Jonathan Neame – I’ve never known the jobs market to be this bad: Jonathan Neame, chief executive of Kent brewer and retailer Shepherd Neame, has said he has “never known the jobs market to be this bad before”. He added vacancies across its pubs are currently up to 20% higher than before the pandemic, with up to 80 roles currently available across the estate. As a result, a number of the company’s pubs, particularly in rural areas, are tending to shut on Mondays because of a lack of staff “and some on Tuesdays as well”. “There have been periods when it's been difficult for certain roles, but I've never experienced a situation where there are more vacancies than people to fill them,” Neame told Kent Live. “Pubs are having to focus their trade around the busiest sessions, which is obviously the end of the week and weekend. That does restrict demand potential a bit, but we're noticing when people do go out their spend is slightly higher.” Neame said the company is currently in the process of reviewing its pay levels and “some pay rates have moved forward in the last few months or so” as it looks to entice workers. “It's not got any better since the lockdowns lifted, but every sector is struggling with recruitment,” said Neame. “I’m not convinced hospitality at the moment is any worse than any other sector. Retail, logistics, right across the piste there's a real challenge. Pre-pandemic we had challenges in kitchen staff – that has continued. It's more that some of the senior teams in our pubs – assistant managers and chefs for example – are quite difficult to recruit for. I think the fundamental issue is that there are more vacancies than there are unemployed for the first time ever. Why is that? Clearly a number of people have left the workforce and a number who have decided to do different jobs, or become self-employed. I suspect leaving the EU is part, but certainly not the whole, situation. There are skills shortages in the EU, particularly in all the same trades.”

One day to go before release of updated Premium Database of Multi-Site Companies, 50 business being added: A total of 50 new multi-site companies, operating 323 sites, have been added to the next edition of the Propel Premium Database of Multi-Site Companies, which will be released tomorrow (Friday, 1 July), at midday. The updated Propel Multi-Site Database, which is produced in association with Virgate, includes growing experiential concepts, regional restaurant and pub operators and expanding hotel brands. Premium subscribers will also receive a 4,500-word report on the new additions to the database. The comprehensive database is updated monthly and provides company names, the people in charge, how many sites each firm operates, its trading name and its registered name at Companies House if different. It features more than 2,000 companies. Premium subscribers will also receive the next edition of the New Openings Database, which is produced in association with StarStock, on Friday, 8 July, at midday. It focuses on newly announced openings and upcoming launches in the sector and is updated every month. The next edition also includes a 19,000-word report on the new additions to the database. Premium subscribers also receive access to the Propel Turnover & Profits Blue Book, which is produced in association with Mapal Group. The Blue Book, which is also updated monthly, provides an insight into UK operator turnover and profitability over five years, profit conversion and directors’ earnings. Premium subscribers have also been given exclusive access to the UK Food and Beverage Franchisor Database, which is an exhaustive guide to the companies offering a food and beverage franchise in the UK and will be updated every two months. The second edition featured 120 companies, providing insight on the offer, locations, cost and other key details. The second edition provides almost 47,000 words of content. Companies can now have an unlimited number of people receive access to Propel Premium for a year for £895 plus VAT – whether they are an operator or a supplier. The single subscription rate is £445 plus VAT for operators and £545 plus VAT for suppliers. Email jo.charity@propelinfo.com to upgrade your subscription. Subscribers also receive access to Propel’s library of lockdown videos and Friday Wrap interviews and now also have access to a curated video library of the sector’s finest leaders and entrepreneurs, offering their insights on running outstanding businesses in the sector. Premium subscribers also receive their morning newsletter 11 hours early, at 7pm the evening before our 6am send-out; regular video content and regular exclusive columns from Propel group editor Mark Wingett.

Business confidence hits 15-month low: Business confidence has fallen to a 15-month low as soaring inflation and the associated cost-of-living squeeze pile the pressure on bosses. Corporate sentiment dropped this month to its lowest point since March 2021, when the UK economy was emerging from a second wave of covid-19, according to a long-running monthly survey by Lloyds Banking Group, reports The Times. The bank said that while employers remain “broadly positive”, they face “several challenges ahead, including concerns around higher costs and slowing demand”. “If these trends continue, businesses may have less scope to pass on higher costs to support their margins,” said Hann-Ju Ho, senior economist at Lloyds. Lloyds said the proportion of companies citing optimism about their trading prospects fell from 56% in May to 49% this month, while the share of those who were feeling less optimistic rose from 23% to 27%. Confidence fell in June for the third time in four months, Lloyds said, although the 56% of businesses planning to increase their prices in the coming year was marginally down compared with May. Service sector confidence declined to its lowest in a year, reflecting weaknesses in hospitality, Lloyds said, although this was offset by stronger confidence in business services. Despite the decline, the level of business confidence remained close to the long-term average for the survey, which began in 2002. Last week, GfK, a market research firm, said its consumer morale index, launched 48 years ago, fell to minus 41 in June from minus 40 in May, below levels that have previously preceded recessions. The consumer price index, a key measure of inflation, is at a 40-year high. The Federation of Small Businesses, Britain’s largest employers’ group, has warned companies have been doing “all they can to absorb higher input, labour and energy costs, but can absorb only so much”.

Nightcap – value of deferred consideration for Adventure Bar Group is £1.5m: Nightcap, the owner of The Cocktail Club, the Adventure Bar Group and the Barrio Familia group of bars, has announced the deferred consideration payable for its acquisition of the Adventure Bar Group has been valued at £1.5m. The company announced in April that on the basis of its trading since its acquisition, the Adventure Bar Group has achieved the milestones required for the payment of the all-equity earn out component of the consideration for this acquisition significantly earlier than originally anticipated. Last May, Nightcap announced the acquisition of the entire issued share capital of +Venture Battersea, Adventure Bars Mid and Adventure Bars Luna Digbeth, being the companies that operate the Adventure Bar Group’s Tonight Josephine, Blame Gloria, Bar Elba, Luna Springs, Escapologist and Nikki’s Bar brands. Nightcap stated: “Further to the announcement made on 26 April 2022, the company has issued 7,142,856 new ordinary shares (the ‘earn out consideration shares’) of 1p each (‘ordinary shares’) in respect of the deferred consideration payable for its acquisition of the Adventure Bar Group. The earn out consideration shares were issued at a price of 21p per share, valuing the deferred consideration paid at £1.5m. The earn out consideration shares have been issued as follows: 2,321,428 to Bryan Lloyd; 2,267,857 to Thomas Kidd; 2,267,857 to Tobias Jackson; and 285,714 to Kieran Botting.” Sarah Willingham, chief executive of Nightcap, said: “Realising the full earn-out early is a phenomenal achievement for the founders of the Adventure Bar Group and with the recent successful opening of Tonight Josephine in Cardiff along with the upcoming openings of Blame Gloria, Bristol and Tonight Josephine, Liverpool, the business continues to go from strength to strength. The business is setup for further expansion this year with a strong pipeline of attractive sites under negotiation or in legal negotiations.”

Bank of England governor hints at more aggressive interest rate rises: Bank of England governor Andrew Bailey has hinted more aggressive interest rate rises may be needed as the fight steps up against rising inflation. Bailey, who has been accused of being too cautious in his approach to rate hikes with inflation in the UK heading towards 11%, said the bank has “the option” of acting more forcefully. The bank has raised rates five times since December, from 0.1% to 1.25%, but never by more than 0.25 percentage points. By contrast, the Federal Reserve in the US has raised rates three times since March, by 0.25 percentage points, 0.5 percentage points and 0.75 percentage points. Bailey said: “There will be circumstances in which we will have to do more. We’re not there yet in terms of the next meeting. We’re still a month away, but that’s on the table.” Meanwhile, US Federal Reserve chairman Jerome Powell warned bringing down high inflation globally will be painful, hitting economic output and jobs. “The process is highly likely to involve some pain but the worst pain would be from failing to address this high inflation and allowing it to become persistent,” he said.

Chapel Down announces departure of chief marketing officer: Chapel Down has announced chief marketing officer Mark Harvey will leave the business at the end of the month. Chapel Down stated: “Mark has been a highly valued member of the Chapel Down board and executive leadership team for the last six years, during which time he has held several senior commercial and marketing roles across the business. The development of our market leading Chapel Down brand in domestic and international markets, is a key strategic focus for the business moving forwards and a recruitment process for the chief marketing officer replacement is underway.”