11 August 2022

Opinion from Adrian Leopard & Co

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Hospitality industry set for major fall without help
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Hospitality industry set for major fall without help

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Hospitality is just going down and down

Now we have got a week into 2021, life has settled down and holidays and so forth are over, subject of course to the interesting diversion carrying on in Washington DC. How will that play out?

There is to be a debate in Parliament on UK hospitality and support for the industry on 11th January. Trade body UKHospitality is trying to persuade all of its members to contact their MP to get support. The body says that 41% of the businesses in the industry say they might fail by mid-2021 and only one in five businesses have funding to survive beyond the end of February.

These and similar figures which have been postulated now for many months are very worrying. If we cast our eye back to when the first lockdown came, the government assistance for the industry seemed fairly helpful with furlough, reduction in VAT rate, £10 eat out to help out and so forth but unfortunately the assistance now is greatly reduced and here we are in another lockdown and the chancellor is offering one off payments of £9000. What this figure is based upon is uncertain but the truth is that the industry will need a great deal more.

It is clear that some people in the industry think that everything is going to be hunky-dory. People selling hotels are still reducing their prices but amidst those dropping there are some which are being increased. One can only regard this optimism with admiration. Somehow it seems very unlikely that the industry is going to see a miraculous short term recovery post-pandemic. Mind you, the first question which has to be answered is “when will the pandemic officially be over?”

Tricky one that.

Adrian Leopard 08-01-21

Photo Jennifer Griffin

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