Vianet, Nightcap, budget & rates, competitive socialising & other:

A DAY IN THE LIFE:

I’m a bit tired of buying things with industrial-strength stickers on them.

You know, mugs, plates and the like where the stickers won’t come off and you’re still left with sodden bits of water after the thing has been going through the dishwasher for a fortnight.

And, when price stickers are put on boxes and you want to get them off, it can be even worse.

Because you’ll end up tearing a strip of carboard off the packaging and make your present, or whatever it is, look like it’s been bought and sold two or three times and then picked up cheap at a car-boot sale.

All of which is obviously a ‘left-hand, right-hand’ issue.

Whoever – or whatever – applies the stickers doesn’t have to deal with irate customer. And they’ll be out of the building by five, and it’s SEP, somebody else’s problem.

Anyway, enough of that. On to the news:

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PUBS & RESTAURANTS:

Economy:

The CBI has produced its latest Growth Indicator saying that pre-budget uncertainty held back private sector activity in November. Looking forward, it reports that ‘firms across the private sector once again expect activity to fall in the next three months (weighted balance of minus 27%).’ It says that this ‘extends a run of negative predictions that began in late 2024….’

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Black Friday:

Whilst it does not supply year-on-year comps, Barclays reports that consumer transactions were up by ‘62.5 per cent on Black Friday vs the average day so far this year.’ It says that ‘food & drink transactions also saw a significant boost, up 28.9 per cent vs YTD average…’

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The Budget & business rates:

In an open letter sent by Kevin Georgel, Chief Executive of St Austell Brewery and former Chairman of the British Beer & Pub Association, the executive points out that the sector had ‘initially approached this budget with a degree of optimism – hoping the Government would finally grasp the seriousness of the pressures facing Great British pubs and honour its own manifesto commitment to support our sector.’ He says, however, that ‘weeks of damaging speculation drained that optimism’ and the budget as it stands ‘heaps yet more cost and pain on a sector that simply cannot bear it….’

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The Telegraph reports that the UK’s high streets are emerging ‘as the biggest losers of Reeves’s shock property tax shake-up.’ It says that ‘up and down the country, business chiefs have spent the past few days reeling from the Chancellor’s business rates shake-up, which had promised to level the playing field “between the high street and online giants” but has stealthily delivered a hammer blow to small firms.’

Competitive socialising:

Property agent Savills contends that the UK competitive socialising sector, which has grown rapidly over in recent years, may be approaching maturity in some markets…

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Other news:

Foodstuffs. The BBC reports that an impending cull of hundreds of thousands of sheep and goats in Greece due to disease concerns, could herald a shortage in cheese exports.

COMPANY NEWS:

JD Wetherspoon chair Tim Martin has told LBC radio that he will make sure the price of the company’s breakfast offer will rise by no more than 20p next year.

Nightcap, where accounts for the extended financial period to end-September should have been lodged two months ago, yesterday notified Companies’ House that it had once again issued new shares to raise capital…

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Flow measurement and data company Vianet has reported H1 numbers to end-September saying that revenue was flat at £7.67m (H1 2025: £7.69m). it says that recurring revenue was £6.44m, or 84% of total revenue. The company reports adjusted EBITDA of £1.86m, up 20.6% (H1 2025: £1.55m) and says that PBT was £0.392m (H1 2025: £0.018m). Vianet reports that net debt has been cut to £0.5m (H1 2025: £1.0m). It says this comes after ‘£0.25m of share buybacks and an increased dividend payment of £0.29m (H1 2025: £0.22m).’ The H1 dividend is raised by 33% to 0.4p…..

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Texas Roadhouse Inc has announced that Mike Lenihan is to become the Company’s new Chief Financial Officer, effective December 3, 2025.

Insolvency Insider reports that Eden Mill Distillery has been sold out of administration in a rapid transaction that preserved all 42 jobs and stabilised a business that had been struggling under sector wide headwinds and project related debt….

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Farmer J is reported set to open three sites in London in the coming weeks. Units will open on Tottenham Court Road, Coleman Street and Old Broad Street.

HOLIDAYS & LEISURE TRAVEL:

On the Beach has reported full year numbers to 30 September saying that total transaction values rose 11% to £1.25bn (FY24: £1.1bn). It says that revenue increased 6% to £121.4m (FY24: £114.6m) with ‘further margin improvement of 150 bps.’ The company adds that its adjusted EBITDA margin was 33.2% (FY24: 31.7%). OTB reports adjusted profit before tax increased 20% to £35.0m (FY24: £29.2m1 ) and adjusted EPS increased 45% to 19.0p (FY24: 13.1p)…

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Whitbread has secured planning permission to build its 15th Premier Inn hotel in Edinburgh. The group will convert Capital House into a 195-room Premier Inn.

Corporate Travel Management has reported major accounting errors totalling almost £80m. Accountant KPMG has been examining the Australia-based company’s books. A number of sales will need to be reversed having previously been booked as revenue. UK and Europe CEO Michael Healy is reported to have ‘temporarily stood down’.

OTHER LEISURE:

Merlin Entertainments and Warner Bros. Discovery Global Experiences have announced that they are to ‘bring the wizarding world to life in LEGO brick form’. They say that a ‘magical new land will be created, alongside the first-ever Harry Potter themed guest accommodation….’

FINANCE & MARKETS:

S&P has produced its PMI for the UK’s manufacturing sector. It reports that ‘output rose for the second successive month in November’, taking the measure to 50.2 for the month, up from 49.7 in the prior month. Any number over 50.0 implies expansion…

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The Bank of England has reported that net mortgage approvals fell in October.

US major retailer Costco is suing the US government, claiming that it is owed a full refund of import duties if the Supreme Court holds that president Donald Trump exceeded his authority when he imposed tariffs without congressional approval. The lawsuit will be being closely watched by a host of other major importers.

Sterling down at $1.3212 and €1.1386. Oil lower at $63.21. UK 10 year gilt yield up 4 basis points at 4.48%. World markets lower yesterday and London set to open around 16 points lower as at 6.30am.

RETAIL WITH NICK BUBB:

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