Sir Tim Martin – ‘I should have opened a small supermarket in 1979, not a pub’: Sir Tim Martin, founder and chairman of JD Wetherspoon, has said he “should have opened a small supermarket in 1979, not a pub” on the back of the measures announced in the Budget. Talking to The Telegraph in response to the Budget, Sir Tim, who founded JD Wetherspoon in 1979, said: “Prices will definitely rise across the industry, profits will be under pressure, and investment will be curtailed. I should have opened a small supermarket in 1979, not a pub.” David McDowall, chief executive of Stonegate, Britain’s biggest pub group, said: “For many, the benefit of a slightly lower multiplier is immediately cancelled out by punitive increases in rateable value. What is presented as support will, for many, feel like an increase in costs, not a reduction. [The] answer is for the discount on the multiplier to be increased to 20p as opposed to the 5p it has announced. At the same time, operators continue to absorb rising wage, energy and supply costs. These pressures are real and unavoidable, and while we all welcome and support colleagues receiving better pay, after all – we are the sector that creates meaningful opportunities for young people and those returning to work – the cumulative effect on already-tight margins cannot be ignored. This is not just an issue for a handful of businesses; it affects the full spectrum of our sector, from community pubs to high-street venues and larger operators. Many are now reviewing their numbers and questioning how they will battle against yet another round of cost increases. If the government wants thriving high streets, vibrant communities, and a sustainable hospitality sector, it must go further and deliver the substantive reform it has long promised. This budget was a missed opportunity to do exactly that and I urge the government to think again.” Jon Hendry-Pickup, chief executive of Butlins, said the holiday parks operator will “need to slow investment in our resorts to account for the additional cost”. He said: “The chancellor’s tax and spend ideology will end up hurting those who are looking for jobs in parts of England already facing high unemployment, like Skegness, Bognor Regis or Minehead.” Sacha Lord, chairman of the Night Time Industries Association, which represents nightclubs and late-night bars, said: “We are going to witness a raft of closures. Pubs, independent restaurants and cafes are all at severe risk of closure. I have never heard such fear within my sector.” Brian Whiting, who owns five gastropubs in Kent, told The Sunday Times: “All the talk within my industry has been about business rates. No one is paying less; that is a total myth. Of my five pubs, three of them are going up £70,000 a year between them.” The increase stings, especially as Whiting is still getting to grips with an additional £190,000 in employment costs since Rachel Reeves’ maiden Budget in October 2024. He said: “I’ve never been more disappointed. Things are worse now for us than during covid. The last Budget was an absolute shocker, and this one gave us no hope either. Things have gone from bad to worse but it’s trying to dress it up as if it’s done something for us.”

Propel’s sector-leading guide to the UK’s 500 largest hospitality companies to be made free to Premium subscribers on day of publication: Propel’s sector-leading guide to the UK’s 500 largest hospitality companies is making its return – and will now be available to Premium Club subscribers on the day of publication. The Propel 500 – 2026 report will analyse the companies leading the charge in hospitality, reporting on turnover, number of sites and key staff. The 45,000-word report will feature exclusive analysis to provide a full understanding of the market’s dynamics, as the top companies in the sector shift position after a challenging year. Mark Wingett will review the mergers and acquisitions changing the shape of the Top 500 as size increasingly matters. Katherine Doggrell will examine the key developments in UK hotels and look into one of the sector’s brightest lights, experiential leisure, while Tim Street dissects the UK’s rapidly developing franchise market. Data expert Mark Bentley, business development director at HDI, will look at emerging growth sectors, and Meaningful Vision founder Maria Vanifatova will analyse the latest trends in the quick service restaurant market. Propel 500 – 2026 will be released on Friday, 9 January at 9am and will be available free to Premium Club subscribers. The report will be available to non-Premium Club subscribers for £595 plus VAT. A Premium Club subscription costs an annual sum of £495 plus VAT for operators and £595 plus VAT for suppliers. Companies can now have an unlimited number of people receive access to Premium Club for a year for £995 plus VAT – whether they are an operator or supplier. Email kai.kirkman@propelinfo.com today to sign up and to pre-order Propel 500 – 2026.

Greggs told to cut costs or predator will pounce: Greggs is being urged by an activist investor to cut tens of millions of pounds of annual costs over fears that the food-to-go brand will otherwise fall prey to a cut-price takeover bid. The Sunday Times reported David Mercurio, of Singapore-based hedge fund Lauro Asset Management, this weekend attacked Greggs’ “timid” management after the company’s share price plunged 44% this year, giving it a stock market value of £1.6bn. The intervention comes just hours after major activist investor Silchester took a 5% stake in Greggs, making it the company’s biggest stakeholder. Nearly one in ten of Greggs’s shares is on loan to opportunistic investors betting against the company’s fortunes. Lauro, backed by GIC, Singapore’s giant sovereign wealth fund, ranks among Greggs’ biggest investors. City sources said Mercurio’s views were representative of the frustration shared by many of the larger traditional investors who rarely publicly share their grievances with management. Greggs insisted last month that it was making progress despite challenging market conditions. It said it was “making the brand more convenient for a wider range of customers” through targeted store openings and was investing in its supply chain capacity. Mercurio said Greggs’ expected cost growth next year, 8.4%, was far too high in the context of the UK minimum wage rising by 4.1% in 2026. “Costs are what management can control, particularly in the current febrile consumer environment,” he said. “We think management should be more aggressive in right-sizing its cost base post recent high inflation.” Mercurio said Greggs should identify “efficiencies” that would allow a minimum of £20m of costs to be cut annually. He went on to criticise the claim by chief executive Roisin Currie in July that Britain was yet to hit “peak Greggs”. Mercurio said: “The best way to highlight Roisin’s insistence is through a comprehensive buyback programme. With little, if any, financial debt on the balance sheet, Greggs is now a clear outlier within the UK retail industry as one of the few operators with no buyback. With the current configuration – future robust cash flow generation ... a pristine balance sheet and a valuation at multi-decade lows – there is a heightened risk that Greggs ceases to be an independent entity. It is time for management to step up and protect this iconic British brand through a more articulate and comprehensive plan.”

Byron saved by Niyamo Capital: Better burger brand Byron was rescued from a third collapse by Niyamo Capital, founded by the Indian-born investor Akshat Tibrewala. Propel revealed in October that Byron had staved off a further restructuring after raising additional equity to continue to “rebuild and grow”. Propel revealed in August that Tristar Foods had filed a notice of intention to appoint administrators and was believed to be working with advisory firm KR8 Advisory on its options for Byron, which operates seven sites – in Bury St Edmunds, Cambridge, Liverpool and York as well as Covent Garden, South Kensington and Tottenham Court Road in London. The Sunday Times reported that Tibrewala is thought to have injected about £2.5m into Byron and taken a majority stake, Calveton UK, which backed Tristar, retains a minority holding. The deal also includes Byron’s sister brand, Mother Clucker, which sells fried chicken through Deliveroo. Tibrewala said he hoped to reimagine Byron for a younger audience by updating its menu, investing in the company’s digital capabilities and expanding into international markets such as Dubai. He said: “Dubai has a lot of British presence now. Dubai is a market we feel is going to have recognition as soon as we enter. The fundamentals of the business are good. It’s still doing £11m-plus revenue every year.” A spokesman for the business told Propel in October: “In a tough trading environment, Byron/Tristar Foods has raised additional equity to continue to rebuild and grow the brand.”