Consumer confidence, jobs market, RedCat, JDW, PPHE & other:

A DAY IN THE LIFE:

So, here’s a real world question for you.

Nothing to do with tax planning ahead of next week’s Budget but, rather, if you’ve got 100 or more apples, many of which have taken a bounce on the ground before coming into your possession, do you eat the dodgy ones first on the basis that the good ones might last, or the good ones first because otherwise you might be eating a steady line of manky apples from here to Christmas?

Because – and I’ve placed a bet here – I’ve just swung from the former to the latter as I had begun to think that I was just equalising the rubbishness of the fruit.

And, at the end of the day, a good apple in the hand is worth any number of cruddy-looking mush in the bush.

And, another and, who knows where we’ll be tomorrow so may as well have a good apple today.

Anyway, have a great weekend, good luck to The Mighty Hull City down in the smoke tomorrow and let’s move on to the news:

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PUBS & RESTAURANTS:

Consumer confidence:

GfK has reported that UK consumer confidence dropped by two points in November to minus 19. It says that this represents a ‘worsening picture as all five measures fall ahead of the Budget.’ It reports that ‘all measures declined from October’s results…’

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Jobs:

Accountant PwC has said that the growth of artificial intelligence could lead to fewer entry-level graduates being hired. Global chairman Mohamed Kande says that it (AI) was not behind recent job cuts at the firm, which he put down to changes in the global economy….

COMPANY NEWS:

RedCat Hospitality, the owner of the Coaching Inn Group and RedCat pubs chains, has reported total Q2 sales of £34.6m. It says that LFL sales are up by 4.3% in the quarter versus the same quarter last year…

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JDW has reported that its chairman, Tim Martin, has met with Tory party leader Kemi Badenoch and her Shadow Chancellor, Mel Stride. Tim Martin says ‘Kemi and Mel asked to meet me to discuss my views on the forthcoming budget and the pub industry.’ He says he was delighted to meet up in order to ‘discuss the threats facing the pub industry…’

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US operator Peet’s Coffee has announced that its President and CEO, Eric Lauterbach, has stepped down from his position after more than 15 years with the company. He has been in his current role for the last four years.

US major Starbucks has highlighted India as a key target market. CEO Brian Niccol told CNBC that the group’s Tata Starbucks joint venture will reach 500 stores this month and it has a longer-term target of 1,000 stores by 2028.

YUM China has said that it is targeting 1,000 Lavazza coffee stores in China by 2029. The two companies established their China partnership in 2020.

HOLIDAYS & LEISURE TRAVEL:

The Board of PPHE Hotels has announced ‘that it is undertaking a strategic review which will consider a range of potential options to maximise value for all shareholders.’ It says this review will consider ‘introducing growth capital into the Group or its portfolio, or a potential sale of all or part of the issued share capital of the Group…’

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Eurotunnel has halted UK projects in the face of what it says are ‘unsustainable’ levels of taxation, particularly business rates. The company says it has been told that its business rates will treble from next year.

CoStar updates on the US hotel industry saying that, in the week to 15 November – when the shift of Veterans’ Day caused major changes in behaviour, occupancy slipped by 4.1% to 60.9% and SADR fell by 0.5%. REVPAR as a result was down by 4.6%.

Hays Travel has recorded revenues of £506.7m for the year to 30 April 2025 with PBT of £80.4m, up 10% on the previous year….

OTHER LEISURE:

CANAL+ has announced ‘the renewal of 100% of the exclusive rights to UEFA club competitions in France: all the matches of the UEFA Champions League, the UEFA Europa League and the UEFA Conference League, for 4 additional seasons, from 2027/2028 to 2030/2031.’

Elsewhere, Paramount is reported to be in advanced talks to acquire the Champions League TV rights in the UK and a number of other major European markets. Paramount is reported to have been chosen as the preferred bidder for the rights in the UK’

FINANCE & MARKETS:

The CBI reports that manufacturing output volumes ‘fell sharply’ in the three months to November…

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ONS data suggests that London house prices fell 1.8% in the year to September. Adding in inflation would suggest a drop of perhaps 5.5% or so.

Ahead of what must be one of the leakiest Budgets of modern times, Labour MPs are reportedly saying that they are sure a mansion tax, probably levied on values above £2m but possibly lower, is coming.

The US Labor Department reported that employers added 119,000 jobs in September, more than double what market estimates. The unemployment rate nonetheless ticked up from 4.3% to 4.4%.

Sterling up a little at $1.3087 and €1.1349. Oil lower at $62.76. UK 10 year gilt yield up 3 basis points at 4.64%. World markets turned sharply lower yesterday on concerns of an AI sell-off and London is set to open down around 93 points as at 6.30am.

RETAIL WITH NICK BUBB:

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