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Tenanted pub company
Today’s Daily Note
Langton Capital - 2025-05-16 - Everplay, PFD, Turtle Bay, Boxpark, Thwaites, licensing, brands & other:
Everplay, PFD, Turtle Bay, Boxpark, Thwaites, licensing, brands & other:A DAY IN THE LIFE: Provided you don’t have to labour outside, I think you get more work done in bad weather. The theory being that you’re not missing much by being indoors but, as the sun didn’t shine much Up North yesterday and I still got zippo done, I’m wondering if the above comment is a rule or just an excuse. Not that I think there’s much doubt that it’s just an excuse because it seems to me that when the sun’s shining, you can’t get down to mundane, paper based tasks because it’s shining and, when it isn’t, you CBA because it isn’t. The first may be driven by envy and FOMO, of course, whilst the latter is powered by gloom and despondency but, whatever the genetics, like an ostrich and an emu, they’re very similar in their effect and being bitten by the one is no doubt very much like being bitten by the other. Anyway, enough of that. Another good weekend to come so it just remains to say have a very good one and let’s move on to the news: LANGTON EMAIL: The Free Email is now written in short form. Extended versions of many stories (after the ellipses) are in the Premium Email. Reply to this email if you would like to upgrade. Prices for the Premium are £395 for one subscription, £695 for multiple, £995 for very large subscribers, all plus VAT. Or sign up for easy in, easy out monthly option per subscriber HERE https://www.paypal.com/cgi-bin/webscr?cmd=_s-xclick&hosted_button_id=87YUG2Z5W7PSN PUBS & RESTAURANTS: Licensing hours. The Government has announced that licensing hours will be extended if either England or Wales reach the semi-finals or final of the Women's Euros. Licensed premises that would normally close at 11pm will be allowed to keep serving until 1am if the teams progress... Brand values: Kantar’s 2025 BrandZ Global Report has held Corona as the world’s most valuable beer brand for the second year running. Remarkably, the has eight of the world’s top 10 beer brands owned by AB InBev. COMPANY NEWS: Daniel Thwaites announced yesterday that Kevin Georgel is to join the Company as a non-executive director with effect from 1 June 2025. Kevin Georgel is currently the Chief Executive of family owned St Austell Brewery in Cornwall and was previously Chairman of the British Beer and Pub Association and the former CEO of Admiral Taverns. Piper Private Equity has exited its stake in Turtle Bay having sold the holding back to its founder Ajith Jayawickrema. Current chair Jane O’Riordan will step down in the wake of the transaction... • See premium. Reply for sample or to upgrade. Single £395, multiple £695. Limited time offer: PayPal alternative monthly £25 + VAT per sub. Easy in, easy out. Boxpark CEO Matt Snell talks to the MCA saying its pop-up at the Grand National in Aintree ‘was the biggest activation we have ever done – at one point there were 10,000 people there – and over the three days you are talking six-figure revenue as the bars were doing £40k an hour. They are completely insane numbers.’ Christie & Co reports that the leasehold of the sight of Woody’s has been acquired by The Windsor & Eton Brewery. Christie says that located on the riverside on Rams Passage, Woody’s pub is a lively and welcoming venue known for its great atmosphere, quality drinks, and strong community appeal. The MCA reports that Pasta Evangelists is set to open 10 new restaurants by the end of 2025, with a focus on high-footfall locations across London and its surrounding commuter towns. Scottish Starbucks franchisee OCO West End has reported full year numbers for the year to 30 November saying that revenues rose by 15.2% from £25.7m to £29.5m. The GP% rose from 36.3% to 36.9% taking gross profits up to £10.9m. Admin expenses rose by 18.6% to £6.8m and interest costs also rose. PBT rose by 14.0% to £3.087m from £3.296m in the prior year... • See premium. Reply for sample or to upgrade. Single £395, multiple £695. Limited time offer: PayPal alternative monthly £25 + VAT per sub. Easy in, easy out. Thai Square is to bring ‘an authentic taste of Thailand to Bayswater with a new site launching on Thursday 12th June.’ This will be the group’s 11th location and it will be located ‘a minute’s walk from Lancaster Gate Underground Station and directly opposite the stunning Hyde Park.’ Philippines-based operator Jollibee Foods Corporation has reported full year numbers saying that it increased sales by 13%. The Jollibee Philippine business ‘grew by 11.4% driven by a 7.9% same store sales growth.’ Overseas, ‘Jollibee International delivered a 22% YoY growth, with strong same store sales growth across markets – Vietnam 16.8%, EMEA ex-Vietnam 11.6%, North America 8.1% and China (Hong Kong and Macau) 13.2%.’ Having quintupled in value since the dark early days of Covid, shares in Premier Foods rose by around 1p yesterday (or 0.5%) on the group’s full year numbers. The company is of interest both in and of itself and also because, in some ways, it is the mirror image of the dining out market, performing better at times when eating out is under pressure. PREMIER FOODS – FULL YEAR ANALYSTS’ MEETING: Following the release of its full year numbers, Premier Foods hosted a meeting for analysts and our comments thereon are set out below: Introductory comments & summary: Another ‘very good year’ and a reminder that volume market share has grown ahead of value market share. This will rebalance in the current year. The debt reduction has been helped by the cessation of pension fund contributions and positive trading. The group is 1) growing its core UK business and ‘layering upon this 2) new category sales, 3) overseas expansion and 4) acquisitions’. Capital allocation. The company believes the best use of its cash it to reinvest in the business. There is ‘a strong innovation pipeline.’ Six weeks into the current year, trading is in line with expectations. Group sees ‘plenty of opportunities to scale the business’. Trading: Q – in Q1, the group is cycling some ‘very strong comps’. And the hot weather is not helpful. Q – price pressure, discounting. Not really seeing any major issues. Q – distribution issues? i.e. getting products ‘on shelf in supermarkets’. Vital in getting brands in front of customers. Important issue but ‘no natural ceiling in sight’. Q – marketing spend. Co is ‘on a journey’ and further increases are scheduled. Co is ‘two thirds of the way to where it would like to be’. • See premium. Reply for sample or to upgrade. Single £395, multiple £695. Limited time offer: PayPal alternative monthly £25 + VAT per sub. Easy in, easy out. HOLIDAYS & LEISURE TRAVEL: STR reports that U.S. hotel performance for the week ending May 10 ‘saw negative performance metrics almost across the board. Occupancy fell 2.3% to 64.6%, average daily rate fell 0.7% to $162.57 and revenue per available room fell 3% to $105.08....’ American Express Global Business Travel reports that there has been a marked slowdown in price inflation in the business travel market... Commenting on the UK outbound holiday market (and the suggestion by TUI earlier in the week that the market was somewhat sluggish) The Daily Mail reports ‘holidays giant Tui has suffered a slowdown in summer bookings due to weaker demand in Europe.’ OTHER LEISURE: Everplay group plc (was formerly Team17) has announced that ‘.Steve Bell to step down as Chief Executive Officer, to be replaced by Frank Sagnier as interim Executive Chair, with immediate effect. Mr Bell became CEO when he took over from Debbie Bestwick in January last year. The company reports that ‘trading for the year ended 31 December 2025 remains in line with market expectations... • See premium. Reply for sample or to upgrade. Single £395, multiple £695. Limited time offer: PayPal alternative monthly £25 + VAT per sub. Easy in, easy out. US president Donald Trump says that he had a ‘little problem’ with Apple’s Tim Cook, after the company reported that it would switch assembly of iPhones for the US market from China to India in order to avoid tariffs. The president said on his current Middle East tour ‘I said to him: ‘Tim, you’re my friend. You’re coming here with 500bn but now you’re building all over India. I don’t want you building in India.’’ He added ‘India can take care of themselves ... we want you to build here.’ The Institute of Public Policy Research has suggested that the UK’s competition regulator should move to curb the dominance of US tech giants in the UK such as Apple and Google.... FINANCE & MARKETS: Data generated by accountant EY suggests that President Trump’s America First policy could be behind a reduction in US investment in the UK Sterling higher at $1.3325 and €1.1886. Oil up at $64.61. UK 10 year gilt yield down 7 basis points at 4.65%. World markets mixed yesterday and London set to open up around 12 points as at 6.30am. RETAIL WITH NICK BUBB: • See premium. Reply for sample or to upgrade. Single £395, multiple £695. Limited time offer: PayPal alternative monthly £25 + VAT per sub. Easy in, easy out. |
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