Disposable incomes, VAT, Bateman’s, PPHE, BrewDog, Gatwich & other:

A DAY IN THE LIFE:

How come everything is a ‘journey’ these days?

And you have to ‘lean into’ something rather than simply do it and, another one, my new recent favourite coined by Lego the other day when the CEO insisted that his company was ‘addressing passion points’ rather than following fashion.

But maybe that’s a bit unfair.

Because Hr. Christiansen’s English is likely much better than my Danish where all I can say is tack sa mycket and I think that’s Swedish anyway, it’s where the word ‘ta’ comes from and I think it means thank you or it might mean get lost for all I really know.

I think. overall, that AI has got it right when it says that it isn’t right to make a ‘business transaction, where you exchange money for a good or a service, into a deep emotional journey’.

Anyway, we mustn’t try to ‘boil the ocean’ (a.k.a. take on too much) as it is August and it’s time to move on to the news:

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PUBS & RESTAURANTS:

Disposable income:

Higher energy costs eat into disposable income in that, once essentials are paid for, there will be less money left over to spend on non-essential goods and services such as those provided by the leisure and hospitality sector. With that in mind, it’s worth noting that the 4% increase in the energy price cap to £1,723 per household that will come into effect from 1 October this year will take heating costs to their highest level in three years…

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VAT and hospitality:

Financial Secretary to the Treasury James Murray has said that, whilst the government would like to help pubs and the High Street in general, a blanket cut in VAT would be costly and the money would have to come from somewhere….

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Other news:

Retail sales: The CBI’s latest quarterly Distributive Trades Survey reports that ‘retail sales volumes fell at a steep pace in the year to August.’ It adds that ‘next month, sales are expected to decline at a slower rate….’

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Stockpiling: The Guardian reports that a new campaign from the Cabinet Office will urge UK citizens to stock up on tinned food and take steps to ensure they are prepared for national emergencies as part of a new government campaign to improve the nation’s resilience.

COMPANY NEWS:

Diageo. The MA reports that around 100 distillery staff at Diageo’s Cameronbridge site are set to vote on strike action after the company announced plans to cut hundreds of jobs.

Lincolnshire-based brewer and pub company George Bateman & Son Ltd has reported results to 31 January 2026 to Companies’ House. The company reports revenue for the year slipped by 2.6% to £21.2m. GP% has risen again (after a material rise the year before) to 34.1% from 32.7% in the prior year. The absolute level of gross profit has risen by 1.6% to £7.2m. Admin expenses and distribution costs have risen by 8.6% to £5.3m and this is sufficient to pull operating profit down by 13.5% at £1.9m. The company had a modest amount of interest received in both years and PBT is down 11.3% at £2.0m compared to £2.3m in FY25. There is no dividend (2025: £66k) and retained profits rose from to £13.5m to £15.4m courtesy of retained profits. Shareholders’ funds are £25.9m….

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Brewdog co-founder James Watt has hit out at the ‘total silence’ surrounding his latest venture, a drink designed to prevent hangovers, reports City AM…

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PepsiCo is reported to have cut the sodium and sugar in its drinks whilst adding more fibre and protein.

John Lewis has announced that it ‘leans into in-store theatre as it reveals its new restaurant concept; Platter.’ It says this ‘will replace John Lewis restaurants in 32 stores, from Exeter to Edinburgh, with the flagship opening at Oxford Street this week.’ The Flagship features open kitchen, cocktail bar and open coffee roastery, with beans sold to take home for the first time’ and it adds that ‘Platter Oxford Street also hosts a made-on-site deli, a dessert parlour, an open kitchen, a bar and a terrace, as hospitality grows to more than one in five John Lewis in-store transactions…’

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HOLIDAYS & LEISURE TRAVEL:

PPHE Hotel Group has this morning reported H1 numbers to end-June saying that it has turned in a ‘good H1 financial and operating performance’. The company reports that total revenue increased by 4.7% to £209.3m ‘benefiting from a strong performance from the Group’s UK properties, maturing of recently opened properties, and a favourable Euro to Sterling exchange rate….’

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Gatwick airport has reported overall passenger numbers in its H1 to end-June of 19.1m, down 4.7% on the year before. The group reports that H1 profits fell to £136.5m from £166.2m in the prior year….

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Saga. The FT updates its view on the company saying that it has finally found the right business model. It says that focusing on holidays should enhance the appeal of the group’s business model to shareholders – but the value in its shares, given the recent rise, could well be another matter. The demographics are genuinely favourable, however. It suggests that the ‘silver economy’, that is focussing on customers over the age of around 50, should grow over the medium term…

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Premier Inn owner Whitbread PLC reports that it has ‘marked an important construction milestone at its new flagship hotel in Brighton City Centre…’

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OTHER LEISURE:

Meta, the owner of Facebook, Instagram and WhatsApp, is reported to have reached a settlement with the 29 US states that were suing it for child safety failures saying it will pay a maximum of $18bn to 48 states (not the 29 that were suing it), plus the District of Columbia and three US territories….

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FINANCE & MARKETS:

The US Bureau of Labour Statistics has reported that the rate of CPI in the US in the year to July was 3.7%, unchanged on the year to June.

Sterling lower at €1.1657 and $1.3587. Oil up a little at $87.33. UK 10 year gilt yield up 5 basis points at 5.03%. World markets lower yesterday & London set to open around 38 points down as at 6.30am.

RETAIL WITH NICK BUBB:

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