Latest news with #Prosecco
The Herald Scotland
6 hours ago
- Business
- The Herald Scotland
Wetherspoon chief feeling 'clucking good' about pub giant
Wetherspoon, which has an estate of nearly 800 pubs, said it is on course to meet profit expectations for the year, despite hikes in employer national insurance contributions, national living and national minimum wage that took effect in April. Derren Nathan, head of equity research, Hargreaves Lansdown, said: 'JD Wetherspoon's flamboyant chairman Tim Martin was keen to point out a 'clucking good' performance for chicken in recent weeks, where volumes are now up around 50% compared to pre-pandemic levels. But it's the sunny weather that's helped sales keep tracking in the right direction. Given that June was the warmest on record, some investors may have been hoping for a bit more organic growth than the 5.1% seen in the final quarter of the year. Read more: 'But, despite the impact of increased labour costs, analyst forecasts expect operating profit to land a little ahead of last year at close to £140 million, with the bottom line also benefitting from reduced interest payments. The group has been trimming the tail of its estate by dropping underperforming units and is now leveraging its efficient operating model and brand strength to grab further market share. Its ambitions for new openings next year have risen from 10 to 15, with a similar number planned for the capital-light option of franchised units. Flagging consumer confidence remains a near-term threat but, overall, the JD Wetherspoon looks in good shape with the shares offering reasonable value, compared to the peer group.' Mr Martin, chairman of JD Wetherspoon, said: 'The company has benefitted from favourable weather in the fourth quarter, so that profits are anticipated to be in line with market expectations, notwithstanding the high tax and labour increases for the hospitality industry, which have been widely reported. In the next financial year, as well as investing in areas such as staff rooms, glass racks for 'branded' glasses, and gardens, the company plans to open approximately 15 new managed pubs and about the same number of franchised pubs. 'Sales volumes, which were very slow post-pandemic, have recently overtaken pre-pandemic levels. Wine, for example, has shown strong growth, with Villa Maria from New Zealand and Prosecco from Italy both shooting the lights out. Spirits have improved in recent months and whisky volumes are significantly above pre-pandemic levels. 'Draught volumes are performing strongly with Guinness being the standout performer. On the food front, breakfasts, terribly slow post-pandemic, have recovered their lustre and are now well ahead. Chicken, also, has put in a clucking good performance and volumes in recent weeks are up by about 50% compared to pre-pandemic levels.' Wetherspoon will report its preliminary results for the 52 trading weeks to July 27 on October 3. Shares closed up 2% or 15.5p at 795.5p.
Daily Mirror
11 hours ago
- Business
- Daily Mirror
Wetherspoon to open 30 new pubs over next year and create 1,800 jobs
Founder Tim Martin says: 'We're not throwing our hat in the air yet but are hopeful of better results' as chain reports hot-weather boosted rise in sales Wetherspoon has revealed plans to open up to 30 new pubs in the next year - its highest for a decade. The move comes after years where the popular chain - along with the wider sector - has been closing sites amid cost pressures and changing customer habits. The firm, known to many as Spoons, has 794 pubs after opening three in the past year and selling nine. It is a long way below the 955 sites Wetherspoons had in 2015. When it was expanding rapidly it opened 100 pubs in one year - 1997 - including 22 in a single month. The return to growth comes despite the firm, like others in hospitality, complaining about Labour's hike in employers' national insurance and the national minimum wage. Pub chains have been faring better than many independent watering holes. The Mirror has been highlighting the plight of local boozers through its Your Pub Needs You campaign. Wetherspoons founder and chairman Tim Martin told the Mirror: 'We're not throwing our hat in the air yet but are hopeful of better results in spite of challenging regulatory and tax regime.' On its plans, he said: 'We probably opened some pubs too close to others, which has held us back a bit. We can now concentrate on new openings more. In addition, we have only recently started franchising, which opens up locations such as universities and holiday parks where we've been unrepresented.' Around half the 30 new pubs planned for the coming year will be managed by Wetherspoons itself, the other half will be run by franchisees. They are expected to create around 1,800 jobs in total. A recent example was one of Wetherspoons largest ever pubs that has opened at a Haven holiday park in Devon. The pub can pack in nearly 700 punters, and is expected to serve as many as 2,000 pints a day. Asked what his message would be to Chancellor Rachel Reeves ahead of the autumn Budget, Mr Martin said: 'We live in a world of polarised politics. Try and steer a pre-economics, middle path.' Mr Martin said its sales, by volume, were only recently back above pre-pandemic levels. Takings rose just over 5% in the three months to July 20, boosted by the hot weather and punters flocking to beer gardens. Richard Hunter, head of markets at online firm Interactive Investor, said: 'This was achieved despite the challenges arising from the Budget measures, where the group previously reported rather morosely that increases in labour rates and national insurance would add some £60million per year to its costs, equivalent to £1,500 per pub, per week.' Full year profits - to be released in early October - are expected to be in with City forecasts, the firm said. Mr Martin singled out a number of successes in a trading update. Sales of Villa Maria New Zealand wine and Prosecco from Italy were both 'shooting the lights out', he said, with demand for Irish stout Guinness also continuing to strong. He went on: 'On the food front, breakfasts, terribly slow post-pandemic, have recovered their lustre and are now well ahead. Chicken, also, has put in a clucking good performance and volumes in recent weeks are up by about 50% compared to pre-pandemic levels.' Julie Palmer, partner at business advisory firm Begbies Traynor, said: 'With estimates that many pubs are at risk of being lost this year, Wetherspoon's scale and financial discipline will insulate it from the pressures that are pushing independent operators to close their doors. 'As such, we may be heading towards a world where pubs have to deliver a strong gastro, unique after-work captive audience offering or become a well-run giant like Spoons.' Mr Hunter at Interactive Investor added: 'Wetherspoon has fought its corner for many years and has overcome some serious hurdles, but the outlook for the wider domestic economy and the higher levels of staff costs continue to weigh heavily.'
Scotsman
12 hours ago
- Business
- Scotsman
Something's proving ‘clucking good' as pubs giant Wetherspoon raises a glass to the Black Stuff
'Sales volumes, which were very slow post-pandemic, have recently overtaken pre-pandemic levels' – Sir Tim Martin Sign up to our Scotsman Money newsletter, covering all you need to know to help manage your money. Sign up Thank you for signing up! Did you know with a Digital Subscription to The Scotsman, you can get unlimited access to the website including our premium content, as well as benefiting from fewer ads, loyalty rewards and much more. Learn More Sorry, there seem to be some issues. Please try again later. Submitting... JD Wetherspoon's founder and chairman Sir Tim Martin has hailed Guinness as a 'standout performer' in recent months while sales of chicken products have 'put in a clucking good performance' at the pubs giant. His comments came as the group said overall sales increased by 5.1 per cent in the 12 weeks to July 20, compared with the same period last year. Advertisement Hide Ad Advertisement Hide Ad The volume of sales recently overtook pre-pandemic levels, the company revealed, having previously flagged a slow recovery across its estate. Releasing a trading update ahead of its results in early October, the group - commonly referred to as Spoons - highlighted strong draught sales, particularly Guinness, as well as growth for wine and an improvement in spirits. JD Wetherspoon, commonly called Spoons, runs almost 800 pubs across the UK and Ireland, including Dunfermline's Guildhall & Linen Exchange within its Scottish portfolio. Picture: Scott Reid Guinness maker Diageo has consistently said demand for the famed Irish stout has been growing rapidly. Furthermore, the warm weather in recent weeks has boosted visitors, with a raft of Wetherspoon pubs benefiting from beer gardens. The group runs 794 pubs in the UK and Ireland, including the likes of the Caley Picture House in Edinburgh and Dunfermline's Guildhall & Linen Exchange. Advertisement Hide Ad Advertisement Hide Ad Martin - who founded the chain in the late 1970s with a single pub in Muswell Hill, London, naming the business after one of his teachers - said: 'Sales volumes, which were very slow post-pandemic, have recently overtaken pre-pandemic levels. Wine, for example, has shown strong growth, with Villa Maria from New Zealand and Prosecco from Italy both shooting the lights out. Spirits have improved in recent months and whisky volumes are significantly above pre-pandemic levels. The Caley Picture House on Edinburgh's Lothian Road is one of Spoons' largest venues. 'Draught volumes are performing strongly with Guinness being the standout performer. On the food front, breakfasts, terribly slow post-pandemic, have recovered their lustre and are now well ahead. Chicken, also, has put in a clucking good performance and volumes in recent weeks are up by about 50 per cent compared to pre-pandemic levels.' He added: 'The company has benefitted from favourable weather in the fourth quarter, so that profits are anticipated to be in line with market expectations, notwithstanding the high tax and labour increases for the hospitality industry, which have been widely reported.' Wetherspoon has previously warned it is facing a £60 million hit from the higher business costs. Nonetheless, the group has said it plans to invest in its pubs over the year ahead, including staff rooms and gardens, and hopes to open another 30 sites. Advertisement Hide Ad Advertisement Hide Ad Martin, who has been vocal on a range of matters including Brexit and Covid lockdowns, told investors: 'In the next financial year, as well as investing in areas such as staff rooms, glass racks for 'branded' glasses, and gardens, the company plans to open approximately 15 new managed pubs and about the same number of franchised pubs.' The generally upbeat news from Spoons came just a day after it emerged that BrewDog was to close ten of its bars, including its flagship venue in Aberdeen. The Scottish craft brewing giant said it has made efforts to preserve the sites, but it 'has simply not been possible to make these bars commercially viable'. Adam Vettese, market analyst for eToro, said JD Wetherspoon's latest update had served up a 'reassuring performance' as punters flock to its pubs during the recent favourable spell of weather. 'Still, it's not all plain sailing,' he added. 'The company continues to face a hangover from rising wage and tax costs, forecast to add around £60m a year to the bill, putting pressure on operating margins. Net debt is expected to edge up to £720m, as Wetherspoon invests in freeholds and refurbishments. Advertisement Hide Ad Advertisement Hide Ad 'While full-year profit guidance remains intact, it's clear that cost inflation is nibbling away at the group's bottom line.' Third Bridge analyst Alex Doran noted: 'Our experts say Wetherspoon is in a strong position as the UK pub sector steadies after a tough few years. The industry should see margin pressures ease slightly over time as operators improve labour efficiencies and embrace digital tools, but customers are still careful about spending. 'For Wetherspoon, its position as a value-led, wet-led operator with strong tech adoption continues to underpin its resilience. 'Wetherspoon's app for ordering and paying at the table has become a clear advantage. Customers like seeing what they are spending, and this helps them feel they are getting value for money. Advertisement Hide Ad Advertisement Hide Ad 'While many operators cut hours to save costs, Wetherspoon has stuck to being open, building trust with customers who know they can rely on the brand any day of the week. This has helped the business gain market share,' he added. Upbeat Richard Hunter, head of markets at investment platform Interactive Investor, said that what was a relatively brief trading update had revealed 'an upbeat tone'. He added: 'Wetherspoon has fought its corner for many years and has overcome some serious hurdles, but the outlook for the wider domestic economy and the higher levels of staff costs continue to weigh heavily. While the shares have been rewarded over recent months for the group's valiant efforts, which still leave the price undemanding in terms of valuation, the market consensus of the shares as a hold reflects some investor unwillingness to take the plunge just yet.' He noted that the group's share price remained some 54 per cent shy of the £16.94 achieved in December 2019.
The Irish Sun
a day ago
- The Irish Sun
Baby boy killed after being thrown from car window ‘because mum drank rosé on beach and didn't strap him in properly'
A BABY boy died after being thrown from a car window because he was not strapped in properly, a court was told. Mum Morgan Kiely, then 19, had been drinking at Clacton beach in Essex with a friend and her young son Harry on July 13, 2022. Advertisement 3 Harry Kiely died after being thrown from a car as his mum and a friend drove home from the beach after drinking Credit: SWNS 3 The young women were driving back from Clacton beach at about 6.30pm when the crash happened Credit: Getty However as they drove away, the car rolled and ended up on its roof - and six-month-old Harry was thrown from his seat through an open window. He died later that night from 'unsurvivable' injuries including a skull fracture. Kiely has denied manslaughter as prosecutors said Harry had not been strapped in his car seat properly. Chelmsford Crown Court heard Kiely was the passenger in a Ford Focus belonging to friend Stevie Steel when the accident happened. Advertisement Harry was in a rear seat behind his mother. Steel, of Crayford, Kent, has previously admitted causing death by careless driving while over the drink drive limit. Alex Stein, prosecuting, said the young women were driving back from Clacton beach at about 6.30pm when the crash happened. They had met up at about 3pm and bought three bottles of Prosecco at Aldi on their way to the beach with Harry. Advertisement Most read in The Sun They stayed on the beach for several hours and were briefly joined by a young man they knew. After finishing a bottle of wine , they left the beach together before Steel and Kiely drove away. The court heard Steel was distracted while driving and hit a parked car on Cherry Tree Avenue in Clacton. The Ford Focus rolled and ended up on its roof, and the two girls were left hanging upside down by their seatbelts. Advertisement Mr Stein said: "Very sadly, that child's seat had not been strapped properly into the seatbelt, and Harry hadn't been strapped into the seat properly. "Harry was thrown out of the open window out of his seat. "He suffered a devastating skull fracture. It is a very, very sad case." Mr Stein said Harry landed on the road and had no way to break his fall. Advertisement Members of the public rushed to help, including a retired paediatric nurse. Harry was treated at the scene for more than an hour before he was taken to hospital, where staff continued to try to save him, but he died at about 9pm. Read more on the Irish Sun Mr Stein said there was nothing to suggest Kiely wasn't a loving and caring mother to Harry and that everything that could have been done to save him was done in the period after the crash. The trial continues. Advertisement 3 They had met up at about 3pm and bought three bottles of Prosecco at Aldi on their way to the beach with Harry Credit: Alamy
Scottish Sun
a day ago
- Scottish Sun
Baby boy killed after being thrown from car window ‘because mum drank rosé on beach and didn't strap him in properly'
The Ford Focus rolled and ended up on its roof TRAGIC DEATH Baby boy killed after being thrown from car window 'because mum drank rosé on beach and didn't strap him in properly' A BABY boy died after being thrown from a car window because he was not strapped in properly, a court was told. Mum Morgan Kiely, then 19, had been drinking at Clacton beach in Essex with a friend and her young son Harry on July 13, 2022. Advertisement 3 Harry Kiely died after being thrown from a car as his mum and a friend drove home from the beach after drinking Credit: SWNS 3 The young women were driving back from Clacton beach at about 6.30pm when the crash happened Credit: Getty However as they drove away, the car rolled and ended up on its roof - and six-month-old Harry was thrown from his seat through an open window. He died later that night from 'unsurvivable' injuries including a skull fracture. Kiely has denied manslaughter as prosecutors said Harry had not been strapped in his car seat properly. Chelmsford Crown Court heard Kiely was the passenger in a Ford Focus belonging to friend Stevie Steel when the accident happened. Advertisement Harry was in a rear seat behind his mother. Steel, of Crayford, Kent, has previously admitted causing death by careless driving while over the drink drive limit. Alex Stein, prosecuting, said the young women were driving back from Clacton beach at about 6.30pm when the crash happened. They had met up at about 3pm and bought three bottles of Prosecco at Aldi on their way to the beach with Harry. Advertisement They stayed on the beach for several hours and were briefly joined by a young man they knew. After finishing a bottle of wine, they left the beach together before Steel and Kiely drove away. The court heard Steel was distracted while driving and hit a parked car on Cherry Tree Avenue in Clacton. The Ford Focus rolled and ended up on its roof, and the two girls were left hanging upside down by their seatbelts. Advertisement Mr Stein said: "Very sadly, that child's seat had not been strapped properly into the seatbelt, and Harry hadn't been strapped into the seat properly. "Harry was thrown out of the open window out of his seat. "He suffered a devastating skull fracture. It is a very, very sad case." Mr Stein said Harry landed on the road and had no way to break his fall. Advertisement Members of the public rushed to help, including a retired paediatric nurse. Harry was treated at the scene for more than an hour before he was taken to hospital, where staff continued to try to save him, but he died at about 9pm. Mr Stein said there was nothing to suggest Kiely wasn't a loving and caring mother to Harry and that everything that could have been done to save him was done in the period after the crash. The trial continues. Advertisement
