Sam Smiths, Gregg’s, Constellation Brands, Macallan, Safestay & other:

A DAY IN THE LIFE:

Well, here we are in the second half of the year and how did that happen?

It was January a few minutes ago and I’m still occasionally typing in 2025 as the date. So it’s probably a good thing that cheque-usage has dropped off as I’d be writing my fair share of bouncers.

Anyway, that is what it is.

The football’s still on, England are challenging for a place in the last 32 tonight and, with a 5pm kick-off, it’s possible, no, who am I kidding, it’s almost certain that a lot of offices will be emptying from about 4.30pm onwards and that business activity – other than for the pubs, we hope – will drop off accordingly.

Still, the on-trade, the wet-side of it at least, could do with all the help that it can get. Good luck to England & let’s move on to the news:

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PUBS & RESTAURANTS:

How would a consumer slowdown manifest itself?

A number of surveys have pointed to squeezed incomes and Barclaycard’s consumer spending data has shown growth below inflation – i.e. contraction in real terms – for some months. Consumers may be changing their habits. But how and when would we begin to feel the impact?

Demand:

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Hospitality industry fragility:

Work commissioned by UK Hospitality, the BBPA, The BII and Hospitality Ulster, has suggested that one in six hospitality businesses believe themselves to be at risk of failure within the next 12 months. The trade bodies, who are launching their #VATsTheProblem campaign today, found that 23% of hospitality businesses are now operating at a loss, up from 15% three months ago…

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Other news:

Shop price inflation: The BRC reports that shop price inflation remained unchanged in June with prices up some 1.2% in the year to that date. Food inflation  fell from 2.7% in the year to May to 2.4% in the year to June….

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Jobs market. ASDA is reported to have cut some 7,500 staff in the last year. The Telegraph reports that ‘the job losses are thought to have occurred across the struggling supermarket chain’s sprawling operations as under-pressure bosses sought to offset the mounting costs of private equity ownership.’

COMPANY NEWS:

Sam Smiths. Humphrey Smith, owner and chairman of Tadcaster-based brewer and pub company Samuel Smiths, has passed away at the age of 81. Mr Smith, who had been described as a ‘titan’ of the pub industry, famously banned smart phones from his pubs and attracted both controversy and also support for some of his policies…

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Greggs has announced that CFO Richard Hutton is to retire from the role and step down from the Board after 28 years with the company, including 20 years on the Board. The company ‘also announces the appointment of Ben Waldron as Chief Financial Officer and Executive Director of the Company….’

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Constellation Brands yesterday reported Q1 numbers to end-May saying that EPS rose to $3.79 per share. It says that ‘net sales increased 2% driven by a 1.8% increase in shipment volumes and continued favourable pricing.’ The company adds that its Beer Business delivered ‘both net sales and operating income growth of 2% and continues to lead the category in dollar share gains, outperforming the total beer category by nearly 3 percentage points in year-over-year dollar sales…’

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Macallan whisky owner Edrington has reported a full-year revenue drop of 14%. It says that sales were £922.3m for the year to March with earnings before interest and tax down by around a quarter at £226.6m. PBT was some 23% lower…

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Luckin Coffee is reported to be adding self-ordering kiosks in New York. It currently has around 20 outlets in the city.

Papa John’s International has announced that Chris Collins, Senior Vice President of Corporate Finance and Principal Accounting Officer, has been appointed to the additional position of interim Chief Financial Officer, effective immediately.

Owner of BrewDog, Tilray Brands, is reported to have invested about £50m into stabilising the Scottish brewer and bar operator after it failed under its previous owners. Tilray CEO Irwin Simon told The Times that he was pleased with the purchase saying ‘it’s a phenomenal brand, phenomenal assets, phenomenal opportunities. We probably put another £50m back into this business from a cash flow and an investment standpoint….’

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Spanish beer company Damm is putting in place a growth strategy aimed at doubling revenue by 2030. The company told its AGM that it was investing €14m in R&D.

Punch pubs. Property agent Drake & Co reports that it has advised Punch Pubs & Co on the off-market acquisition of The Jules Verne in Huddersfield. It says that the ‘town-centre staple is set for a brilliant new chapter, with Punch planning a substantial investment to roll out its Unity Social concept.’

HOLIDAYS & LEISURE TRAVEL:

Safestay has announced the completion of its sale of its freehold property and hostel, Safestay Glasgow Charing Cross, to an independent third-party investor for cash consideration of £5.1m….

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Scarborough-based Flower of May Holiday Parks Limited has reported results for the year to 31 Oct 2025 to Companies’ House saying that revenue rose by 3.0% to £15.3m. GP% slipped to 72.7% from 74.4% in the prior year and GP in absolute terms was £11.1m. The group managed to cut admin expenses by 12.4% in the year and operating profit was some 23.6% higher at £4.9m. Interest charges actually declined but, as there was no repetition of the £1.1m write-back of earlier investment write-downs, PBT was little changed (up 3.4%) at £4.9m. The company…

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The Tell Me More hospitality podcast in the US has suggested that the FIFA World Cup matches in the US are boosting hotels but it says there is more going on than the football. Vegas demand has been positively impacted by large events, for example.

Advito reports that Q3 airfares are set to rise, particularly in Europe, due to higher jet fuel costs and reduced capacity.

IHG Hotels & Resorts has reported that it has added 653 rooms to its Spanish pipeline with a trio of Holiday Inn Express signings, marking ‘a significant strategic partnership with global alternative asset manager Tikehau Capital.’

TTG reports that group travel operator Groupia, which specialised in group travel for stag and hen weekends, has ceased trading after nearly 25 years.

OTHER LEISURE:

Secretary of State for Culture, Media and Sport, Lisa Nandy, has said that the UK is ‘minded’ to intervene in Paramount’s $110bn buy of Warner Bros Discovery. Any investigation of the merger, which would included Channel 5, CNN and TNT, would likely focus on the impact on competition, particularly re sports rights.

American businessman Bill Foley, whose business, Cannae Holdings already owns Premier League side AFC Bournemouth, has now purchased Premiership Rugby club Exeter Chiefs.

FINANCE & MARKETS:

The ONS yesterday reported that the UK economy grew by 0.6% in real terms in Q1.

Sterling mixed at $1.3240 and €1.1603. Oil up around a dollar at $73.32. UK 10 year gilt yield up 4 basis points at 4.77%. World markets mixed yesterday and London set to open down around 27 points as at 6.30am.

RETAIL WITH NICK BUBB:

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