A tech overhaul for Glos hospitality
Hospitality has been hit particularly hard for survival – new technology has been the only way to build back business.
As the UK locked down in response to the coronavirus pandemic, 80% of hospitality firms ceased trading, according to official figures.
Industry analysts Red Flag Alert revealed significant spikes in business debt across the sector. Insolvent debt among the hotel and accommodation sector more than doubled from £5.9m to £12.4m between March and June and travel and tourism businesses saw levels of bad debt increase from £5.1m to £9.1m during the same period.
Some government initiatives have given the industry much-needed support. 1.4m workers across the hospitality sector were furloughed under CJRS. The Eat Out to Help Out initiative paid for 64m discounted meals in the first three weeks of the initiative’s launch.
Early signs show that hospitality businesses are, on the whole, continuing to weather the storm, with many businesses pulling out all the stops to thrive despite an undeniably difficult landscape. Technology and innovation have played a key part in this: from order-at-table apps and contactless payments to some pubs and bars offering takeaways and food and alcohol hampers and hosting virtual online quizzes.
As well as complying with PPE and social distancing guidance in their hotels, they also invested in a bespoke order-at-table solution to minimise contact between staff and guests. A QR code identifies the guest’s table and orders are placed and paid for via the platform.
For Glos based hotels, restaurants and bars at least, this is good news, but it does leave a question mark over the future of international travel and tourism.
Please talk to us at ESB Accountancy to discuss how your business can comply with the new tax, finance and accounting laws – with several decades of financial experience here in Gloucestershire you can either ring us now on – email us on firstname.lastname@example.org or click the Contact Us buttonor please fill the form at the bottom of the contact us page.