The last quarter has been a period of continuing muddy water, with occasional pools of clarity, as far as the emergence of the hospitality industry from lockdown has been concerned. Accordingly, your committee has continued to proceed with its cautious approach to investing your funds.
Compared to the heavy spending of the months of the 2020-2021 financial year, during which the Club supported refinancings via rights issues etc, the period just ended has been relatively quiet. A few carefully selected investments in companies believed to be in a good position to benefit the most from the phased return were made, whilst at the same time the opportunity was taken to gradually replenish the Club’s cash reserves.
We have already enjoyed a strong share recovery from the lows of early 2020, so we may find that, although company profits should improve as 2022 approaches, financial markets might be subdued for some time: much of that improvement has already been discounted in share prices. Many individuals and businesses have borne a huge cost from the pandemic and the impacts will reverberate for many years. Quite how the picture unfolds as we move through into 2022 and beyond is unclear and reasonable arguments can be made for a wide range of potential outcomes.
The Committee is always pleased to receive feedback from members and one subject that has been raised is that of “modern slavery” in the UK hospitality sector. The stimulus for the enquiry was a report published by CCLA, a London based fund management group, highlighting the issue: it mentioned some companies in which the Club has holdings. A copy of the report was obtained from CCLA and the Committee, who regards the stewardship responsibilities of share ownership very seriously, has begun its own review.
The Committee recognises that corporate governance and socially responsible investment is a complex area that is constantly changing, but retains the clear view that its principal mandate is to strive to deliver a positive financial return to Club members. The Committee will, nonetheless, consider environmental, socially responsible, and governance issues as far as is practicable and appropriate for the resources that it has at its disposal.
So far as membership news is concerned, it remains encouraging with 14 new members joining and only 10 leaving the Club. I’m pleased to report that there are now eleven branch ambassadors in post and that there is now also a brief PowerPoint presentation available for use by anybody prepared to try and recruit more members! Please contact the office if you’re interested in obtaining a copy.
As you’re aware, the changes to the exit timetable out of lockdown forced the Committee to cancel the July date for the Annual General Meeting. Unfortunately, that meant our guest speaker had to withdraw. At the time of writing, we are still hoping to hold a physical event at Beeston on 28 August, but this remains subject to change. Please continue to visit the website for updates.
Looking forward, there is always the risk of further viral waves causing frustration, but a recovery does seem tangible. Patience is a virtue in investment markets and history does show that when economic conditions resume a more normal pattern, sensibly priced assets should do well. Let’s keep our fingers crossed but remain both aware and agile… and safe!
John Hattersley – Club Chairman
Notice of 2021 Annual General Meeting
The 2021 AGM has now been rescheduled to take place on its reserve date, Saturday, 28th August 2021, at the Victoria Hotel, Dovecote Lane, Beeston, Nottingham NG9 1JG at 11-30am.
Although this date lies well beyond the Government’s target ‘unlocking’ date of 19 July, it cannot be guaranteed, so please keep checking the website for any updates. An agenda, together with last year’s minutes, will be uploaded to the website later this month for the benefit of all members, as well as being sent by email to all those planning to attend on the day.
Members who wish to raise questions regarding the agenda, or who wish to comment generally, are asked to contact the Admin Office by email by no later than close of business on Thursday 26 August (citing ‘AGM question’ in the subject line). Should the meeting proceed as planned, then questions and observations from the floor will of course be welcome as well.
If the reserve date once again proves to be unviable, the Committee, sadly, will then have little alternative but to repeat last year’s virtual AGM arrangement before the end of September.
Nick Metcalfe – Company Secretary
The cost for luncheon has been held at the 2019 price of £16.95, which includes the usual buffet and a pint of real ale.
If you wish to attend and haven’t already let the admin team know, please contact the office to book your place. We are restricted to 100 places, so must insist on Members Only please and on pre-booking only.
Change of Contact Details
Please let us know if you have changed your email, postal address, or your contact phone number recently. We must receive this from you in writing which can be by email or letter.
Please remember we will always acknowledge your communication and, if you do not hear back from us, then likely we have not received it, so please then give us a call.
Please REMEMBER also that we operate totally separately from CAMRA in these matters and you must notify both parties independently of any changes to personal information.
We have now received our new supply of Youngs Hotel Vouchers, which are valid to June 2022, if you require a voucher, please contact the Admin Team by email or phone. Max 2 per member.