We are delighted to present the latest edition of the Cavendish Quarterly Consumer Note, with M&A insights into the key themes shaping the landscape for operators and investors in the consumer sector.

At the macro level, our focus remains on critical factors such as inflation, interest rates, and consumer confidence. We analyse how these elements impact operators, influencing their margins, and delve into the resulting effects on investors and their appetite for the market.

In this quarter’s edition, we shine a spotlight on the dynamic world of Hospitality. Our research centres around the challenges of like-for-like (LFL) trading and the disparities in valuations between freehold and leasehold estates.

Looking ahead, our next quarter is an examination of the Travel sub-sector, offering valuable perspectives and strategic considerations for industry participants.

Should you have any questions or wish to discuss the content further, please don’t hesitate to reach out to me or any member of the Cavendish team.