TUI, Costa, Just Eat, Robinson, Safestay, Budget lobbying & other:

A DAY IN THE LIFE:

Is it just me or do you find that your satnav sometimes sulks at you?

Because mine does, particularly if I ignore it’s recommendations.

If it tells me to take a left down some narrow, pothole infested country lane to cut off a corner because that would be 0.1 miles shorter, or whatever, I will sometimes have a different view.

Or, hardly it’s fault this one, if it tells me to turn right when there’s a ‘road-closed’ sign clearly displayed and a work-around is easy enough, I’ll ignore it.

And then it will spend a few minutes telling me to either ‘turn around when possible’ or ‘take the fifth exit at the next roundabout’ and then, when it’s sure that I’m not paying the slightest attention, it will shut up altogether.

And, in another sign that AI may be becoming sentient, I feel that it might even, with a ‘suit-yourself’ harrumph, smile when thereafter things go wrong and that’s the last thing I need, another backseat driver.

Anyway, enough of that, let’s move on to the news:

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PUBS & RESTAURANTS:

Budget lobbying:

Food prices: The BRC has cautioned that food inflation will rise to above 5% into 2026 if taxes on employers are raised in the Budget. If around 4,000 large shops see business rates rise markedly then the suggestion is that they will have little choice other than to pass the rises on to customers….

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Alcohol duty: An open letter from the Scotch Whisky Association, UK Spirits Alliance, Welsh Whisky Association, English Whisky Guild and Drinks Ireland has urged chancellor Rachel Reeves to freeze alcohol duty in the upcoming Budget….

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Headline taxes: The Resolution Foundation has called on the chancellor to make ‘tough decisions’ on tax and break her election pledge not to raise one of the UK’s main taxes, income tax, VAT, employees’ NIC or CGT. The Foundation suggests a 2p cut in NIC (for employees) and a 2p rise in income tax…

Oxford Street:

Mayor of London Sadiq Khan has said that a closure of a half-mile stretch of Oxford Street on Sunday for eight hours is a step on the way to rescuing the street. Mr Khan told the PA news agency that Oxford Street, which he maintains has been in decline for some time, can be revitalised by pedestrianising the area….

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Insolvencies:

Insolvency stats have shown that casualties numbers in hospitality are rising once again with a third monthly rise recorded in July. Hospitality failures, unadjusted for the size of the companies involved, rose by 5% in July (at 327 corporate failures) versus the same month last year…

Other news:

Champagne prices reported lower. Drinks Business reports that UK retailers have launched aggressive discounting campaigns as demand weakens in the run-up to Christmas.

COMPANY NEWS:

Costa Coffee. Sky News reports that bids being solicited by Coca Cola for Costa Coffee have been disappointing. It says that there are ‘a small number of suitors have served up initial bids’ ahead of last week’s Coca-Cola mandated deadline…

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Just Eat updates (in partnership with PA Consulting) on its views for the delivery market saying that ‘the future is now here, and on-demand has expanded far beyond food.’ It says 70% of respondents ‘agree that on-demand delivery makes staying at home more enjoyable, offering control, privacy, and comfort….’

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Frederic Robinson Group Limited, whose main operating company, Frederic Robinson Ltd was incorporated in 1920, has reported results to 31 December 2015 to Companies’ House saying that revenue rose by 5.8% to £97.7m. The company reports a 1.2% increase in operating profit to £6.15m. PBT is up by 31% to £6.78m (FY23: £5.16m) helped by a £1.99m profit on sale of fixed assets (FY23: profit £525k). The company reports interest charges around doubled at £1.79m (FY23: £943k)…

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Heineken yesterday reported that it had ‘entered into binding agreements with its long-term partner FIFCO to acquire the remaining 75% of Distribuidora La Florida, as well as FIFCO stakes in certain other businesses.’ It says the ‘transaction will strengthen HEINEKEN’s position across attractive Central American growth markets which have large and expanding profit pools….’

Molson Coors Beverage Company has announced that its ‘Board of Directors has unanimously appointed Rahul Goyal, chief strategy officer, to succeed Gavin Hattersley as president and chief executive officer.’ It adds that Rahul will assume the role and become a member of Molson Coors’ Board of Directors effective Oct. 1, 2025. Molson says that ‘Gavin will remain in an advisory role until the end of 2025 to help ensure a smooth transition.’

The Cornish Bakery, which appointed advisors Tamweel Capital to consider a possible sale of its business in March this year, has reported that ‘following a record-breaking summer’ it ‘is pressing ahead at pace with a pipeline of new openings this autumn…’

TUI AG FY UPDATE:

TUI reports that it is ‘on track to deliver raised FY25 underlying EBIT growth announced in August.’ The company says that revenue will ‘increase at the lower end of +5-10% (FY24: €23,167m)’ and underlying EBIT will ‘increase by +9-11%, raised from prior guidance of +7-10% (FY24: €1,296m).’ it says net debt should ‘improve slightly (FY24: €1,641m).’

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HOLIDAYS & LEISURE TRAVEL:

Safestay has reported H1 numbers to end-June and has cautioned on current trading saying that revenue is down by around 5.7% at £10.1m with the company swinging to a profit before tax of £591k against a loss in the same period last year of £113k…

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An attempt to delay the start of Edinburgh’s visitor levy has failed. The 5% tax on bookings remains scheduled to come into force on July 24, 2026.

Adventure Forest Ltd, which trades as Go Ape and which offers forest-based ‘high ropes adventure activities in the UK’, has reported results for the year to 31 Dec 2024 to Companies’ House saying that revenue slipped by 3.7% to £26.5m with operating profit some 41% lower at £1.95m. The company has cash balances and interest received and was able to hold the drop in PBT to 37% at £2.23m (FY23: £3.55m). Adventure Forest has accumulated profits since incorporation of £5.3m…

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OTHER LEISURE:

Apple is fighting back against EU regulation saying that ‘bureaucrats in Brussels’ are unfairly targeting its closed ecosystem. Apple has a ‘walled garden’ that both combines Apple’s products but also arguably stifles competition.

The Competition and Markets Authority has said that Spreadex’s purchase of Sporting Index should be reversed. It says it ‘found that the only effective remedy would be for Spreadex to sell Sporting Index. Doing so would mean customers have greater choice between two independent businesses.’

In the US, the FT reports that ‘regional US casinos are benefiting at the expense of Las Vegas as gamblers cut back on expensive vacations to the city.’

FINANCE & MARKETS:

Sterling mixed at $1.3506 and €1.1452. Oil lower at $66.24. UK 10 year gilt yield unchanged at 4.71%. World markets mixed yesterday and London set to open up around 17 points as at 6.30am.

RETAIL WITH NICK BUBB:

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