With average UK hotel occupancy rates nudging 80% last year growth in the sector has remained pretty flat. Independent hotels struggle with many issues including increased competition, especially in town and city centres, lack of purchasing power compared to the big chains, severe issues recruiting and retaining employees due to Brexit issues, increase in national minimum wage, unaffordable technologic improvements and in many cases high levels of borrowing.
In addition, the competition from the likes of Airbnb has resulted in competitive pricing and lower profits. Increased costs and room yield reductions have impacted too.
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You can download our additional guides below as well if you want.
Download our CVA Guide for pubs and restaurants
If you need to liquidate as you do not wish to continue then read our guide to liquidation
We even have a full worried directors guide that covers all aspects of turnaround and insolvency and includes tips on how to improve your business’s finances
If the company does not owe much money to creditors then it might be worth considering dissolution. Get our pack and guides to make it hassle-free