The UK’s largest hospitality company Whitbread has posted an annual loss of £1 billion, but is forecasting to bounce back through strong demand for staycations this summer.
The owner of Premier Inn hotels, and the Beefeater and Brewers Fayre restaurant chains labelled 2020 as the “most challenging in our 279 year history”.
Looking forward to a significant boost through summer trading 90% of its hotels are open and readying as restrictions ease and key dates in the government’s roadmap approach.
In 2020 Whitbread said through necessity it was reviewing making thousands of jobs redundant alongside salary cuts for senior staff and cancelling dividends for shareholders. Some 27,000 staff were placed on the furlough scheme, part of £270 million worth of government support.
Plans to invest £350 million this year have been announced to maximise the staycation opportunity.
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Hospitality & Catering News: Whitbread posts £1 billion loss, but optimistic for staycation fuelled bounce back. – 27 April 2021 – Whitbread posts £1 billion loss, but optimistic for staycation fuelled bounce back.
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