Helping Hospitality: Solving the Sector’s Top Challenges

As you know, the pandemic sent the hospitality sector into hibernation.

Economically, few sectors suffered more; retailers took their business online, financial services saw insurance claims drop significantly, but companies belonging to the world of hospitality faced a long period of anxiety-inducing inactivity.

Short-stay accommodation bookings dropped by 46% between 2019 and 2020, EU tourism dropped by 61% in the same period, and restaurant bookings dropped by an average of 98%.

While many restaurants, hotels and leisure facilities used the downtime to renovate premises, improve processes and streamline back-office operations, some didn’t have the luxury of spare capital to undertake these projects.

Instead, an above-average number went into administration.

Illustrating the struggle of many hospitality businesses, the Financial Times reported that London has lost approximately 14% of its restaurants since 2020, and the Italian accommodation and restaurant industry lost approximately €15.6 billion as a direct consequence of the pandemic.

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These are worrying times, and they don't look like they're ending anytime soon. But ERA has seen the hospitality & leisure sector go through worrying times before. It is through our 30 years of knowledge and expertise that we can guide you towards the light at the end of the tunnel.

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"In July, the accountancy firm UHY Hacker Young reported restaurant insolvencies had risen 64% year on year. Britain's licensed hospitality sector (pubs, bars, restaurants) lost 2,200 sites in the third quarter of 2022 alone, a closure every hour."

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