Energy costs, late-night market, rates, Time Out, Chapel Down & other:

A DAY IN THE LIFE:

You know all those jobs you put off until ‘after the holidays?’

They’re likely to include plenty of official form filling, Companies’ House returns, tax calcs, meetings with accountants and dealing with Continuing Personal Development demands (in order to head off the threat of more exams) and, as always, dealing with creditors, debtors, clients and customers.

And, from experience, I know that a) none of the above is likely to go away, indeed such things have a habit of multiplying in the dark and b) the holidays don’t last forever.

Hence, as it’s September on Monday I’m having a bit of an essay crisis.

Which, though it keeps me in touch with my younger self, isn’t necessarily an ideal state of affairs.

Fortunately, however, this week could well be the single-quietest, Christmas excluded, for company reports and the like. Maybe the opposite of ‘a good time to bury bad news’ as, arguable, Time Out found out yesterday.

On to the news:

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PUBS & RESTAURANTS:

Late night market:

Data produced by CGA in conjunction with the NTIA suggests that some 26.4%  of late-night venues have closed since 2020. This compares with closures across the wider hospitality sector of 14.2%. This amounts to the loss of around 800 late night venues in the last five years. The data goes on to show that there have been an average of three net closures a week in the last three months…

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Business rates:

City AM reports that ‘businesses in England are to face an “unavoidable double hit” to their property tax payments next year, which will see total payments surge by about £2.5bn.’ it says that analysis from global tax firm Ryan ‘indicated that inflation and a government tax change will combine to drive up business rates bills further….’

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Disposable incomes:

OFGEM has announced that energy costs will rise for millions of British households this autumn as it has raised the price cap for a typical annual dual-fuel bill by 2% to £1,755. This is some £35 a year up for the average home. This will effectively take cash out of would-be consumers’ pockets and reduce the amount available for spending on non-essential goods and services….

COMPANY NEWS:

Time Out shares finished trading yesterday down by around 7% at 13.75p following the company’s warning that trading has been below expectations. The company added that the most recent trading had been back in line.

Chapel Down has announced that Simon Litherland has been formally appointed to the Company’s Board of Directors, with immediate effect. The company points out that ‘Simon was CEO of Britvic plc from 2013 to 2025, leading the company through a period of growth culminating in its recent acquisition by the Carlsberg Group. Simon previously held senior leadership roles at Diageo across Great Britain, South Africa, Ireland, and Central and Eastern Europe.’

Distil plc has begun offering public tours at its Ardgowan Distillery.

UK master franchisee Krispy Kreme UK Ltd has reported results to 29 December 2024 to Companies’ House. The company reports revenue up by a fractional 0.1% to £119.9m (2023: £119.8m). There were 141 stores at the end of FY24 compared 129 at the end of FY23. GP% has slipped markedly from 53.0% in the prior year to only 49.8% in the year under review. The absolute level of gross profit has fallen by 6.0% to £59.7m. Admin expenses are up sharply (by 14.2% to £65.5m) and interest charges have also risen. As a result, the company reports a loss before tax of some £6.5m (2023: profit £6.1m). There is no dividend (2023: nil) and retained profits fell from £13.6m to £7.6m due to the losses reported in the year. Shareholders’ funds are £14.1m against £19.7m in FY23….

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Jeremy Clarkson has thanked customers for making his put, The Farmer’s Dog, a success.

HOLIDAYS & LEISURE TRAVEL:

Dalata Hotel Group has reported H! numbers to 30 June saying that revenue rose by 1% to €306.5m but adjusted EBITDA fell by 5% to €102.5m. The company reports after tax profits of €19.6m (2024: €35.8m). CEO Dermot Crowley says that it has been a busy half-year and reminds observers that ‘on July 15th, the Board recommended an all-cash offer of €6.45 per share from the Pandox Consortium which represents a 49.7% premium to the twelve-month volume-weighted average share price up to March 6th….’

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City AM quotes Jon Hendry Pickup, CEO of Butlin’s, as saying that further tax increases on business would not be the way to promote growth. He tells City AM‘s Boardroom Uncovered show that the country is ‘not going to tax ourselves to success.’ He says that last year’s Autumn Budget ‘felt like an own goal…’

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CoStar reports that London hotel rates reached a new monthly record high in July when average daily rates hit £234.58. REVPAR was £207.93 on the back of 88.6% occupancy.

OTHER LEISURE:

Data produced by Yield Sec has suggested that chancellor Rachel Reeves plan to hike tax on UK betting companies could drive further trade underground…

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US president Donald Trump has threatened to tariff countries that heavily tax or legislate against large US big tech companies such as Google, Meta, Amazon and Apple….

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FINANCE & MARKETS:

Sterling mixed at $1.3445 and €1.1581. Oil lower at $67.22. UK 10 year gilt yield up by 4 basis points at 4.73%. World markets mixed but heading better yesterday and London set to open around 41 points to the good as at 6.30am.

RETAIL WITH NICK BUBB:

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