The recovery of consumer demand since the financial crisis has lifted all ships in the sector. However, the consumer landscape has been dramatically shaken up over the past decade, driven in large part by technology and the lingering after-effects of the financial crisis. This is now starting to bite for operators in the space – people shop more online, order takeaway food over their mobile device, visit shopping centres for leisure / entertainment reasons, spend less time on the high street and increasingly demand value and quality. Retailers are reducing store counts as spend has moved online, whilst also developing convenience formats as prime high street sites have become readily available, with travel & logistics forming a key part of the equation. Leisure operators are increasingly important for maintaining footfall in retail parks and shopping centres. The growth in consumer demand, aligned with private equity funding, has stimulated a wave of new supply in the eating out sector, in particular, providing stiff competition to established incumbents. Looking forward, the continuous evolution of shopping habits and discretionary spend will likely dominate considerations for all consumer facing businesses, who need to be smart online and re-align physical estates to optimise profits across all sales channels, with the travel & leisure sector as a whole being key beneficiaries.

Consumer demand drives momentum

We continue to be active across the Consumer, Retail, Leisure and Gaming sectors.

Selected recent European transactions

Our European investment banking team for the Consumer, Retail, Leisure and Gaming sectors

Bruce Garrow

Head of Corporate Broking

Bruce leads our corporate broking capabilities, dedicated to providing board advice to our retained PLC relationships. Before joining Canaccord Genuity, Bruce spent his early career at Numis Securities. He has significant experience around all types of ECM transactions, on both the Main Market and AIM markets in London, including IPOs, secondary offerings, shareholder sell downs, buy backs and tender offers. During his career, Bruce has completed more than 100 transactions in a variety of sectors, with a particular focus on retail, consumer, online gaming, leisure and real estate. Bruce graduated with a BA from Newcastle University.


Chris Connors

Director, Corporate Broking

Chris brings a broad range of experience advising companies across various sectors and transaction types including IPOs, secondary equity placings and rights issues. With over 11 years’ experience Chris has completed over 30 equity transactions, raising over $2 billion, including 15 IPOs. Prior to joining Canaccord Genuity, Chris worked at Espirito Santo Investment Bank and PwC. He graduated in New Zealand at the University of Canterbury with Honours in Economics and Finance and is a Chartered Accountant.


Richard O’Donnell

Director, M&A

Richard joined Canaccord Genuity in 2016 to focus on the leisure sector. Prior to this, he was a partner at Spayne Lindsay & Co, and spent his early career at UBS Investment Bank. Richard has more than 12 years’ of investment banking experience across both the leisure and consumer sectors and has advised on a wide range of transactions, including private equity buyouts, corporate sales and disposals, refinancings and take-privates. Richard holds a BA (Honours) degree in Finance, Accounting & Management from the University of Nottingham.

Dedicated sector expertise from our European equity research team

We provide high-quality, in-depth research coverage of the retail, consumer, travel & leisure and online gaming sectors.

Simon Davies

Head of European Research

Simon is Head of European Research. He joined us when we acquired Collins Stewart, where he’d been working since 2009, leading coverage of their UK mid and small cap media and online gaming sectors. Simon was previously head of the top-ranked mid/small cap research team at RBS Equities, where he spent 11 years covering the media sector. Before that, he was a journalist at the Financial Times from 1991 to 1998. He spent three years writing the Lex column and became Capital Markets Editor, having previously worked as a UK companies reporter and Hong Kong correspondent. Simon is a graduate of Warwick University, with a BA (Hons) in English Literature.

888
GAME Digital
GVC Holdings
Ladbrokes
Playtech
Stride Gaming
William Hill


Nigel Parson

Leisure Analyst

Nigel has over thirty years’ experience in the leisure industry. He was most recently engaged as a consultant for Dryburgh Research, providing equity research services specialising in the leisure sector. Before that he spent nine years at Evolution Securities, formerly Williams de Broe, as a director. He holds an MBA from Brunel University and a BA Honours degree in History from the University of London, Queen Mary College.

Celtic
Cineworld Group
Compass Group
Dart Group
Domino’s Pizza
Enterprise Inns
Goals Soccer Centres
Greene King
Greggs
Marston’s

Mitchells & Butlers
Patisserie Holdings
Punch Taverns
Restaurant Group
SSP
Wetherspoon (J.D.)
Whitbread


David Jeary

Retail Analyst

David joined Canaccord Genuity as a Retail Analyst in 2014. Prior to this, David spent five years at Investec Bank as a Research Analyst and was previously at Credit Suisse and UBS Warburg. He has over 30 years’ retail consultancy and research experience. David holds a BA in Modern Languages (French and German) and a tri-lingual post-graduate Business Studies degree from L’Ecole des Affaires de Paris.

ASOS
B&M
Bonmarché
Dixons Carphone
Dunelm
Halfords

Majestic Wine
Marks & Spencer
Next
Supergroup
Ted Baker
WH Smith


Sanjay Vidyarthi

Retail Analyst

Sanjay joined Canaccord Genuity in September 2016. He was previously at Redburn, covering pan European general retailers. Prior to this, Sanjay was a senior analyst at Liberum, Espirito Santo and Dresdner Kleinwort, focusing on UK mid cap retailers. He has over 15 years’ experience in the sector. Sanjay graduated from Peterhouse, Cambridge with a BA (Hons) First in English and is also a qualified Chartered Accountant.

Research initiation to follow shortly


Gert Zonneveld

Travel Analyst

Gert Zonneveld joined Canaccord Genuity in June 2016 from Panmure Gordon, where he was co-Head of Research and covered a range of industrial transport and travel and leisure stocks. Prior to this, Gert worked as an analyst at Schroder Securities and Swiss Bank Corporation. His sector coverage includes bus and rail, airlines, maritime and logistics. Over the past 10 years, Gert was ranked #1 in the Thomson Reuters Extel Survey (UK Transportation & Logistics) six times. He holds an Economics degree (MSc) from Erasmus University Rotterdam, The Netherlands.

Research initiation to follow shortly


Casper Trenchard

Director, Securities Research

Caspar brings over 20 years’ small/midcap experience. Prior to joining us he spent 8 years as an Investment Director at Standard Life Investments where he ran both retail and institutional UK equity funds - in particular he managed the UK Opportunities Fund and was a top decile performer in the IMA UK All Companies peer group and Citywire AAA rated. Previously he managed the top-performing British Opportunities Fund at First State Investments and worked in equity sales/research at Merrill Lynch, Cazenove, HSBC and Numis with a leadership role in numerous equity fundraisings. Caspar has a degree in English Literature from Oxford University.

Research initiation to follow shortly

Strong relationships, smart liquidity

Our sales and trading team’s approach combines market intelligence and sector expertise, together with our sophisticated execution platform and supported by high-quality, idea-driven research.