The UK hospitality industry is performing at its best since before the global financial crisis hit.
The CBI's quarterly Service Sector Survey highlights that restaurants, hotels and pubs have seen business volumes rise at their fastest pace since August 2007. The sector enjoyed sharp growth, and industry analysts now hope for this to extend in the last quarter of 2013, and potentially into 2014. This will surely be further great news for hospitality recruitment across the UK.
It was not all good news however. Even though hospitality businesses saw their trade boosted, profits actually fell by 15 per cent. This is the sharpest decline recorded since February 2012, and it is hardly surprising considering rising energy and food bills. This means that the majority of consumer service businesses are cautious about the future and are going to avoid making any large investment or expansion plans in the next year.
Stephen Gifford, CBI director of economics, said: “Confidence has risen strongly across the board, and the outlook is positive in the short-term. But consumer services firms are a bit more worried about the longer-term, and have scaled back their investment and expansion plans.
“Conditions remain tricky as households grapple with the prolonged squeeze on real incomes and business confidence remains vulnerable to any adverse developments in the global economy. But, all being well, business should continue to pick up through this year and into next.”
The results are based on a sample of 161 companies within the sector.
These figures follow separate research from accountancy firm BDO LLP, which highlights that hotel occupancy rose by ten per cent in London to 87.1 per cent in July, while it rose 6.7 per cent in the regions to 80.4 per cent.
Berkeley Scott is a specialist recruitment agency providing hospitality employment solutions.