Today’s news in brief – 07/11/24

Wetherspoon boss Tim Martin has warned of rising prices following the autumn budget, though the pub group intends to “make every attempt to stay as competitive as possible”. It comes as Wetherspoon has reported that LFL sales in Q1 were 5.9% higher than the same period last year, as bar and food sales rose 5.7% each. 

The Bank of England has cut interest rates to 4.75% for the second time this year. The bank voted by a majority of 8–1 to reduce the rate by 0.25 percentage points. The latest cut means interest rates are now at their lowest point in more than a year, as the last time rates were below 5% was June 2023.

The Nero Group has acquired FBC Coffee for an undisclosed amount. The London-based coffee business, which was founded in 1998, first opened as a kiosk and has grown to 11 locations in travel hubs across London and the South East. This acquisition will bolster The Nero Group’s travel and transport business.  

Foodservice price inflation fell to 2.4% in September, marking the 15th consecutive month of easing. However, nine out of 10 categories show month-on-month price increases, highlighting persistent inflationary pressures. The Vegetables category continues to report high inflation, driven in part by ongoing elevated potato prices. 

Bubbleology is expanding its presence in the North of England with the opening of its first location in Newcastle. The new 292 square foot kiosk in Eldon Square will create around 10 new jobs as it brings its signature bubble teas to a new Northeast audience. The menu features Bubbleology’s milk and fruit bubble teas and seasonal specials.