DOM, ROO, Caffe Nero, Harveys, confidence, interest rates & other:

A DAY IN THE LIFE:

We waffled on a bit yesterday about plants and animals and, today, we thought we’d drill down into the animal kingdom, specifically we mammals.

Because we all know that elephants are big, whales are bigger still and rats and rabbits are common, so it’s perhaps a bit surprising to hear that humans make up almost half of the biomass of all mammals with our domesticated animals all but about 4% of everything else.

So wild mammals, massive whales, elephants, those 56 billion bats and 25 billion rodents, make up only 4% of the biomass of all mammals and, despite all that sound and fury, an infinitesimally small percentage of all biomass in the world as a whole.

On to the news:

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PUBS & RESTAURANTS:

Interest rates:

The Bank of England’s Monetary Policy Committee yesterday voted by a majority of 7–2 to maintain Bank Rate at 4%. It adds that ‘two members voted to reduce Bank Rate by 0.25 percentage points, to 3.75%….’

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Consumer confidence:

GfK has updated on UK consumer confidence saying that its composite number fell to minus 19 in September, down 2 points on the August figure. It asks ‘will the widely expected November tax rises push confidence lower?’ GfK reports that all measures were down in comparison to last month’s announcement….

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Food delivery: Uber UK comments on the food delivery market:

In its recently submitted accounts to Companies House, Uber UK comments on the UK food delivery market saying that ‘the Delivery industry in the UK is highly competitive, with well-established and low-cost alternatives.’ It adds ‘in the future we expect to face competition from new market entrants….’

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DOMINO’S – MORE ON CFO CHANGE, STRATEGY ETC.:

The note below went out to clients yesterday morning. Domino’s Pizza Group has this morning announced that CFO Edward Jamieson will leave the board today, Andrew Andrea, currently at C&C, will join in March next year.

Today’s update: Group reports that current C&C CFO Andrew Andrea ‘has been appointed as Chief Financial Officer’ and will join DOM on 16 March 2026 after serving his notice period. Thereafter, the company announces that ‘Edward Jamieson, our current CFO, is leaving the Company by mutual agreement.’ It says ‘he will step down from the Board today’ but adds that he ‘has played a key role in developing a new strategy, completing multiple transactions, and significantly growing its share of the UK pizza market.’

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COMPANY NEWS:

Deliveroo plc reported yesterday that, despite his denials earlier in the year, ‘Will Shu, Founder and Chief Executive Officer has decided to step down as CEO once the scheme in relation to the offer from DoorDash, Inc. becomes effective.’ Mr Shu says he has ‘decided at now is the right time for me to step down.’ He adds that ‘the Company’s growth and profitability are accelerating and we are delivering on our mission to transform the way people shop and eat…’

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Time Out Group plc has announced that its Time Out Market Budapest opens to the public tomorrow, Saturday, 20 September. It says this is the first Time Out Market to open in Central & Eastern Europe and is the Company’s twelfth food and cultural market and sixth Management Agreement….

The Caffè Nero Group has updated on trading saying that it generated ‘record sales of £626.4m ($845m) for the financial year ending 31th May 2025. It says it ‘delivered like for like sales growth of 7%, with overall sales up by 12%….’

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Harvey & Son (Lewes) Limited, which was founded in 1790 and which brews and owns pubs in the East Sussex area, has reported results to end-December 2024 to Companies’ House saying that revenue rose by 2.9% to £25.0m with gross profit up to £7.1m from £6.6m in the prior year. Operating profit rose by 23.4% to £3.9m and, as interest receivable and other finance income rose, PBT was up by 25.6% at £4.2m (FY23: £3.4m)…

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The Carlton Club has reported results to 31 Dec 24 to Companies’ House saying that income rose slightly to £5.29m (FY23: £5.12m). The operating loss was £120k (FY23: operating profit £68k) but fair value movements and interest received took the result to a PBT of £80k (FY23: £273k)….

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Speaking on a podcast with Davina McColl, celebrity chef Jamie Oliver says his restaurant empire went bankrupt because he didn’t get the basics right and was ‘conceptually thick’. The 2019 collapse cost 1,000 jobs and led to the closure of 22 of the then 25 sites.

Keurig Dr Pepper, which is in the process of acquiring JD Peet’s, has announced a new leadership for its US coffee business. The company has promoted Olivier Lemire to President, US Coffee, succeeding Patrick Minogue.

HOLIDAYS & LEISURE TRAVEL:

CoStar reports that the US hotel industry reported mostly negative year-over-year comparisons in the week to 13 September. It reports occupancy down 1.8pps at 65.4% but ADR up 0.1% at US$162.71. REVPAR was down 1.7% at US$106.43.

FINANCE & MARKETS:

Sterling down at $1.3542 and €1.1506. Oil lower at $67.32. UK 10 year gilt yield up 4 basis points at 4.66%. World markets mostly better yesterday but the Far East lower in Friday trading. London set to open four points higher as at 6.30am.

RETAIL WITH NICK BUBB:

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