BrewDog, Campari, Entain, food inflation, disposable incomes & other:

A DAY IN THE LIFE:

We had to leave the dog on her own for longer than usual the other day and I feel that I should invest in one of those dog-cams.

Because I’m pretty sure that she spends the first few hours on her own behaving like Macaulay Culkin in Home Alone and then the next little while growing increasingly anxious and ever-more likely to chew lumps out of the furniture.

We haven’t quite got to that stage but there’s plenty of evidence to suggest that she’s been able to push open doors, circumvented dog-gates and spend a few leisurely hours stretched out on the settee, shedding vast quantities of hair while, presumably, fiddling with the TV remote and becoming more and more interested in any cupboard that smells of food.

Still, her hearing’s good enough that she’s always off the furniture and by the door by the time we turn the key.

So we’ve yet to actually see any of the above and the ‘butter-wouldn’t-melt’ act would have it that it never really happened at all. 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:

Food & drink prices:

The latest Foodservice Price Index from NIQ and Prestige Purchasing reports that food & drink prices rose by a very marginal 0.02% in the month of January. NIQ reports that ‘the deceleration brings welcome stability for operators following a sharp festive surge in prices in December. Prices fell in the oils & fats category and ‘there was also a slight easing in the bread & cereals category and a complete flattening of price movement in meat & poultry, as demand cooled after Christmas and global supply balanced…’

• 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.

Cost of living, inflation, disposable incomes:

The RAC has noted that fuel prices are now rising following the outbreak of hostilities in the Middle East. Head of policy Simon Williams says ‘the average price of petrol has increased by nearly 2.5p a litre since Saturday and diesel by more than 3p on the back of oil surging above $81 a barrel – a price not seen since January last year.’ And it is possible that the energy price cap, which has just dropped marginally, could rise by 10% this summer as a result of the surge in gas prices this week…

• 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.

UK service sector:

S&P has produced its latest PMI for the UK services sector. As this is a blended mix of B2B and B2C businesses, where performance can vary markedly, the bald figures need to be interpreted with caution. Nonetheless, S&P notes that ‘service providers recorded a further upturn in business activity during February, which was supported by gradually improving demand.’ it says that its measure slipped marginally to 53.9 in February, down from January’s five-month high of 54.0…

• 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.

Other news:

UKH Scotland has called on the Scottish Government to use almost £1bn in additional funding to expand support for hospitality businesses.

COMPANY NEWS:

BrewDog. Multi-millionaire former BrewDog CEO James Watt has written on LinkedIn that he is ‘heartbroken for all of the hard working and passionate team members who have lost their jobs.’ He says he is similarly ‘heartbroken for all of our brilliant equity punks who did not get the return on their investment they wanted….’

• 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.

Campari yesterday reported 2.4% Organic Revenue Growth in 2025 amid what it said was a tough spirits market. The company reported net sales of €3.05bn, in line with estimates. It reported that adjusted operating profit was up 5.4% and says ‘looking forward into 2026, on an organic basis, we expect continued pace of underlying topline growth and improvement in profitability….’

• 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.

China’s Luckin Coffee’s controlling shareholder, Centurium Capital, is reported by Bloomberg to be in advanced talks with Nestlé to acquire Blue Bottle Coffee…

Just Eat Takeaway.com has announced that, ‘after careful consideration, we are announcing our intention to close our operations in Denmark.’ It says that ‘while Just Eat has a proud 25 year history in Denmark, it has been navigating challenging circumstances.’

Southern Wind Group, which trades as Brazilian restaurant chain Fazenda Bar & Grill, has reported numbers to 31 Dec 2025 saying that revenues rose by 38% to £28.8m. The gross profit margin rose to 68.1% (from 66.8%) to give gross profits in absolute terms of £19.6m….

• 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:

Commercial director of the Business Travel Association, Andrew Clarke, has said that plans to expand a tourism tax across the UK will cost businesses – in his case those sending business travellers to cities – at a time when they can least afford to pay additional costs…

Flights cancelled due to the conflict in the Middle East now total around 23,000. Emirates, the world’s largest international airline, is amongst the worst-hit. It has extended its suspension of flights to Dubai through the end of Saturday, implying a full week of missed flights…

Online travel agent Loveholidays reported set to delay its proposed London Stock Exchange flotation as a result of the market turmoil and travel chaos caused by war in the Middle East.

OTHER LEISURE:

Entain has reported Q4 and full year 2025 numbers saying that Total Group Net Gaming Revenue, including the company’s 50% share of BetMGM2 was up +7%. It says that FY25 Group Underlying EBITDA was of £1,160m, up +8% and ‘ahead of guidance’. Entain adds that its statutory loss after tax of £681m includes an impairment charge related to UK Gambling tax increases. Re the outlook, Entain says it ‘expects FY26 Online NGR (exc. US) growth of 5-7% on a constant currency basis.’ It ‘remains comfortable with market expectations for FY26 Group Underlying EBITDA…’

• 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.

Sky News’s Mark Kleinman reports that ‘the gambling regulator risks being plunged into a row over conflicts of interest after admitting that its chief executive has drawn up plans to take a commercial role within the sector when he steps down next month….’

• 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.

GB News, which is jointly-owned by hedge fund manager Sir Paul Marshall and Dubai-based investment firm Legatum, has reported numbers to 31 May 2025 to Companies’ House revealing that it lost £29.8m before tax in the year. Accumulated losses since incorporation in 2019 totalled £149.7m as at its last balance sheet date…

• 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:

S&P has reported its composite PMI for the UK economy in February saying that ‘UK private sector output growth was unchanged from January’s 17-month high.’ Its measure ‘registered 53.7 in February, to signal a further solid expansion of business activity across the private sector economy. This marked ten months of sustained growth.’

US Treasury Secretary Scott Bessent has said that the US is ‘likely’ to implement a 15% global tariff this week.

China has cut its economic growth target to a range of 4.5%-5%, the lowest target since 1991.

Sterling slightly lower at $1.3312 and €1.1486. Oil up again at $84.19. UK 10 year gilt yield down 7 basis points at 4.45%. World markets better on a bounce yesterday but London set to open down around 9 points 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.