The future of the hospitality and leisure sector came under the spotlight at a half-day event in West Wales co-hosted by Evelyn Partners, the leading integrated wealth management and professional services group.
The event took place at Llety Cynin in St. Clears, Carmarthenshire, and was attended by business owners and finance teams in the hospitality and leisure and food and drink sectors.
Kelly Jones, partner and head of assurance and business services at Evelyn Partners in Bristol, and her colleagues Katherine Colledge, partner, business tax and Lynne Blakey, director, advisory consulting, considered the challenges in the sector and the actions that businesses can take to overcome them.
Meanwhile Richard Thomas and Stephen Champion from commercial agent Christie & Co. provided a market update and Clare Sullivan from Development Bank Wales explored financing options available in the sector. Alison Belton and Huw Pendleton of Celtic Holiday Parks also shared insights into operating in the current environment and lessons learned along the way.
“The industry is facing a very challenging trading environment with over 1,500 insolvencies in the accommodation and food service industry in the last six months,” said Lynne Blakey.
“Having most recently borne the brunt of testing economic conditions with energy and wage costs spiralling, we focused on the practical issues and steps that businesses in the sector should take to not only survive but to thrive, as we head towards the summer.
“The key is to make sure you have sufficient financial information to enable you to run your business effectively. This involves having a comprehensive budgeting model that includes cash flow, and that can be regularly stress tested.”
