Young & Co, Gregg’s, Saga, economy, disposable incomes & other:

A DAY IN THE LIFE:

How come, when you build anything that comes flatpack, there are always bits left over?

Usually screws and clips and hinges and things, enough to fill a sizable tin if you’ve been doing this kind of thing for a few years and all of which may have been incorporated into the furniture in question if you’d followed the instructions.

But I’ve always found that a hard rule to stick to.

Because, like a dog when you put its bowl down, I’m going to leap on whatever comes to hand when you tip the box upside down and the pieces hit the floor.

So diligent preparation is something of a hypothetical and I’m left with multiple odds and sods with which I subsequently do nothing.

And I’ve got the wobbly furniture, of course.

Alongside drawers that don’t open, lids that don’t close and the like, and the sense of satisfaction that comes from creating something quickly, albeit not very well.

Anyway, another busy day so, without further ado, let’s move on to the news:

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PUBS & RESTAURANTS:

Politics, economy etc.:

PM Andy Burnham delivered his first speech as Labour Party leader to the party’s annual conference in Liverpool yesterday saying, amongst other things, that the pensions triple lock would go from April 2030 in order to raise funds for care services. This will, all other things being equal, take cash from the pockets of pensioners, some of whom spend money on hospitality goods and services, and put it into the ‘pockets’ of care home residents, who don’t…

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Disposable incomes:

Energy prices are set to rise sharply in January, reports Cornwall Insight. Moving in the other direction, the BRC reports that shop price inflation moderated slightly in September…

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YOUNG & CO – TRADING UPDATE, UPGRADES:

Young & Co has today updated on H1 trading for the 26 weeks from 31 March to 28 September 2026 saying that ‘following our record-breaking performance last year, we have continued that momentum into the first half of this year.’ It says that ‘we now look forward to delivering a full-year performance that exceeds previous expectations…’

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COMPANY NEWS:

Quick service chicken brand Popeyes has reported that revenue rose to £178m in the year to December 2025 from £119m in the prior year. The company reports that adjusted EBITDA rose to £17m (FY24L £9m) but losses before tax rose to £6m compared to a loss of £4m the previous year….

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Greene King has commented on competitive socialising saying that it is meeting demand ‘with traditional and next generation stay-to-play games’ which it says are ‘driving footfall and boosting sales….’

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Market Halls reports strong trading over the summer with 16% LFL growth in its first quarter. The food hall operator said that food and drink sales and corporate bookings had been particularly strong….

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Soho House. The BBC reports that Soho House’s Shoreditch site ‘is being investigated by the local council after a former member of staff raised concerns about rats and out-of-date food allegedly being served….’

Molson Coors has confirmed Sharp’s Brewery in Cornwall will close at the end of 2026, with up to 40 roles at risk, reports the MA. Molson Coors acquired Sharp’s in 2011 and reports that it has invested some £20m in the brewery since that date.

GREGG’S – Q3 UPDATE:

Gregg’s reports total sales up 7.7% for the 13 weeks to 26 September 2026, and 7.4% for the 39 weeks to 26 September 2026. It says that company-managed shop LFL sales were up 3.4% for the 13 weeks to 26 September 2026, and 2.6% for the 39 weeks to 26 September 2026. The company adds that ‘improved trading reflects the success of continued menu innovation along with more settled weather.’ Cost inflation ‘expectations unchanged at circa 2% on a like-for-like basis’.

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SAGA – H1 NUMBERS:

Saga reports underlying revenue up 14% at £366.3m. Trading EBITDA is up 35% at £90.0m and the underlying PBT is up 98% at £46.6m. Saga reports underlying basis EPS up 99% at 33.5p. There is no H1 dividend. The company says it is not ‘permissible under financing arrangements while the ship debt facility deferred amounts are outstanding.’ Net debt is down by 17% at £429.1m and the leverage ratio has been reduced to 2.7x from 4.3x a year earlier. Saga had updated at its AGM that trading had been ‘in line with expectations for the first four months of the year.’ It said at the time that it remained ‘on track to deliver its full year guidance.’

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HOLIDAYS & LEISURE TRAVEL:

The US Travel Association has said that UK visitor numbers to the US are holding up well relative to numbers from other source markets…

City AM reports that The St Clement hotel, launched by Soho House founder Nick Jones, has opened near Temple in London. City AM reports that Jones’ brief was to make it like Claridge’s and Chiltern Firehouse but also casual like Soho House.

FINANCE & MARKETS:

The Bank of England reports that the number of mortgage approvals in the UK fell in August to its lowest level since the end of 2023.

Sterling mixed at €1.1668 and $1.3221. Oil down around $4 at $103.43. UK 10 year gilt yield down 3 basis points. World markets mixed yesterday but London set to open around 64 points better as at 6.30am.

RETAIL WITH NICK BUBB:

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