MAB, Pizza Express, Comptoir, Merlin, Prezzo, WFH, savings & other:

A DAY IN THE LIFE:

Inflation hit home the other day when I was charged £1.86 for a quarter of Midget Gems.

In fact it could have been 100g, which is even worse and, whilst I knew they wouldn’t be 25p or even 50p any more, the idea that they would cost the thick end of two quid came as a bit of a shock.

Anyway, this isn’t a softening up process ahead of an increase in the price of this email. That could come in the New Year – so book early to save money – it’s rather a long-winded gasp at how much prices in general have gone up.

Enough of that for the moment, let’s move on to the news:

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PUBS & RESTAURANTS:

WFH:

Whilst we’re unlikely to return to the pre-Covid world soon – or even ever – WFH continues to wane.  The Guardian has undertaken an analysis of job postings and says that most new recruits to white-collar jobs are required to spend at least two or three days a week in the office, while roles requiring just one office day are dying out. This will come – late but hopefully not too late – as welcome news for hospitality operators with units close to offices…

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Savings ratio:

A survey by money manager St James’s Place has concluded that economic problems are leading to consumers changing their saving habits in order to maintain consumption. It says that 18% of the 8,000 respondents to its survey were dipping into their savings whilst 41% had cut back on spending…

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Visitor levies:

UKH Scotland is calling on local authorities in Scotland to pause the possible implementation of visitor levy in their districts. The call comes after Argyll & Bute paused the process. Other councils, including Stirling, Dumfries and Galloway, and Perth and Kinross councils are all currently consulting on a levy….

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MITCHELLS & BUTLERS – FY TRADING UPDATE:

MAB reports that ‘we have maintained our out-performance against the market.’ It says it has ‘seen robust performances in midmarket pub and pub restaurants balanced against slightly weaker sales in London within the M25 and in more premium businesses.’ LFL sales in weeks 43-51 are up 3.4% in food, up 1.9% in drink and up 3.1% overall. These numbers, though ahead of the market, are marginally below inflation. Sales in weeks 1-51 are up 4.1% in food, up 4.0% in drink and up 4.2% overall. Q4 has therefore seen a slight relative slowdown,

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COMPANY NEWS:

Comptoir Group has reported H1 numbers to 29 June saying that revenues came in slightly up at £16.0m (FY24: £15.9m). The company reports adjusted EBITDA of £0.1m vs a loss of £1.7m at this line in FY24. The company adds that it lost £69k before tax in H1 this year against a loss of £2.2m in H1 last year…

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Pizza Express has reported full year numbers for the year to 29 December 2024 to Companies’ House saying that revenues slipped by 2.7% to £442.1m. The group, which is owned by Wheel Bidco Ltd, and which is ultimately owned by Bain Capital and Cyrus Capital Partners, who were part of the investor group that acquired the company in 2020, says that underlying PBT was £5.7m (2023: loss £1.4m) but, after one-off costs, the group reports a loss before tax of £40.7m (2023: loss £7.9m)…

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Gregg’s has opened its first-ever pub, The Golden Flake Tavern, in Fenwick’s in Newcastle. The company says ‘whether you’re stopping by for a pre-match pint or rounding off your weekend walk with a Sunday carvery – warm up your winter with the full pub experience done the Greggs way.’

Prezzo Italian is to re-launch as the Brava Hospitality Group. The new company will represent a new multi-brand platform encompassing more than just pizzas alone. Brava is backed by Cain International and existing Prezzo Italian CEO James Brown will lead the new company.

Rick Stein’s primary restaurant business has reported sales of £30.4m for the year to end December 2024, down 5.4% on FY23. The company says that the fall is as a result of wider economic pressure.

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Keystone Brewing Group is to take over brewing for Laine Pub Company. Keystone will be the sole producer of Laine’s beers. It will ‘allow Keystone to further build its brand portfolio in on-trade channels by leveraging the extensive pub estate of Laine, as well as via parent company, Punch Pubs….

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Greene King has announced that it has made a multi-million pound investment into the evolution of its app. It says this will ‘enable better customer connection and allow them to explore Greene King’s brands, make and manage bookings, customise orders and pay all in one place.’

The Red Engine team, which operates the Flight Club and Electric Shuffle chains of outlets, reports that it is ‘aiming to raise £250,000 for its Yellow Ball Foundation.’

Michelob Ultra is now the top-selling beer in the US. It takes the position some two years after sister brand Bud Light fell slightly from favour following a consumer backlash.

HOLIDAYS & LEISURE TRAVEL:

On the Beach shares slid as much as 20% yesterday on company confirmation that delays in holiday bookings would mean that the company would miss consensus forecasts. The company said that sales for next summer ‘reflect the later booking trend as reported across the market.’

OTHER LEISURE:

Lego is to buy 29 entertainment venues from Merlin for £200 million. Lego intends to take more control of its brand. Merlin Entertainments operates the 29 entertainment venues, which are spread across nine countries, including two locations in the UK…

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Oxford Economics has reported that YouTube content creators contributed £2.2bn to the UK economy in 2024….

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FINANCE & MARKETS:

US Federal Reserve chair Jerome Powell has said that Donald Trump’s claims that the Fed is politically inspired were inaccurate. Mr Powell says that such an allegation is ‘just a cheap shot.’

Sterling mixed at $1.3461 and €1.1459. Oil higher at $68.95. UK 10 year gilt yield down 1 basis point at 4.67%. World markets mixed yesterday and London set to open around 17 points lower as at 6.30am.

RETAIL WITH NICK BUBB:

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