12/11/2024 10:58:00
The Bank of England cut interest rates to 4.75 per cent but signalled that a further move is unlikely before early 2025, as it forecast that the recently announced UK Budget would increase inflationary pressures advises the FT. The Monetary Policy Committee's eight-to-one decision to cut its key rate by 0.25 percentage points was in line with the expectations of economists polled by Reuters and came after inflation fell to a three-year low. The BoE kept rates on hold at its previous meeting in September, following a reduction in August suggesting the BoE is taking a cautious approach to lowering rates as it weighs the impact of the Budget.
The board members of UKHospitality, and 209 hospitality businesses, have warned of job cuts and closures as a result of the rise to employment costs, advises MCA Insight. In a letter to the Chancellor, the bosses of Fuller's, Stonegate Group and Whitbread, among others, stressed the industry will suffer as a result of the upcoming £3.4b bill in April. They have urged the government to either create a new employer NICs band from £5,000 to £9,100 with a lower rate of 5%, or implement an exemption for lower band taxpayers working fewer than 20 hours per week, with the aim of supporting part-time and lower paid workers.
Travelodge has completed its first freehold acquisition of an office building in London's St Paul's as it seeks to diversify its estate reports The Caterer. The acquisition of Genesis House in Godliman Street comes after the budget hotel company wrote to over 100 of the UK's largest office owners to identify opportunities for conversions. The 24,000 sq ft site will be converted into a 95-bedroom Travelodge hotel, complete with on-site restaurant 85 Bar Café, subject to planning permission.
JD Wetherspoon (JDW) has reported a 5.9% uptick in like-for-like (lfl) sales but warned price increases are on the horizon following the Budget says the Morning Advertiser. The trading update detailed lfl sales in the 14 weeks to Sunday 3 November (Q1) were 5.9% higher than the same period last year. Bar sales were up by 5.7%, food by 5.7% and slot/fruit machines by 13.5% while hotel room sales decreased by 2%. In addition, total sales grew by 4.6% in the year to date, attributed to a "small number of pub disposals". It comes as the pub giant reported total sales soared to £2bn in the FY24.
Center Parcs is planning to develop its first holiday park in Scotland with a £400m investment reports The Caterer. Around 1,000 acres of land in the Scottish Borders has been earmarked for the resort, around three miles north of Hawick and 55 miles south of Edinburgh. Center Parcs plans to invest £350m - £400m into the scheme, which will include around 700 lodges, shops, bars, restaurants, a spa and indoor water park. An estimated 750-800 construction jobs are expected to be created, while the completed park will require 1,200 permanent staff. Proposals are at an early stage and Center Parcs is aiming to submit a planning application in 2025.
Chickpea will soon be operating 10 sites, after acquiring its first venue in the county of Dorset, says Pub & Bar. The group has taken on The King's Arms in Shaftesbury, North Dorset. The Hall & Woodhouse pub itself dates back to the 17th century, including period features. With The Manor House in Ditcheat also set to open soon, The King's Arms will take Chickpea's estate to 10 venues, including its pizza brand restaurant, Nole.
A new study has named the UK areas where it is easiest to get a pint, with Swansea crowned number one, reports CLH News.