Our hospitality and leisure sector approach
Menzies has a dedicated team of experts in Hospitality, Leisure and Tourism – with in-depth experience advising hotels, pubs, clubs and leisure operators, bespoke travel companies and golf courses as well as a number of sector-dependent clients. We work closely to find solutions to industry issues, utilising our expertise in everything from business strategy and corporate finance, to audit and tax advice.
As well as providing the annual accounting and tax compliance services, our dedicated sector team are assisting our Hospitality, Leisure and Tourism clients in numerous areas including: cash flow forecasting, VAT, strategic planning and succession, as well as implementing plans to focus on retention and recruitment of staff and maximising the use of technology in management accounting and KPI reporting.
Key challenges in the sector
Hospitality & Leisure has arguably been the most severely hit sector over the last few years.
Whilst the sector has shown some signs of recovery since Brexit and COVID-19, disruption has continued with inflation, higher interest rates and ongoing labour shortages. Rising living costs are impacting consumer choices, and meaningful ESG policies are proving increasingly important for attracting consumers and employees alike.
KEY CHALLENGES OF THE HOSPITALITY AND LEISURE SECTOR
- Staff shortages and wages inflation – including new minimum wage
- Supply chain issues, rising food, drink, light & heat costs
- Consumer confidence and discretionary spend
- Competition
