Social contribution of pubs, pricing, costs, Pho, JDW, Tiny Build & other:

A DAY IN THE LIFE:

Disraeli said that there were lies, damned lies and statistics and, with this in mind, I was considering sample sizes the other day.

Because, if you sample too few instances of whatever it is you’re looking to comment on, you can come up with a misleading conclusion.

For example, we have an Oak tree perilously close to our house. It was a shrub when we moved in but it’s coming into its prime now and, at this time of year, it chucks off about a billion acorns.

Half land on the grass where, when I tread on them, I push them half an inch into the mud and do them the most humungous of favours.

Meaning that the God of Oak Trees, if he or she were foolish enough to take too small a sample and alighted on several of these fortunate acorns, would conclude that humans were the best thing that had ever happened to their flock.

But the other 50% of the tree’s fruit fall on the patio where they get trodden on and squashed into a mush, pecked at by birds and probably kicked around by the dog.

The rest get swept up and put out to rot, meaning that, if you sampled from this half of the tree’s produce, you’d have to conclude that there’s a special place in Oat Tree Hell being reserved for whoever committed this grievous crime.

Not that trees think much, of course. On to the news:

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PUBS & RESTAURANTS:

Social value of pubs:

Pub is the Hub has commented on the social value of British pubs saying that they have ‘been at the heart of their local areas for centuries, meeting social needs and connecting communities…’

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Restaurant pricing & promotions:

Meaningful Vision reports that ‘during the first half of 2025 the casual dining and fast-food sectors have responded with an increase in pace to intensifying competition.’ It adds that ‘the market is still adding new sites, but with greater caution than seen previously….’

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Food prices:

Aldi has cautioned that any further measures in the upcoming Budget that further increase costs on employers will likely lead to higher food prices. UK CEO Giles Hurley says ‘any policies which affect the operating costs of business should be considered very, very carefully because of the very real risk they find their way… back into the food system and onto prices.’

PRESENTATIONAL SKILLS, BLAME APPORTIONMENT:

Directors are only human and, as even directors of companies that have failed are probably amongst the more confident examples of humanity, it is unsurprising that, whilst success is usually down to their innate genius, failure is due to external factors beyond their control. Indeed, it is often said that, whilst success has many fathers, failure is illegitimate….

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COMPANY NEWS:

Vietnamese-themed restaurant brand Pho has reported sales up 11.6% to £79.3m for the year to February 2025. It reports that adjusted EBITDA was up by 23% to £8.8m with six new units opened in the year…

JDW has announced that its ‘pubs will be cutting the price of food and drink by 7.5 per cent on Thursday 18 September – to highlight the benefit of a permanent VAT reduction in the hospitality industry….’

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Diageo has this morning announced the appointment of John Rishton as a Non-Executive Director, effective 1 November 2025. It reports that ‘John has over 40 years’ business experience in a variety of roles, companies and industries, including nearly 14 years as a Chief Executive or Chief Financial Officer. He is currently chair of Informa plc, as well as serving as chair of Serco Group PLC, from which he will retire on 31 December 2025.’

HOLIDAYS & LEISURE TRAVEL:

Co-Star points to a growing disconnect between hotel owners and revenue managers as to what income can be reasonably expected to be generated by hotels…

Whitbread PLC yesterday announced that Jonathan Howell, currently Group Chief Financial Officer of The Sage Group plc, is to be appointed as an Independent Non-Executive Director of the Company and Chair of the Audit Committee with effect from 1 January 2026.

OTHER LEISURE:

Computer games developer Tiny Build has reported H1 numbers saying that revenues rose to $17.0m from $16.8m last year. It reports EBITDA of $4.2m against an EBITDA loss of $2.3m in H1 last year. PBT was $3.6m against a loss last year of $6.6m. The group has $4.6m in cash (H124: $3.1m)…

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US treasury secretary Scott Bessent has said that a “framework” deal between Washington and China has been agreed on a proposed change of ownership of TikTok’s American operations.

FINANCE & MARKETS:

Sterling up at $1.3614 and €1.1566. Oil higher at $67.52. UK 10 year gilt yield down 3 basis points at 4.63%. World markets mixed yesterday & London set to open up around 2 points as at 6.30am.

RETAIL WITH NICK BUBB:

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