Chapel Down, Leon, Everyman, Saga, Hyde’s, economy & other:

A DAY IN THE LIFE:

The weather was so foul on Saturday that, in order to at least get out of the house, I found myself going into and coming out of a number of shops.

Which isn’t the best of experiences at any time but, coming out of one of them, I found myself in the company of people who set the alarms off because, presumably, they had been pinching stuff.

And then it happened again.

But this time the shoplifters were invisible

Indeed, I realised that I was going into a shop rather than coming out of it and that it was me setting the alarms off and that the shorts I had bought in an end-of-season sale the previous week had the security tag still attached.

This was, presumably on the basis that I might find it a useful icebreaker should I want to meet burly security guards at any time in the near future.

Anyway, that left me in a shop and in the full knowledge that I would set the alarms off when I left.

Which is what happened and, although I was left unmolested, those things, by design, aren’t easy to get off.

Still, as these were £10 shorts and I was willing to take a risk – and didn’t think offering a quid to a shop assistant to take it off on the QT was a wise course of action – I can confirm that long-handled wire-cutters work quite well. On to the news:

LANGTON EMAIL:

The Free Email is now written in short form. Extended versions of many stories (after the ellipses) are in the Premium Email. Reply to this email if you would like to upgrade.

Prices for the Premium are £395 for one subscription, £695 for multiple, £995 for very large subscribers, all plus VAT. Or sign up for easy in, easy out monthly option per subscriber HERE

https://www.paypal.com/cgi-bin/webscr?cmd=_s-xclick&hosted_button_id=87YUG2Z5W7PSN

PUBS & RESTAURANTS:

Economy:

S&P yesterday produced its Flash Estimates for its September UK Purchasing Managers’ Index saying that the composite output index was 51.0 (above the 50.0 neutral mark but still a four-month low) and the Services index was 51.9 for September, down from 54.2 in August. Manufacturing output hit a 6-month low of 46.2, firmly in contraction territory…

• See premium. Reply for sample or to upgrade. Single £395, multiple £695. Limited time offer: PayPal alternative monthly £25 + VAT per sub. Easy in, easy out.

Inflation:

The OECD has forecast that the UK will have the highest rate of inflation across the G7 this year. It is forecasting an average rate of 3.5% for the year as a whole. The OECD says that the UK economy should grow by 1.4% this year….

Trading: 

Lumina Intelligence’s Eating and Drinking Out Panel reports that Pubs & Bars continue to take a larger share of the eating & drinking out market as a whole. Lumina says that the share of occasions rose from 14.1% to 16.6% in the four weeks to end-August…

Other news:

Political issues. Former Manchester late-night economy adviser and Labour Party member Sacha Lord has said that chancellor Rachel Reeves ‘has no interest in hospitality’. He signalled the rise in NIC charges as a particularly callous move. Mr Lord is said to be reconsidering his membership of the Labour Party….

• See premium. Reply for sample or to upgrade. Single £395, multiple £695. Limited time offer: PayPal alternative monthly £25 + VAT per sub. Easy in, easy out.

The University of Sheffield has reported its belief that heavy drinkers are more likely to buy alcohol-free and low-alcohol drinks than are the wider population as a whole.

COMPANY NEWS:

Chapel Down has reported H1 numbers to end-June saying that revenues rose by 11% to £7.9m but a loss before tax of £687k against a profit in the prior year of £40k. the company reports that adjusted EBITDA reduced by 23% to £1.2m (H1 2024: £1.6m) due to the lower non-cash Fair Value adjustment to Biological Produce of £0.2m compared to prior year (H1 2024: £0.8m)….

• See premium. Reply for sample or to upgrade. Single £395, multiple £695. Limited time offer: PayPal alternative monthly £25 + VAT per sub. Easy in, easy out.

Leon, which is now owned by EG Group, has reported full year numbers to 31 Dec 2024 to Companies house saying that revenues fell slightly, to £62.45m from £64.91m in the prior year. Gross profit was similarly lower but admin expenses were sharply reduced and the company reports an operating loss of £6.47m against an operating loss of £17.8m (after £5.88m of exceptional expenses) in the prior year. Interest payable has risen and the loss before tax is £8.48m against a loss of £19.59m in FY23…

• See premium. Reply for sample or to upgrade. Single £395, multiple £695. Limited time offer: PayPal alternative monthly £25 + VAT per sub. Easy in, easy out.

JD Wetherspoon has reported that it is to opening two new pubs in London on Tuesday 30 September. The units are at London Bridge and Paddington Basin and a total of 170 new jobs have been created. CEO John Hutson comments ‘these are the first of a number of Wetherspoon pubs to open before the New Year.’

Hyde’s Brewery has reported results for the year to 30 March 2025 to Companies’ House saying that revenue in the year rose by 3.8% to £40.8m. Operating profit was some 16% lower at £2.19m (FY23: £2.60m) and PBT was down by 27% at £1.40m. After paying a dividend of £420k (FY23: £400k), the group has accumulated profits of some £21.0m (FY23: £20.5m)…

• See premium. Reply for sample or to upgrade. Single £395, multiple £695. Limited time offer: PayPal alternative monthly £25 + VAT per sub. Easy in, easy out.

The MCA reports that Brother Marcus has expanded beyond its core restaurant format with the launch of Kamara, a cocktail bar above its new Soho site that showcases East Mediterranean spirits and a refined mezze menu.

Butterwick, which operates a chain of 14 bakery and coffee shops, is to close 12 of its branches as a result of a rise in operating costs and “changes in customer spending habits”.

Lavazza UK has reported sales of £110.3m in its 2024 financial year, with profits up to £3.2m compared with £1.5m a year earlier.

Amazon is reported set to close its 19 UK grocery stores less than five years after it first launched the till-free sites in the country.

Butcombe has announced that its The George Inn, Norton St Philip in Somerset has been named ‘AA Inn of the Year’ at the AA’s flagship Hospitality Awards 2025.

In the US, Chick-fil-has reported it is to open a beverage-focused brand under the name Daybright in the Greater Atlanta area.

SAGA H1 NUMBERS:

Saga reports underlying revenues up 7% at £320.5m with trading EBITDA some 8% higher at £67.5m. The group reports an underlying PBT of £23.5m (2024: £24.8m) and it says that net debt has fallen by 17% to £515m. The group says ‘we have delivered a strong set of financial results, driven in particular by the excellent performance of our Travel business.’ It adds that it has also ‘made clear operational progress in the first half of the year and now has solid foundations in place to achieve long-term growth.’ The group reports that trading has been ‘ahead of our expectations’ and says that ‘full year Underlying Profit Before Tax is now expected to be in line with the prior year, despite increased finance costs.’

• See premium. Reply for sample or to upgrade. Single £395, multiple £695. Limited time offer: PayPal alternative monthly £25 + VAT per sub. Easy in, easy out.

HOLIDAYS & LEISURE TRAVEL:

On the Beach has updated on trading saying that its ‘B2C business [is] continuing to grow well ahead of the package holiday market.’ This will be the ‘third consecutive record year of growth.’ On the Beach has also launched a £25m share buy-back programme….

• See premium. Reply for sample or to upgrade. Single £395, multiple £695. Limited time offer: PayPal alternative monthly £25 + VAT per sub. Easy in, easy out.

The Gleneagles Hotel has reported full year numbers to 31 March 2025 to Companies’ House saying that revenues rose by 16.4% to £101.7m. Operating profit is up by 53% at £13.7m and PBT is some 134% higher at £10.0m (FY24: £4.3m). The company has retained profits of £11.5m…

• See premium. Reply for sample or to upgrade. Single £395, multiple £695. Limited time offer: PayPal alternative monthly £25 + VAT per sub. Easy in, easy out.

U.S. hotel occupancy and REVPAR fell y-o-y in August reports STR. It says that ADR was up 0.3% but occupancy was down by 1.3pps. REVPAR was down by 1% in August 2025 compared to the same month last year.

Canada meanwhile, were some would-be travellers to the US are staying at home in a tariff protest, REVPAR is hitting record levels. STR reports that occupancy in August was up 1.5pps on the same month last year with ADR up 6.1%. REVPAR this year is up by 7.7% on August last year.

OTHER LEISURE:

Everyman Media has reported H1 numbers saying that admissions at 2.2m are up by 15% on last year and group revenue, at £56.5m, is up 21%. EBITDA is up 33% at £8.2m. The group reports a loss before tax of £3.4m, down from a loss of £4.9m in the same period last year….

• See premium. Reply for sample or to upgrade. Single £395, multiple £695. Limited time offer: PayPal alternative monthly £25 + VAT per sub. Easy in, easy out.

Reel Cinemas, which was founded in 2001, has reported numbers to 2 Jan 2025 to Companies’ House saying that revenue came in at £16.1m against £13.9m in the prior year. Gross margin was lower and admin costs rose, leading to a loss before tax of £261k compared to a profit in the prior year of £328k…

• See premium. Reply for sample or to upgrade. Single £395, multiple £695. Limited time offer: PayPal alternative monthly £25 + VAT per sub. Easy in, easy out.

Disney yesterday reinstated comedian Jimmy Kimmel to his late-night talk show….

• See premium. Reply for sample or to upgrade. Single £395, multiple £695. Limited time offer: PayPal alternative monthly £25 + VAT per sub. Easy in, easy out.

FINANCE & MARKETS:

The CBI reports that ‘manufacturing output volumes fell in the three months to September, although at a slower pace than the three months to August.’ Its latest Industrial Trends Survey adds that ‘expectations for selling price inflation eased in September, with the expected pace of growth in selling prices over the coming quarter the weakest since October 2024, and below the long-run average.’

Trump Fed appointee Stephen Miran has said that interest rates should be below 3% by the end of the year….

Commenting on the world economy, the OECD says that rising borrowing costs and food inflation alongside elevated asset prices pose risks to global stability.

The gold price has been hitting new, all-time highs of around $3,759 per ounce.

Sterling slightly lower at $1.3505 and €1.1448. Oil up at $67.67. UK 10 year gilt yield down 3 basis points at 4.68%. World markets mixed yesterday and London set to open around 20 points lower as at 6/30am.

RETAIL WITH NICK BUBB:

• See premium. Reply for sample or to upgrade. Single £395, multiple £695. Limited time offer: PayPal alternative monthly £25 + VAT per sub. Easy in, easy out.