With just a few days to go until voters elect the next government, a number of sectors in the UK economy face an uncertain future.
Recent media reports indicate that a rise in inflation, together with stagnating pay growth and uncertainty over the terms of Brexit, is impacting discretionary spending across the economy, in particular on businesses in the hospitality and entertainment sector.
Not only is this sector feeling the pressure of reduced turnover, it is also having to ensure it complies with the increase in the National Living Wage (effective from April 2017) and, in many instances, an increase in business rates.
Our partner business, BM Advisory, has recently advised a number of restaurants and bars on restructuring and refinancing options, as well as, where necessary, the process of formal insolvency.
These businesses faced a variety of challenges ranging from falling turnover, to price increases from suppliers, and the withdrawal of support from a funder.
Whichever party forms the next government it will have important decisions to make as it seeks to boost the economy, whilst undertaking strenuous and long term Brexit negotiations.
The team at BM Advisory offers extensive experience in providing restructuring and refinancing advice across a range of industry sectors.
If you consider you or a client could benefit from a meeting with them to explore the options available, please contact a member of the BM Advisory team or your usual Beavis Morgan Partner.
Click here to find out more about Beavis Morgan’s specialist services to the Hospitality & Leisure Sector.