The Sunday Times - UK (2021-12-19)

12 The Sunday Times December 19, 2021

BUSINESS

If you were running a business, you

wouldn’t hire [Boris] Johnson,

Michael Gove or Priti Patel.

They’re all idiots

Ryanair boss Michael O’Leary attacks

the cabinet as “Johnson-supporting

Brexiteers” who lack talent

Yes

74%

No

26%

Richard Caring, the king of

clubs, threw a party for

members of his George club

in Mayfair earlier this month.

It was a goodbye rather

than a Christmas bash;

George is shutting down so

that it can undergo a

makeover for the first time

since it was opened 20 years

ago. Improvements will

include expanding the dining

room indoors and scrubbing

up the terrace outside.

But now that the

hangovers have subsided,

Caring, 73, has some

paperwork for his members:

George is making them

reapply. Although they were

told this was “to ensure that

we have all your correct

details and are in line with

GDPR regulations”, old

members of his other Mayfair

haunt, Annabel’s, might

recall a similar reapplication

process during its

refurbishment — and many of

them didn’t get back in.

(Caring always says he

decided to revamp Annabel’s

after he popped in for a drink

one night and found an old

couple asleep in a corner.)

George is a big favourite of

property old-timers such as

Gerald Ronson and Tory

donors including Lord

(Michael) Spencer. Will they

be dumped in favour of slick

Middle Eastern princelings

and trout-pouting Mayfair

celeb types?

Developer is in

good nick now

’Ello, ’ello, ’ello, what ’ave we

got here then? It’s a police

station up for sale. The Met is

flogging the old Isle of Dogs

station in east London,which

closed years ago. But one of

the bidders has closer ties

with the property than most

developers: he once spent a

weekend banged up there.

As a young black man,

Stewart Wellington often got

pulled over in his car by the

police — and had reached the

end of his tether. On one

occasion, in a rare show of

defiance, he decided not to

appear at the station to show

his documents, as requested.

Police turned up at his house

with an arrest warrant and

locked him up. Thankfully, a

kind duty officer let his

girlfriend bring his duvet,

pillow and the Sunday

papers, and even let his

mother visit too, restoring his

faith in the force.

When his business partner

unearthed the property to

turn into houses, Wellington,

52, told him: “We need to buy

this ... [it] has profound

significance for me.” He is

now in a bidding war, but

hopes his sentimental ties

with the building can win

over the Met.

Candy did want

collars felt...

Talking of developers, Nick

Candy stepped back into the

spotlight last week.

The tycoon behind some

of Britain’s most garish

homes in Knightsbridge

(including his own) was

pictured at the infamous

rule-breaking Christmas

party last year at the

Conservative campaign

headquarters in London — a

bash held by former mayoral

candidate Shaun Bailey.

The Tory donor, 48, who is

married to ex-Neighbours

actress and pop star Holly

Valance, had bankrolled

Bailey’s campaign.

Earlier this year, Candy

ripped into London mayor

Sadiq Khan, Bailey’s one-

time electoral foe, over his

“disgraceful” attempts to

tackle crime in the capital.

On Thursday, the Met

confirmed it is to question

two people who attended the

party last December in

relation to alleged breaches

of Covid regulations.

Candy is no doubt

delighted that the Met is

finally taking a tougher

stance.

Curtain falls on

eventful career

Farewell to David Buik, the

stockbroker turned market

pundit who says he is finally

hanging up his hat after 58

years in the City.

Fond of long lunches, a

glass of wine and the cricket,

the 77-year-old veteran

brings to a close a career that

has spanned the Big Bang,

9/11 (when he worked at BGC

Partners, part of Cantor

Fitzgerald, which lost 658

employees in the attacks),

the financial crisis and most

recently the Covid pandemic.

He has earned a well-

deserved rest.

Papers, please: Richard Caring and son Jamie

Nick Candy with wife Holly

Valance: tough on crime

Caring isn’t sharing the

refurb love at George

6 Autonomy founder Mike Lynch is gearing up for yet more

court action. Last week, he challenged a judge’s ruling that

home secretary Priti Patel could not have until March to

decide on his extradition — a move likely to extend the process.

To recap, the US Department of Justice has hit Lynch, 56,

with a string of fraud charges, which he denies, involving the

sale of Autonomy to US tech giant Hewlett-Packard in 2011.

Last week, Luminance, one of the start-ups his Invoke Capital

venture capital firm has backed, revealed in accounts that it

had received a further £1.2 million in funding from Invoke in

2020. So what does Luminance do? Its artificial intelligence
      tech helps scan thousands of pages of legal documents.
      That’s handy.

STARTRAKS PHOTO/SHUTTERSTOCK

Jamie Nimmo

JUST SAYING...

FUNNY BUSINESS

TWITTER POLL

Was the Bank of England

right to raise interest rates

to 0.25 per cent from their

historic low of 0.1 per cent

last week?

@ST_Business

102 Royal Mail 496.3 +11.6 606.4323.3 3.4 5.7 4.9

175 RWS 614.5-16.0 696.5523.0 1.544.4 2.4

144 S4 Capital 581.0 +4.0870.0424.0 0.0 N.A 3.2

161 Safestore 1371.0 +8.01392.0735.5 1.2 11.8 2.9

65 Sage 813.4 -11.0 827.6558.6 2.2 31.0 8.3

58 Schroders 3439.0+14.03871.0 3281.0 3.4 17.1 9.0

29 Scottish Mortgage IT 1358.5-35.51543.51017.0 0.3 3.5 19.6

33 Segro 1384.5-24.51422.0875.8 1.4 6.6 16.6

71 Severn Trent 2929.0 +4.0 2934.0 2168.0 3.5 N.A 7.3

183 Shaftesbury 596.5 -8.0669.0 511.5 0.9 N.A 2.3

47 Smith & Nephew 1240.0 +9.01668.5 1202.0 2.326.3 10.9

88 Smiths 1548.5 +48.51661.0 1355.5 2.439.5 6.1

139 Smithson Investment Trust 1950.0-16.0 2020.0 1556.0 0.0 6.4 3.3

49 Smurfit Kappa 3973.0 +9.0 4305.0 3318.0 3.120.4 10.3

133 Softcat 1740.0-20.0 2240.0 1285.0 1.2 36.1 3.5

120 Spectris 3573.0-26.0 4083.0 2791.0 1.9 18.1 4.0

46 Spirax-Sarco Engineering 15380.0-690.0 17135.0 10710.0 0.855.3 11.3

31 SSE 1609.0-23.51682.01301.5 5.1 6.4 17.1

63 St James's Place 1615.0 +6.51692.01113.0 3.142.8 8.7

42 Standard Chartered 431.9 +7.1 521.6410.0 2.1 10.4 13.3

153 Tate & Lyle 655.4 +5.0 815.8 629.4 4.7 75.1 3.1

87 Taylor Wimpey 167.4 -0.2 191.7 146.5 4.9 12.6 6.1

192 Templeton Emerging Markets IT 178.4 -2.61072.0 173.2 2.1 1.7 2.1

27 Tesco 284.4 +0.0 285.9 219.3 3.2 18.9 21.8

179 THG 190.0 -5.5 799.4 167.2 N.A N.A 2.3

137 Travis Perkins 1525.5 +8.0 1830.0 1303.5 0.824.0 3.4

108 Tritax Big Box Reit 239.4 +0.8 242.2 158.3 2.3 5.7 4.5

187 Ultra Electronics 3136.0-24.0 3370.0 1856.0 1.823.0 2.2

4 Unilever 3982.0-33.5 4481.0 3733.0 3.6 22.7 102.2

114 Unite 1062.0 -28.51237.0930.0 0.550.9 4.2

69 United Utilities 1102.0-19.01130.0859.2 3.9 100.8 7.5

195 Victrex 2382.0-96.0 2706.0 2056.0 2.528.3 2.1

172 Virgin Money UK 167.5 +4.2 215.4 126.6 0.6 6.1 2.4

169 Vistry 1133.5-18.51346.5842.0 3.5 12.1 2.5

20 Vodafone 114.3 +1.1 142.4 106.9 6.7 N.A 31.1

146 Watches of Switzerland 1340.0-76.01482.0533.0 0.043.7 3.2

112 Weir 1641.5-67.02107.0 1600.5 0.7 27.8 4.3

91 Whitbread 2769.0 -129.0 3595.0 2713.0 0.0 N.A 5.6

67 Wise 750.2 -7.21150.0 718.2 N.A 338.4 7.7

116 Wizz Air 4008.0 -285.0 5565.0 3729.0 0.0 N.A 4.1

176 Worldwide Healthcare Trust 3595.0 +35.0 3960.0 3475.0 0.617.9 2.4

44 WPP 1091.0 -4.0 1115.5765.8 2.4 N.A 12.6

83 J Sainsbury 271.2 -4.0340.0 217.8 3.9 22.9 6.3

50 JD Sports Fashion 198.3 -21.71170.0 198.3 0.124.0 10.2

198 Jet2 959.0-56.01564.5938.6 0.0 N.A 2.1

126 Johnson Matthey 1962.5-82.5 3300.0 1959.0 3.724.8 3.8

64 Just Eat Takeaway.com 4069.0 -157.5 9070.0 3880.5 0.0 N.A 8.7

190 Kainos 1776.0 -11.0 2084.0 1090.0 1.3 54.7 2.2

73 Kingfisher 337.4 +4.5 376.4262.4 2.8 8.6 7.0

92 Land Securities 751.2 +0.0 766.2607.0 3.2 N.A 5.6

30 Legal & General 287.3 -5.5 297.9243.5 6.2 8.6 17.2

18 Lloyds Banking Group 46.2 -0.2 51.1 33.0 2.7 7.0 32.8

16 London Stock Exchange 6808.0 +66.0 9910.0 6502.0 1.176.3 37.9

166 Londonmetric Property 277.8 +4.0 278.8206.2 2.6 5.9 2.7

101 M&G 194.1 -0.1 248.6 175.9 9.482.9 5.0

154 Man 219.2 +0.1 242.5 131.6 3.8 13.0 3.1

110 Marks and Spencer 224.6-12.4 248.3 128.9 0.0 177.4 4.4

186 Mediclinic International 308.6+14.0346.4 273.2 0.0 19.3 2.3

90 Meggitt 733.4 -4.2 839.2388.9 0.0 97.8 5.7

78 Melrose Industries 146.9 -2.1 190.8 141.1 1.1 N.A 6.4

196 Mercantile Investment Trust 261.5 -2.5 291.0 217.0 2.6 2.5 2.1

60 Mondi 1816.5-14.0 2068.0 1696.5 2.9 17.8 8.8

148 Monks Investment Trust 1348.0-36.0 1484.0 1276.0 0.1 4.1 3.2

15 National Grid 1073.8 +23.01073.8806.4 4.627.0 38.8

26 Natwest 219.4 +3.4 234.3 147.6 2.710.8 24.8

48 Next 7772.0 -478.0 8426.0 6594.0 0.0 17.1 10.3

170 Ninety One 270.0+10.2 272.6 217.0 5.0 13.5 2.5

43 Ocado 1722.0 +137.0 2883.0 1565.5 0.0 N.A 12.9

182 OSB 515.0 -4.0 526.5401.0 3.8 8.3 2.3

94 Oxford Nanopore Technologies665.0 -11.0 714.0525.0 0.0 N.A 5.5

197 Page 628.0-15.5 680.5 441.4 0.758.0 2.1

106 Pearson 604.0 +9.6 869.4571.8 3.3 16.3 4.6

147 Pennon 1181.0-23.0 1321.0867.8 2.9 96.1 3.2

82 Pershing Square 3015.0-80.03115.0 2385.0 0.4 2.8 6.4

61 Persimmon 2747.0-62.0 3238.0 2514.0 6.6 11.1 8.8

156 Petershill Partners 260.0 -5.5 352.0248.5 N.A N.A 3.0

185 Pets at Home 456.0 -11.4 519.0372.0 2.1 18.7 2.3

79 Phoenix 641.4-10.0 759.8623.4 7.5 N.A 6.4

184 Playtech 745.0 +20.5 770.0 351.0 0.0 8.6 2.3

132 Polar Capital Technology Trust2648.0-20.0 2736.0 2085.0 0.0 4.5 3.6

86 Polymetal International 1301.5-26.0 1841.5 1228.0 7.7 7.4 6.2

17 Prudential 1275.0-23.01585.51172.5 0.913.4 35.0

174 Quilter 144.1 +1.5 168.9 138.6 3.780.7 2.4

13 Reckitt Benckiser 6230.0 +60.0 6801.0 5391.0 2.8 N.A 44.5

173 Redrow 683.4 -6.4 718.8 521.0 3.6 9.3 2.4

12 Relx 2340.0-62.0 2424.0 1692.5 2.033.8 45.3

158 Renewables Infrastructure 132.0 -0.2 134.6 119.6 5.1 20.1 3.0

134 Renishaw 4700.0 +180.0 6900.0 4368.0 1.430.7 3.4

51 Rentokil Initial 535.0-88.4 636.2464.6 1.438.6 9.9

77 Rightmove 767.0 -4.4 779.0555.8 1.043.5 6.5

8 Rio Tinto 4876.0 +122.0 6658.0 4375.5 10.4 5.6 80.5

113 RIT Capital Partners 2710.0-25.0 2765.0 1992.0 1.3 3.4 4.2

54 Rolls-Royce 114.3 -8.5 147.5 87.0 0.0 2.9 9.6

157 Rotork 349.4 -5.2 376.6 313.6 2.5 31.8 3.0

2 Royal Dutch Shell 1593.0-66.81786.0 1297.8 3.836.3 123.1

5 Diageo 3977.0 +29.0 4016.0 2812.5 1.8 35.1 92.6

117 Diploma 3292.0-30.0 3460.0 2072.0 1.3 58.7 4.1

131 Direct Line Insurance 271.9 -4.8338.0 264.1 8.2 10.3 3.6

122 Dr Martens 387.4-12.6 514.8362.6 0.370.9 3.9

177 Drax 589.0 +7.0 601.0339.6 3.0 N.A 2.4

96 DS Smith 385.8 -0.4 462.3358.3 3.3 21.9 5.3

165 Dunelm 1358.0 +3.01551.01141.0 2.6 21.6 2.8

124 Easyjet 508.4 -17.2 1095.0485.9 0.0 N.A 3.9

93 Electrocomponents 1177.0 -8.01255.0853.5 1.429.9 5.5

55 Entain 1601.0-32.02377.01129.5 0.059.8 9.4

62 Evraz 600.0 +0.6 698.2464.0 13.1 7.6 8.8

19 Experian 3513.0 -107.0 3649.0 2273.0 1.044.5 32.4

103 F&C Investment Trust 918.0 -5.0 941.0750.0 1.3 4.8 4.8

23 Ferguson 12805.0+400.0 12805.0 8374.0 N.A 23.3 28.3

150 Fevertree Drinks 2690.0 +42.0 2749.0 2123.0 0.670.4 3.1

28 Flutter Entertainment 11195.0 +195.0 16915.010030.0 0.0 N.A 19.7

130 Frasers 740.5 +8.0 743.5425.0 0.0 N.A 3.7

75 Fresnillo 914.8 +53.61249.0 745.2 2.714.7 6.7

115 Future 3498.0 -114.0 3910.0 1694.0 0.158.4 4.2

143 Games Workshop 9865.0 +370.0 12220.0 8975.0 1.926.6 3.2

142 Genus 5005.0 +79.0 6070.0 4088.0 0.669.5 3.3

7 GlaxoSmithKline 1613.4 +1.41618.6 1190.8 5.0 18.9 81.2

11 Glencore 368.4 +0.5 392.5 232.7 1.2 32.9 48.6

164 Grafton 1188.0 +3.01412.0859.5 1.9 13.7 2.8

181 Grainger 312.0 +1.2 335.0259.6 1.7 19.4 2.3

145 Greencoat UK Wind 139.0 +2.8 142.6 124.6 5.1 13.5 3.2

152 Greggs 3024.0-54.03192.0 1698.0 0.5 36.2 3.1

45 Halma 3068.0-67.03165.0 2233.0 0.644.4 11.6

140 Harbour Energy 356.0 +4.2 430.6 17.3 0.0 N.A 3.3

191 HarbourVest Global Private Equity2735.0 -5.0 2755.0 1850.0 0.0 2.3 2.2

80 Hargreaves Lansdown 1349.0 +32.01788.0 1304.0 2.9 21.6 6.4

178 Hays 139.9 -1.7 176.7 137.7 0.938.5 2.3

138 HICL Infrastructure 174.6 +0.6 179.4160.0 4.7 18.0 3.4

100 Hikma Pharmaceuticals 2220.0 +7.0 2690.0 2193.0 1.8 14.7 5.1

159 Hiscox 858.4-17.0 1007.0770.0 1.0 N.A 3.0

163 HomeServe 855.5-29.51212.0803.5 3.1 76.9 2.9

99 Howden Joinery 871.2 -5.4 975.6662.2 1.020.3 5.2

6 HSBC 445.5 +6.8 455.5359.8 1.2 10.7 90.5

107 Hutchmed (China) 528.0+17.0 624.0352.0 0.0 N.A 4.6

136 IG 787.5 -3.0 952.5750.0 5.5 7.9 3.4

109 IMI 1705.0-57.01838.01165.0 1.3 25.6 4.4

37 Imperial Brands 1588.0 +2.51674.0 1333.0 8.8 5.3 15.0

141 Inchcape 857.5 -7.5 933.0630.0 1.645.4 3.3

68 Informa 502.0 -0.4 598.6464.4 0.0 N.A 7.5

66 InterContinental Hotels 4475.0 -167.0 5336.0 4399.0 0.0 N.A 8.2

84 Intermediate Capital 2134.0-39.0 2379.0 1667.0 2.712.3 6.2

76 International Airlines Group 132.0 -5.3 217.9 125.8 0.0 N.A 6.6

162 International Public Partnerships168.8 +0.2 176.2 160.4 4.4 52.2 2.9

59 Intertek 5546.0 -166.06198.0 4775.0 1.9 33.7 9.0

118 Investec 393.2 +7.9 398.7 183.2 4.7 9.9 4.0

180 ITM Power 378.2-18.6 717.0320.4 0.0 N.A 2.3

111 ITV 107.8 -3.6 132.5 99.3 0.0 11.9 4.3

167 IWG 268.0 -8.2 383.6258.8 0.0 N.A 2.7

39 3i 1424.0+31.51454.01107.0 2.8 4.9 13.9

151 3I Infrastructure 350.0+10.0350.0286.0 2.9 8.4 3.1

127 Abcam 1648.0-53.01720.0 1265.0 0.0227.1 3.8

98 Abrdn 236.9 +0.4 331.1230.0 6.2 3.6 5.2

56 Admiral 3109.0+21.0 3688.0 2850.0 4.9 14.1 9.3

105 Airtel Africa 127.0 +0.3 135.9 71.4 2.712.3 4.8

149 Alliance Trust 1024.0-10.01078.0868.0 1.4 4.3 3.2

14 Anglo American 2943.0+27.0 3444.0 2354.5 6.2 7.2 39.6

41 Antofagasta 1369.5 -1.51925.0 1282.0 2.8 17.5 13.5

193 Ashmore 294.6 +8.8 479.6285.8 5.7 8.6 2.1

25 Ashtead 6032.0 -168.0 6450.0 3298.0 0.832.8 26.9

189 Asos 2209.0 -155.05918.0 2110.0 0.0 17.3 2.2

35 Associated British Foods 1952.5 +8.5 2494.0 1727.0 1.432.3 15.5

200 Assura 69.0 -0.0 79.8 67.7 3.8 13.8 2.0

1 AstraZeneca 8513.0 +320.0 9444.0 6794.0 2.489.5 131.9

74 Auto Trader 718.6 -15.2 741.8543.6 1.135.4 6.8

81 Avast 614.4 +0.8 614.6420.0 1.9 29.5 6.4

52 Aveva 3257.0 -8.0 4220.0 3107.0 1.1 N.A 9.8

36 Aviva 402.9+10.4 426.2 314.2 3.6 25.4 15.2

85 B&M European Value Retail 617.0-23.2644.0496.5 2.9 14.3 6.2

32 BAE Systems 532.6 -17.4 599.4 462.1 4.5 9.7 16.9

21 Barclays 180.8 -1.7 202.8 133.5 1.7 5.8 30.3

70 Barratt Developments 720.6-14.8 794.8 628.2 4.1 11.3 7.4

168 Beazley 418.3 -1.7 423.1294.4 0.030.8 2.5

119 Bellway 3243.0 +9.03712.0 2722.0 3.6 10.3 4.0

97 Berkeley 4725.0 +6.0 4943.0 4053.0 0.0 11.8 5.3

3 BHP 2179.5+51.52375.5 1835.2 10.4 13.0 111.9

155 Big Yellow 1663.0 -9.01679.0 1053.0 1.7 6.4 3.1

9 BP 333.8 -8.9 363.6 252.1 4.8 13.8 65.8

123 Bridgepoint 469.5-10.5 569.0452.0 0.080.1 3.9

10 British American Tobacco 2762.5 +3.52914.0 2485.5 7.710.4 63.4

104 British Land Company 519.0 -0.4 544.8429.8 2.6 71.0 4.8

171 Britvic 918.0 +11.5 1006.0745.0 2.6 23.8 2.5

34 BT 167.4 -11.1 205.6 122.2 1.416.2 16.6

53 Bunzl 2867.0-89.0 2968.0 2150.0 1.9 21.1 9.7

72 Burberry 1745.0-75.0 2264.0 1687.0 3.1 15.0 7.1

194 Caledonia Investments 3815.0 +85.0 3875.0 2630.0 1.7 3.4 2.1

38 Carnival 1245.8-43.61865.41165.0 0.0 N.A 14.8

121 Centrica 66.5 -1.3 68.2 41.8 0.0 5.9 3.9

199 Close Brothers 1360.0 +37.01685.0 1293.0 4.4 10.2 2.0

57 Coca Cola HBC 2520.0 +63.0 2784.0 2160.0 2.220.7 9.2

24 Compass 1556.5 +32.0 1646.01310.5 0.977.8 27.8

135 Computacenter 2772.0 +22.0 3030.0 2086.0 2.0 17.4 3.4

125 ConvaTec 188.8+3.3 262.6 184.6 2.236.7 3.8

188 Countryside Properties 434.0-25.0 571.5 413.0 0.031.6 2.2

22 CRH 3803.0 +9.03921.0 3022.0 2.3 26.6 29.3

40 Croda International 9922.0 -488.0 10410.0 6082.0 1.054.9 13.8

160 Darktrace 420.0 +23.0 985.0315.0 0.0 N.A 2.9

89 DCC 6078.0 +394.0 6614.0 5178.0 2.720.1 6.0

95 Dechra Pharmaceuticals 5005.0+9.0 5405.0 3266.0 0.898.1 5.4

129 Deliveroo 214.5 -17.3 395.0 214.1 0.0 N.A 3.7

128 Derwent London 3334.0-18.0 3802.0 2960.0 1.9 72.3 3.7

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high lowYield P/E

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(£bn)

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Price/earnings ratios are based on historic data, with yield and p/e values

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Believe it or not, your tipster

for the week has not been

overindulging in the

Christmas festivities. His local

pub is ghostly quiet and it

does not feel as if there is too

much to celebrate. Yet for all

that, this share tip is for a bar

operator.

As an investment, it is,

admittedly, the equivalent of

a Jägerbomb with a tequila

chaser in terms of the risks of

going badly wrong. But

having seen several friends

fall not particularly sick with

the current wave of Covid, a

part of me can’t help hoping:

perhaps the lockdown fears

are just a little overdone?

It is worth a punt — a small

one, mind — that the return to

normality could be quicker

than feared. And that when it

comes, we will all be

“revenge partying” like it’s

1999. Perhaps not, if you’re
      my age, but the youngsters

THE ECONOMY

FTSE 100

7, 5 0 0

6,000

6,500

7,000

2020 2021

Source: Thomson Reuters Eikon

JIM ARMITAGE THE WEEK IN THE MARKETS

THE TIPSTER

surely will after being cooped

up indoors for weeks on end.

That’s why I’ve chosen

Revolution Bars for my high-

risk gamble of the week. The

company’s venues are open

all day but are at their busiest

in the evenings, when a

twentysomething crowd piles

in for cocktails and dancing.

Down 22 per cent in the

past month, the shares

currently trade at their lowest

levels since late January,

when the UK was in the

depths of a total shutdown.

With so much uncertainty

about the future, valuation

multiples versus earnings are

meaningless. But suffice to

say, at 18p, they are half

where they were in May.

The bearish view, of

course, is that clubs and bars

are facing weeks of closures

or tight restrictions. Dismal

for Revolution — but not

terminal. When it was last

closed for lockdown it burned

through £400,000 of cash a

week, but having raised

£34 million from

shareholders during the

pandemic, its November

figures showed it had net cash

of £4.6 million.

Few of its rivals can say

that. Rather, many of them

will perish, putting

Revolution in a stronger

position when normal trading

resumes.

With 18 per cent fewer

nightclubs and 7 per cent

fewer bars competing for its

customers than before Covid,

it could be in for an even

bigger bounceback than it

had last time. Back then,

when restrictions fully ended

in July, clubbers and barflies

were so desperate to get back

to partying that Revolution’s

takings were up 14 per cent

on the previous year.

If you are really optimistic,

you can believe that there will

be no club and bar closures,

and that youngsters who

cancelled their Christmas

parties for fear of infecting

granny on the 25th will have a

wild week before New Year.

Unlikely, I grant you, but at

this price it is worth a flutter.

Have a shot.

We’ll want

Revolution

if bars get

back to life

Revolution Bars

80p

0

20

40

60

2020 2021

Source: Thomson Reuters Eikon

variation 12 months

high low

UK 0.76 +0.02 1.20 0.18

US 1.41 -0.08 1.74 0.92

JAPAN 0.04 -0.01 0.17 0.00

GERMANY -0.38 -0.03 -0.09 -0.60

10-YEAR BOND YIELDS %

DOLLAR

USD > GBP

$1.33

0.00

12-month high: $1.42

low: $1.22

EURO

EUR > GBP

€1.18

U0.01

12-month high: €1.19

low: €1.10

YEN

YEN > USD

¥113.71

U0.33

12-month high: ¥115.41

low: ¥102.72

OIL

DOLLARS/BARREL

$73.59

V1.56

12-month high: $86.40

low: $31.13

GOLD

DOLLARS/TROY OZ

$1,802.48

U19.97

12-month high: $1,949.35

low: $1,681.24

BITCOIN

DOLLARS

$46,803.82

V1,182.93

12-month high: $67,707.33

low: $9,663.50

Price at 8pm Friday

FTSE 100

7,269.92

-21.86 H: 7,384.2

-0.30% L: 6,407.5

FTSE 250

22,780.38

-147.33 H: 24,250.8

-0.64% L: 19,692.1

RISERS

Domino’s Pizza: 430p U 19.6% resolves

row with franchisees Indivior: 251.8p

U 10.7% sentiment Moonpig: 371p

U 10.5% Covid beneficiary Ocado:

£17.22 U 8.6% Covid beneficiary

Source: AJ Bell/Sharepad

FALLERS

Cineworld: 33.7p V 28.5% damages

claim Capita: 36p V 20.4% trading

update Rentokil: 535p V 14.2%

Terminix bid IntegraFin: 514.5p

V 12.9% Brexit uncertainty Oxford

BioMedica: £10.68 V 11.3% sentiment

Consumer prices index current rate prev. month

5.1% 4.2%

CPI including housing current rate prev. month

4.6% 3.8%

Retail prices index current rate prev. month

7.1% 6.0%

Average weekly earnings on prev. monthon last year

£586 U0.3%U4.2%

Unemployment current rate prev. month

1.42m 4.2% 4.3%

Manufacturing output on the yearon last month

U1.3% V0.1%

Retail sales on the yearon last month

U4.7%U 1.4%

UK trade

balance (£bn)

latest 3 mthsprev. 3 mths latest 12 mths

-6.68 -0.74 -22.43

Gross domestic

product

latest quarter prev. quarterannual change

U1.3% U5.5%U6.6%

Budget deficit

(PSNB) in £bn

last month prev. month year to date

V21.8 V16.8 V108.1