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Tue 23rd Jul 2024 - Fuller’s reports like-for-likes up 5.3%, margins recovering as inflationary pressures ease |
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Fuller’s reports like-for-likes up 5.3%, margins recovering as inflationary pressures ease: Fuller’s has reported like-for-like sales were up 5.3% for the 16 weeks to 20 July 2024 as “our trading momentum continues” while margins are recovering as inflationary pressures ease. The company stated ahead of its annual general meeting today (Tuesday, 23 July): “Since the year end, we have completed the sale of 37 non-core pubs to Admiral Taverns for a cash realisation of £18.3m and completed the sale of The Mad Hatter in Southwark for a total consideration of £20m. The sale of these properties strengthens our balance sheet, reducing our underlying net debt to £92m, which provides the capacity to fund our ongoing share buyback programme and leaves us well positioned to take advantage of appropriate acquisition opportunities.” Chief executive Simon Emeny said: “I am delighted to see our sales growth momentum continue, particularly against the backdrop of easing inflation, which will help us to grow margins and profit, as well as revenue. You can feel the positivity across the business, with our team members working energetically to drive our continued success. We have had a strong start to the financial year, and we look forward to the opportunities the future will bring. We have a new UK government in place, and I urge Sir Keir Starmer to stand by his commitment to overhaul our archaic business rates system. The Labour Party has a clearly stated objective to grow the economy and the hospitality sector can be an excellent engine to help deliver that growth. With the continued commitment of our inspiring teams, we will take the company forward, grow the business, and deliver excellent returns for all our stakeholders. I look forward to providing a further update on 13 November 2024 when we will issue our half year results for the 26 weeks to 28 September 2024.”
Propel’s next Multi-Site Database to be released on Friday with seven category segmentation including 778 operators from pub and bar sector: Premium Club members are to receive the updated Multi-Site Database on Friday (26 July). The Propel Multi-Site Database, produced in association with Virgate, provides details of 3,200 multi-site operators and is now searchable in seven main segments. The database features 937 (29%) operators from the casual dining sector, 778 (24%) pub and bar operators, 532 (17%) cafe bakery operators, 436 (14%) quick service restaurant operators, 261 (8%) hotel operators, 200 (6%) experiential leisure operators and 54 (2%) fine dining operators. The database is updated each month and this edition includes 50 new companies. New additions to the pub and bar sector include Balfour Hospitality, which has ten pubs across the UK; Open Brewers, a Lancashire multiple pub operator; and Bask, which is due to open its second bar and live music venue. Premium Club members also receive access to five additional databases: the New Openings Database, the Turnover & Profits Blue Book, the UK Food and Beverage Franchisor Database, the UK Food and Beverage Franchisee Database and the Who's Who of UK Hospitality. All Premium Clubs members will be offered a 20% discount on tickets to Propel paid-for events including the Talent and Training Conference (1 October), Restaurant Marketer and Innovator (two days in January 2025) and Excellence in Pub Retail (May 2025). Operators that are Premium Club members are also able to send up to four members of staff to each of our four Multi-Club Conferences for free. Premium Club members receive their daily Propel Info newsletter 11 hours earlier than standard subscribers, at 7pm the evening before. They also receive videos of presentations at eight Propel conference events two weeks after they are held. This represents around 100 videos of industry insight over the course of the year. Premium Club members will be sent a dedicated monthly newsletter that will highlight key updates in the sector and direct subscribers to all the vital content their membership offers. Premium Club members also receive exclusive opinion columns every Friday at 5pm, which include the thoughts of Propel group editor Mark Wingett and a host of industry leaders from across the sector. A Premium Club subscription costs an annual sum of £495 plus VAT for operators and £595 plus VAT for suppliers. Companies can now have an unlimited number of people receive access to Premium Club for a year for £995 plus VAT – whether they are an operator or supplier. Email kai.kirkman@propelinfo.com today to sign up. Drake & Morgan founder Jillian MacLean awarded Freedom of the City of London: Jillian MacLean, chief executive and founder of bar and restaurant group Drake & Morgan, has been awarded the Freedom of the City of London, celebrating her contribution to the hospitality industry. The accolade is granted to individuals who have made “remarkable impacts” on the City of London and is one of the oldest surviving traditional ceremonies in existence. The lord mayor, professor Michael Mainelli, submits nominations for outstanding contributions across a range of fields and for MacLean, it honours her “visionary leadership and innovation within hospitality, specifically bars and restaurants within the City of London”. The lord mayor commended Maclean’s efforts in boosting the social and cultural life of the city as well as her active participation in events aimed at encouraging the reopening of hospitality venues after the covid-19 pandemic. MacLean said: “It’s a great privilege to be awarded the Freedom of the City of London. Drake & Morgan’s bar and restaurants are primarily located in the City and I’m incredibly proud of the contributions our company makes to this vibrant community. We look forward to continuing our support for the Square Mile, championing positive change and innovation along the way.” MacLean founded Drake & Morgan in 2008, and the group now comprises of 18 bars and restaurants across London and Manchester including The Folly, The Anthologist, Devonshire Terrace, The Drift, The Refinery and The Fable, all in the City of London. Disposable incomes ‘rise at fastest pace in three years’: Disposable incomes in Britain have risen at the fastest pace in three years, although they remain below a peak reached in 2021. According to research carried out by supermarket Asda and consultancy the Centre for Economics and Business Research (CEBR), weekly disposable incomes have accelerated by 13.5% over the past three months on an annual basis, the fastest pace since 2021, reports The Times. However, despite the rise in disposable incomes, households are still reeling from the impact of rising living costs. Asda and the CEBR said that weekly average nominal incomes had hit £1,005 in June. Of this, £613 was spent on essential bills and a further £151 on taxes. After accounting for these costs, average weekly spending power was £240 last month, up by £2.73 from May but still 2.7% below the peak of £246 recorded in March 2021. Wages growth has outstripped inflation for about a year, meaning that people’s living standards have recovered gradually, a trend that analysts said was likely to continue, potentially triggering a rise in consumer spending. According to the research, the recovery in real incomes in London has outpaced that of other regions in the UK. Spending power in the capital is now 3% above its pre-covid high at £351 per week.
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