DOM, SBUX, Vianet, Greene King, trading, insolvencies, tax & other:

A DAY IN THE LIFE:

I asked Chat GPT a question the other day, I don’t know, something simple like Mirror, Mirror on the Wall, who the hell is Timothy Spall?

Apologies, Timothy, fine actor but it wasn’t so much the question, it was the fact that it replied to me in Welsh that I wanted to mention because, whilst I’ve been told that I sound like a lot of things, Welsh has never been one of them.

There’s plenty of Hull in there, that’s for sure.

Generic Yorkshire, maybe a bit, North East? Yes, the odd glottal stop but Wales, not so much, and I don’t know whether I should be flattered or insulted.

Or maybe just misunderstood for talking gibberish from time to time, I suppose that would do it and, with that taken on board, it’s time to move on to the news:

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PUBS & RESTAURANTS:

Trading: S4Labour reports that October delivered ‘strong sales growth for hospitality.’ it says that its latest figures ‘reveal a strong rebound for UK hospitality in October 2025, with overall sales up 5.4% year-on-year….’

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Pub insolvencies.

Work conducted by accountancy firm Price Bailey suggests that some 189 pubs entered insolvency in Q3 this year, down on the 219 seen in Q2 but well up on the 163 reported in Q1. Price Bailey’s Matt Howard says ‘the April tax and wage hikes were expected to have a delayed impact, but the data shows a sharp and immediate effect. Many pubs had already exhausted their financial buffers and simply couldn’t absorb the additional costs….’

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Late night market:

The Times reports that ‘after years of decline, accelerated by the pandemic, a ride-hailing app shows an increase in use by revellers — but some venues warn they are still struggling.’ Whether this is light at the end of the tunnel (which doesn’t appear to be the case given CGA and other data) or simply a change in the habits of the fewer late night revellers that there are, is not immediately clear…

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Disposable incomes.

Chancellor Rachel Reeves is expected to give some Budget flavour when she says later today that her Budget, which is likely to be tough, will be ‘fair’. The Resolution Foundation, which is taken to have the ear of No11, has said that tax rises are “inevitable” as the chancellor continues to struggle to balance the books….

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Drinks companies.

Bloomberg reports that the 50 largest drinks companies in the world have shed some $830 billion in value over the last four years. This amounts to a drop of 46% in valuations over the period. In the UK, global drinks company Diageo, whose shares currently trades at under £18, hit £40 towards the end of 2021…

DOMINO’S PIZZA GROUP – Q3 UPDATE:

DOM reports system sales total system sales in Q3 were up by 2.1%. LFL system sales were up 1.0%. Both numbers are positive, but below inflation. The company reports that total orders were down by 1.5% in the quarter. Collection was up by 1.7% and delivery was down by 3.4% ‘impacted by weaker consumer sentiment across the QSR sector.’ The company reports on ’positive initial customer reaction to the introduction of Chick ‘N’ Dip and the new Ultimate Indian Feast.’ It says that its ‘industry leading delivery times’ have been maintained and confirms that it will hold an investor day on 9 December.

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COMPANY NEWS:

Starbucks will sell a majority stake in its China business to PR group Boyu Capital in order to create a JV valued at $4bn. The company reports that Hong Kong-based Boyu will take a c60% stake in the 8,000 stores China business…

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Vianet has this morning updated on trading for its H1 to 30 September 2025 saying that ‘the Group delivered a solid H1 2026 performance, reflecting the strength of its resilient business model.’ It says that recurring revenues accounted for 84% of total income and EBITDA increased by 11.6% to £1.73 million ‘in line with expectations’….

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Denny’s is reported set to be acquired by New York-based PE firm TriArtisan Capital Advisors for around $620 million. The purchase price is a 52.1% premium to Denny’s’ Monday closing price.

Greene King reports that it has ‘invested over £6 million in its Greene King pubs in London to date in 2025, with 14 managed sites having reopened so far this year following significant renovations.’ The company reports that with over 1,600 managed pubs in its portfolio and 166 pubs across Greater London, it ‘is determined to provide enhanced customer experiences in many of its much-loved pubs across the capital through its investment programme.’

Ramen restaurant company Shoryu Ramen, which is the largest company within the Shoryu Group, has reported numbers to end-December to Companies’ House saying that revenue slipped by 7.9% to £9.7m. Unfortunately, GP% slipped as well (from 32.2% to 30.2%) and gross profit in absolute terms was £2.95m (FY23: £3.40m). The company wrote off an inter-company balance of £698k, which is treated as an exceptional cost, and the group reports an operating loss of £1.19m against an operating profit of £37k last year. Interest charges take the reported loss before tax to £1.24m (FY23: loss £30k)….

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HOLIDAYS & LEISURE TRAVEL:

The Global Business Travel Association reports that it is seeing growing confidence in the business travel sector. Its October survey finds that 43% of respondent are optimistic about the industry’s outlook for the rest of this year. It says that EMEA-based travel buyers are least likely to expect a decline in volume.

OTHER LEISURE:

Facebook is reported to have cut more than 600 UK jobs, or about 9.5% of its workforce, in the last financial year.

Tesla’s market share has fallen sharply once again in a number of European markets. New registrations in October (vs the same month in the previous year), fell by 89% in Sweden, 86% in Denmark and 50% in Norway.

FINANCE & MARKETS:

S&P has reported its monthly PMI number (for October) for UK manufacturing, saying that output expanded for the first time in a year during the month…

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Estate agent Knight Frank has said that concerns that larger houses may attract a ‘mansion tax’ have dampened house prices at the top end of the London market. It says that prices for ‘prime’ houses are down by 4% year-on-year.

Reform leader Nigel Farage has dropped the party’s plans for major tax cuts saying they would not be possible.

Sterling mixed at $1.3120 and €1.1401. Oil lower at $64.69. UK 10 year gilt yield up 3 basis points at 4.43%. World markets mixed yesterday and London set to open down around 35 points as at 6.30am.

RETAIL WITH NICK BUBB:

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