Premier Foods, JDW, Rosa’s, TUI, trends, King’s Speech & other:

A DAY IN THE LIFE:

So here’s a question for you, do you use vouchers when you spend or do you spend in order to use vouchers?

Of course, it should be the former.

But manufacturers, retailers and the like know the power of a bargain and it’s clear that the supermarkets have well and truly got my measure and, when they send me £21 off when you spend £140 or even £8.50 off when you spend £85, vouchers for both of which offers currently reside in my wallet, I can’t help thinking that having the spare bedroom stacked to the ceiling with spare loo roll or tissues or, being more realistic here, beer, can’t do any harm, can it?

It can’t be a bad look, can it and hence, unless I’m forcefully dissuaded from such behaviour, which thankfully I am quite often, I’ll be checking sell-by dates – or preferably the non-existence of same – and hoarding consumables until either the cows come home or I run out of money.

Or somebody clatters my lug to beat a bit of sense into me but, anyway, that’s enough of that. Much more important is watching how Spygate develops but, in the absence of new information thereon, let’s move on to the news:

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PUBS & RESTAURANTS:

Market trends:

Lumina Intelligence’s latest Channel Spotlight has suggested that consumer participation this year ‘fell to its lowest level since 2021, yet frequency and spend continued to rise – signalling a more selective, value-conscious consumer who is still willing to spend when the occasion feels worthwhile….’

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Other news:

National Pubwatch has launched the Safer Night Time Economy Awards in order to ‘recognise exceptional courage and commitment shown by individuals who go above and beyond to keep people safe in the licensed trade.’

In the US, quick-service pizza sales are reported to have fallen in 2025 by around 0.3% having grown by only 0.6% in the prior year…

THE KING’S SPEECH:

The wider economy:

CBI CEO Rain Newton-Smith says the King’s Speech should have ‘put stability, resilience and growth firmly at the heart of the government’s legislative agenda.’ She says ‘moves to strengthen energy security, bolster transport connections and streamline financial services regulation are welcome, as are concrete measures to deepen ties with Europe….’

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Holidays, staycations & domestic rather than overseas spend:

UKH says that the Government’s proposed Holiday Tax Bill ‘could add £100 to the cost of a family two-week holiday during a cost-of-living crisis.’ It says this will ‘make UK staycations more expensive, despite commitments to the House of Commons that it would not introduce such a tax….’

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Retail’s view:

Helen Dickinson, CEO of the BRC, says ‘the King’s Speech comes as households face yet another cost of living squeeze, as the Middle East conflict drives up inflation and prices.’ She says ‘government cannot raise living standards without reducing the costs of doing business….’

COMPANY NEWS:

JD Wetherspoon has announced that it is set to open its new pub, Joe’s, at University of Birmingham on Tuesday 26 May 2026. It confirms that the company has entered into a partnership with University of Birmingham Guild of Students….

Rosa’s Thai has announced that it turned in a ‘solid and resilient performance’ in the year to 30 March 2025. It says that it has posted adjusted EBITDA of £4.5m on sales up 7.3% to £51.4m and adds that this ‘performance reflected strong guest demand, continued operational discipline, and measured expansion, which saw the group open six restaurants during the period. Rosa’s now operates a total of 47 restaurants….’

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US spirits major Brown-Forman has rejected a $32 per share cash takeover offer for the company from Sazerac.

Costa Coffee has announced that it is to open outlets at Cineworld outlets in the UK. Costa will take over from Starbucks with the rollout expected to begin this summer.

expanded Brown Cow in Fulham, following a £1.3m investment that has doubled the pub’s capacity…’

North Yorkshire meat and vegetable supplier Holmesterne Farm Co has entered administration with most of its 130 staff made redundant.

Niklas Östberg is to step down as chief executive of Delivery Hero by March next year. The move, which will see the founder ‘hand the company over to its next chapter’, comes after activist pressure to overhaul certain aspects of the business.

PREMIER FOODS – FULL YEAR NUMBERS:

Premier Foods reports revenue up by 2.5% at £1.175bn. The group adds that headline branded revenue sales rose by 3.4% to £1.042bn. PFD reports that trading profit rose by 6.7% to £200.4m and adds that its adjusted PBT rose by 8.5% to 15.8p. The company adds that adjusted EPS is up by 8.7% at 15.8p and the dividend has been raised by 20% to 3.36p.

Financial comments: Premier Foods reports that total Grocery branded revenue was up 2.3%, with Sweet Treats branded revenue up 7.3%. The hot weather (see comments below) impacted Grocery sales in financial Q1. The group reports that it has made ‘further market share gains in both Grocery and Sweet Treats.’

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HOLIDAYS & LEISURE TRAVEL:

TUI, which reported H1 numbers yesterday, has said that a rainy summer in the north of Europe would boost demand…

TTG reports that G Touring, the parent of Travelsphere and Just You, has blamed the Middle East conflict for having to make a series of redundancies.

Willie Walsh, DG of the International Air Transport Association, has said that higher air fares for travellers in Europe are now ‘inevitable’ as a result of the rise in the price of aviation fuel.

OTHER LEISURE:

Sky News has reported that PE firm Aermont, which owns Pinewood Studios in the UK, is now a leading contender ‘to snap up Park Holidays, one of Britain’s biggest staycation providers.’ Sky says that Aermont is the ‘frontrunner’ but it adds that ‘banking sources cautioned that other bidders were still involved in the auction and said that Sun Communities, Park Holidays’ owner, could yet decide not to sell at all.’

FINANCE & MARKETS:

For comment on the King’s Speech, see section above.

The ONS has reported that the UK economy grew by 0.6% in Q1 this year in what is seen as a goost for chancellor Rachel Reeves. The CBI reports that ‘the rebound in GDP growth in the first quarter looks unusually strong, largely reflecting February’s outsized gain….

The RICS has said that fears of rising mortgage rates and inflation have led to a subdued housing market. It says ‘until there is a clearer path for inflation and borrowing costs, activity and sentiment look set to remain subdued, particularly across southern England and London where affordability pressures are most acute.’

Sterling mixed at $1.3530 and €1.1551. Oil little changed at $106.19. UK 10 year gilt yield down 3 basis points at 5.07%. World markets mixed yesterday & London set to open around 32 points higher as at 6.30am.

RETAIL WITH NICK BUBB:

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