Corporate Recovery Specialist Comments On Latest Stats
Yorkshire and the Humber is one of the region’s with the highest levels of hotels at risk of failing* in the next year of hotels according to research by R3, the insolvency trade body using Bureau Van Dijk’s Fame database.
With almost a quarter (23%) of hotels in the region at risk, the research also reveals that Yorkshire and the Humber is the region with the second highest rate of hotels at high risk with 4.5%, topped only by Wales with 4.6% and compared with the lowest level of 1.46% in the West Midlands.
Andrew Walker, chair of R3 in Yorkshire and partner at Irwin Mitchell, comments: “The hotel industry is a vital to the regional economy with York providing a major tourist destination and cities such as Leeds and Sheffield traditionally benefiting from business travel.
"Not only are hotels a major employer, the additional spend by visitors also provides a much-needed boost to other local businesses, supporting shops, restaurants and bars all of which have been suffering from the reduction in consumer’s disposable income.
“We would urge those concerned about the long term viability of their business to seek the advice of a professional sooner rather than later.”
Notes to editors:
‘Hotels’ are defined as ‘Hotels and similar accommodation’
This class includes the provision of accommodation, typically on a daily or weekly basis, principally for short stays by visitors.
This includes the provision of furnished accommodation in guest rooms and suites. Services include daily cleaning and bed-making. A range of additional services may be provided such as food and beverage services, parking, laundry services,swimming pools and exercise rooms, recreational facilities as well as conference and convention facilities.
This class includes accommodation provided by:
–– resort hotels
–– suite/apartment hotels
This class excludes:
–– provision of homes and furnished or unfurnished flats or apartments for more permanent use, typically on a monthly or annual basis