IN BRIEF: Whitbread gets UK budget boost ahead of shareholder vote

Whitbread PLC - Dunstable, England-based operator of Premier Inn and other hospitality chains - Expects a significant improvement in its financial performance after the UK government decided to limit business rate increases for hospitality businesses in England. Whitbread estimates its business rates payments will rise by between £7.5 million and £12.5 million in financial 2028, compared with a previously expected increase of around £35 million, with a similar benefit anticipated in financial 2029. By financial 2029, Whitbread expects its business rates payments to be between £45 million and £60 million lower than previously forecast. The UK government plans to freeze business rates for two years, preventing above-inflation increases for hospitality properties, Chancellor John Healey announced in the budget on Wednesday.

Whitbread Chief Executive Dominic Paul welcomes the measures, alongside more moderate increases in the national living wage and minimum wage. Whitbread will provide updated UK cost inflation guidance in January.

The business rate decision is a welcome bit of good news for Whitbread, which faces a general meeting requisition by an activist shareholder on November 9. Corvex Management LP, a 6.4% shareholder, wants fellow Whitbread shareholders to elect Corvex partner James Gemmel to the Whitbread board, a move opposed by the current board.

Current stock price: 2,767.00 pence, up 2.5% in London midday Thursday

12-month change: down 9.2%

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