warned, however, not to loosen rules so as to encourage reckless lending…

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President Donald Trump has said he will ‘refine the trade deal’ with the UK when he visits Scotland later this month. He says ‘we’re going to be meeting with the British prime minister, very respectful, and we are going to have a meeting with him, probably in Aberdeen, and we’re going to do a lot of different things. We’re going to also refine the trade deal that we’ve made. So we’ll be meeting mostly…probably one of my properties, or maybe not, depending on what happens, but we’ll be in Aberdeen, in Scotland, meeting with the prime minister.’

Sterling mixed at $1.3395 and €1.1531. Oil lower at $68.96. UK 10 year gilt yield up 4 basis points at 4.63%. Markets mixed to lower yesterday and London set to open down around 16 points as at 6.30am.

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