SSP Group shares shot up on Wednesday as an increase in leisure travel helped the firm deliver strong turnover growth across all regions (Mail).
JD Wetherspoon chair Sir Tim Martin has said his pub group is seeing a ‘gradual recovery’ of profits and sales, despite rising labour costs (Mail).
Sales growth at JD Wetherspoon slowed in run-up to summer as the pub chain continued its “gradual recovery” from the pandemic (The Times £).
Tim Martin, the politically outspoken boss of the JD Wetherspoon pub chain, has praised the new Labour chancellor’s economic “pedigree”, as he called for tax changes to help the struggling hospitality sector (The Guardian).
The boss of Wetherspoons has urged Chancellor Rachel Reeves to slash taxes – by levelling the playing field between shops and pubs (Mail).
The Lex column in Financial Times (£) says India’s tea shortfall won’t hit the British brew. “Fears that price rises will spread across the rest of the world are misplaced,” the paper writes.
The UK economy returned to growth in May, expanding at its fastest pace in two years powered by an expanding services sector and a boost to housebuilding before the general election (The Times £).
UK tycoon Mike Jatania is poised to buy The Body Shop out of administration, according to Bloomberg (The Times £).
Jatania is understood to be part of a consortium that has entered exclusive talks with administrators overseeing the sale of The Body Shop (Telegraph £).
A case study in The Times (£) looks at cold-pressed juice business Daily Dose and how it raised £8m to build the company.
The Lex column in Financial Times (£) claims a new report shows anti-poverty campaigner Jack Monroe was right about cheapflation and the ONS was wrong. The column highlights a NBER working paper from Alberto Cavallo and Oleksiy Kryvtsov published last month that found “ample evidence” that so-called cheapflation is a global phenomenon.
Chinese authorities have opened an investigation into cooking oil shipments after a local media report alleged that fuel tankers had been used to carry edible oil without being cleaned, setting off the latest food safety scandal in the country (Financial Times £).
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