Today’s news in brief – 23/01/25

Wetherspoon has reported that LFL sales rose 5.1% in the first half, having benefited from a 6.1% uplift in LFL sales for the main Christmas period between 16 December and 5 January. However, the pub group is bracing for debt levels to be in the range of £680m and £700m, compared with £660m in the year prior.  

The Revel Collective had a “robust” Xmas but warned of a £4m impact on annual profits due to the changes announced in the autumn budget. For the weeks from 7 December 2024 to 3 January 2025, the group saw its group like-for-like sales increase by 1.6%. Prebooked revenue, largely due to corporate Christmas bookings, was 5.3% ahead of last year.

November saw the return of month-to-month inflation with a 0.3% rise in prices, according to CGA data, despite YoY inflation falling to 2% in the 17th consecutive period of decline. This, combined with the potential impacts of the Autumn Budget, raises worries about the stability of prices in 2025 and suggests the recent downward pressure on prices may be easing. 

Simpsons in Birmingham has been brought to market for a leasehold price of £850k, as owner Andreas Antona has announced his retirement. The restaurant has held a Michelin star since 1999, alongside a number of other awards. Antona will continue to oversee the Cross at Kenilworth and his Soko Patisserie business on a part-time basis.