If you are in the hospitality industry, have you worked out how to survive the Covid-19 crisis or will you sell up or close down? Even if you intend to close, you can still come out better by doing proper planning - now!


Hotel PoolThe hospitality industry is one of the worst hit by the coronavirus pandemic, not just in the UK but world-wide. The very essence of hospitality is social interaction and this is the worst possible condition for the potential spread of a virus of this nature.

All hoteliers, pub owners and restaurateurs should now have decided what to do as the lockdown lifts and hospitality industry businesses can re-open, albeit still maintaining significant virus protections. Still no one has any real idea how long this is going to last, save that it is acknowledged that it will be the last sector to get back to normal. The government has responded by making available unprecedented financial support but is that going to be enough? Businesses with stronger underlying financial conditions will be able to sit out the storm but there will be many hospitality businesses unable to survive notwithstanding this financial aid and there will no doubt be many small operators who have been struggling for a while and for whom the present crisis is just the last straw. What are their prospects of re-establishing? And will their banks and mortgagees and landlords continue to support them?

For those who want to sit it out and continue operating your hotels, guest houses, pubs and restaurants you may be wondering how best to prepare yourselves for what will certainly be a brave new world once the crisis has passed. Firstly having some reserve funds is going to be necessary for re-stocking purposes. Then a strategy will be required to kick-start your business again - and getting this right will be absolutely crucial. Adrian Leopard & Co can help you with this. It will have to be a step by step strategy.

In the countryside, local pubs may fail to re-open and this may present an opportunity for a local community to put together a community pub operation. It certainly has its complications and should only be attempted with professional advice but it may save otherwise lost locals.

It is anticipated that there will be hospitality businesses which will decide to sell. If under financial pressure, may be the new moratorium procedure outlined in the Corporate Insolvency and Governance Act 2019-21 could be for you, allowing you time to sell and keep your costs down.

Adrian Leopard & Co has specialist knowledge in the field, not only of operating hospitality businesses but also for consulting in the purchase and sale of such businesses, no matter where in the UK your business is located.

Contact us for a free half hour telephone or Skype consultation so that we can help you decide on the best way forward for you and your business and in particular understanding the financial position you find yourselves in. Our aim is not to divert you down an insolvency route if possible but to see what options to minimise your potential losses are available.

Contact us to fix an appointment for a discussion quoting “hospitality challenge”.

 

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