Latest news with #RSMUK
The Herald Scotland
12-05-2025
- Business
- The Herald Scotland
Landmark hotel in same family for seven generations for sale
This is a hotel that has been in the same family 165 years, and an appeal was then made for people to rally round while a buyer is sought for the business. The George Hotel, which is just yards from the Loch Fyne shore in Inverary, was overwhelmed by historical debts. The debts impacted the critical cash flow of the business, the administrators said. Around 60 jobs were put at risk. The hotel is near the shores of the loch. (Image: Google) The news about the George Hotel came in recent weeks with the industry on a precipice as a new wave of tax increases were due to come into force at the time. I know of one hospitality business with a head count of 30 adding £20,000 a year to outgoings on its national insurance column alone. For longstanding companies that are more than just businesses, they are a part of the community and often significant employers, it has been a difficult time in the wake of the coronavirus pandemic. The costs of Brexit, not least in staffing, continue. Rachel Reeves, Chancellor of the Exchequer in the Labour government, came under fire after the Spring Statement for not doing enough to help and leaving the outlook bleak for many. Stephen Montgomery, director of the Scottish Hospitality Group, said that "the Chancellor did not even mention the hospitality industry once". He said: "The reality is hospitality businesses up and down the country are facing a tax bombshell of nearly £3.5bn, and the Chancellor of the Exchequer's statement has done nothing to allay the danger of job losses and closures across the nation's pubs, hotels, and restaurants." In the case of the George Hotel, "the difficult decision [was taken] as a result of historical debts which were crippling the cash flow of the business", said Thomas McKay, of Begbies Traynor, who is overseeing the trade and sale process. "The business has been in the Clark family for seven generations and their priority was to safeguard the jobs and future of the 60 full and part-time employees. "The hotel has a fantastic history and beautiful location, offering excellent accommodation and food." READ MORE: He added: "We ask the local community and customers further afield who wish to use the hotel, as well as the subscribers to the hotel - over 25,000 of them - to continue to support and visit the venue as usual as we seek to find a buyer for the business as a going concern." In the wider picture, more stays were recorded in Scottish hotels in February compared to the same time the year before, but the RSM Hotels found profits were down as cost pressures continue. The data, by Hotstats and RSM UK, shows occupancy of Scottish hotels increased slightly from 68% to 69.1% year-on-year in February. Stuart McCallum, partner and head of consumer markets in Scotland at RSM UK, said the future picture looked worrying for many businesses working in the sector. "Looking ahead," he said, "the increase in costs from the rise in employer's national insurance, and the national minimum wage rise, continue to cause concern for many. "The rise in minimum wage potentially has a ripple effect that is felt throughout all staff, as others higher up the pay scale expect to see their salaries rise accordingly. "As we are already seeing revenue per room reducing, these further cost increases could prove difficult to swallow for many hotel owners." Thomas McKay, a partner at Begbies Traynor, was supervising business operations as the hotel business continued to trade 'in the normal manner, providing accommodation, food and public house services, while efforts are made to find a buyer on the open market 'for the 165-year-old boutique hotel and inn. Administrators overseeing the sale have appointed Colliers to market the business and property in Inveraray for offers over £2.85 million. Colliers said it would be leading the search for a buyer for the waterside hotel, bar and restaurant business, which stands on a one-acre site on the western shore of the loch. There are also five residential properties for sale as part of the administration, situated adjacent to the hotel and on Inveraray's main street, with a total asking price of around £750,000. Potential buyers and interested parties were urged to make inquiries direct to Colliers' Glasgow office. This article appeared in Business HQ Monthly
Fashion United
06-05-2025
- Business
- Fashion United
Retailers should regularly review cyber controls as threat of attack increases
In view of recent cyber attacks on British department store Harrods, apparel retailer Marks & Spencer and others, audit, tax and consulting firm RSM UK is advising retailers to regularly review their cyber risk controls to ensure 'they are as robust as possible'. 'Retailers are already navigating a difficult trading environment shaped by fragile consumer confidence, increases in employment costs and shifting spending habits. The recent wave of cyber-attacks adds another critical layer of risk, one that can significantly damage consumer trust, disrupt operations, and harm brand reputation overnight. In a sector where customer loyalty is hard-won and competition is high, ensuring data security and operational continuity is paramount,' cautions Jacqui Baker, partner and head of retail at RSM UK. She also points out the speed and sophistication with which cyber risk moves, particularly due to advancements in technology. 'Quite often, it is a case of when, not if, one takes place, so it needs to be high up on retailers' risk register,' Baker advises. Agility is another key to retailers' responses because what might solve an issue today might not work tomorrow. 'Retailers must now view cyber resilience not only as a technical requirement but as a core component of customer experience and brand protection,' she states. Priority and agility are key when fighting cyber crime 'These recent attacks on retailers serve as a warning to all businesses to continuously assess and tighten up their cyber security measures. Organisations are accountable for effective governance, cyber controls, resilience and importantly, robust plans to respond effectively to cyber incidents,' adds Sheila Pancholi, technology risk partner at RSM UK. "The first line of defence against cyber attacks is often employees, so it is important to also ensure staff are regularly trained and educated on cyber risks and how to spot attempts to access systems via increasingly sophisticated phishing emails (e.g. ClickFix Phish) or links to bogus websites,' adds Pancholi. According to the UK's National Cyber Security Centre (NCSC), half (50 percent) of businesses and two thirds (66 percent) of high-income charities have experienced some form of cyber security breach or attack in the last twelve months. The prevalence of attacks is even higher amongst medium-sized and large businesses (70 and 74 percent, respectively). Thus, the organisation launched its Cyber Governance Code of Practice earlier this month. It provides organisations with clear guidance and best practices on managing cyber risk. 'We welcome the government's recent Code of Practice which supports businesses in governing their cyber risks to enhance operational resilience,' says Pancholi. The expert points out that the threat landscape will only increase given increasing geo-political tensions and highly sophisticated cyber criminals operating on an industrial scale and with broader targets across industries. 'This raises a question of whether the current voluntary code goes far enough?,' asks Pancholi.
The Independent
29-04-2025
- Business
- The Independent
Financial services firms paid £236m of redress in second half of 2024
Complaints to financial services firms fell by 4.3% in the second half of last year compared with the first six months, according to Financial Conduct Authority (FCA) figures. Companies received 1.78 million complaints in the second half of 2024, with £236 million of redress paid. The redress total marked a 3.0% decrease compared with the first half of last year. The percentage of complaints upheld by firms remained at around 57% across the year. The three most complained about products in the second half of last year were current accounts, motor and transport and credit cards, with all three sectors seeing a reduction in complaints compared with the first half. Hugh Fairclough, partner and head of financial services at RSM UK said the fall in complaints could reflect the impact of the FCA's Consumer Duty, which requires firms to put customers at the heart of what they do. This includes when designing products and in communications with customers. He said: 'Many firms have improved their customer service practices in response, which may now be coming through in today's (second half of) 2024 complaints data.'
Evening Standard
29-04-2025
- Business
- Evening Standard
Financial services firms paid £236m of redress in second half of 2024
Hugh Fairclough, partner and head of financial services at RSM UK said the fall in complaints could reflect the impact of the FCA's Consumer Duty, which requires firms to put customers at the heart of what they do. This includes when designing products and in communications with customers.
Fashion Network
25-04-2025
- Business
- Fashion Network
Sunshine boosts UK retail sales in March, shorts and tank top sales spike
UK retail sales volumes are estimated to have risen by 0.4% month on month in March 2025, the third consecutive month of rises and something of a surprise after analysts had predicted that they would dip. This follows a rise of 0.7% in February (revised down from a rise of 1% in the last bulletin from the Office for National Statistics). Sales volumes rose by 2.6% over the year to March 2025. And the best news? Clothing and outdoor retailers reported that good weather boosted sales, although these increases were partly offset by falls in supermarket sales. Also, volumes were down by 0.3%, compared with their pre-pandemic level in February 2020. Looking at the quarter, sales volumes rose by 1.6% in Q1 compared to the final quarter of last year and by 1.7% year on year. For the month, non-food stores sales volumes — the total of department, clothing, household and other non-food stores — rose by 1.7%. And, as mentioned, within non-food stores, clothing stores were the subsector with the strongest growth with retailers saying the unusually sunny weather had an impact. Non-store retailing sales volumes were up on the month, with similar commentary received about the weather, specifically mentioning boosts to clothing and DIY goods. The Met Office climate summaries reported that the UK had its third-sunniest March on record, and reported that March 2025 was warmer and drier than usual. Meanwhile the amount spent online or — online spending values — rose by 2% over the month to March 2025. Sales values also rose by 5.4% year on year. But while analysts were pleased with the figures, they included notes of caution in their assessments. Jacqui Baker, head of retail at consulting firm RSM UK and chair of ICAEW's Retail Group said the numbers 'should provide some reason for optimism in the retail sector. April's increase in National Minimum Wage will also mean consumers have more money in their pocket which should feed through to increased spending. Unfortunately, this good news for retailers might not be enough to offset the significant headwinds of rising employment costs and uncertainty surrounding tariffs. This additional layer of uncertainty will impact purchasing decisions, future supply chains and place further pressure on already squeezed margins.' And Thomas Pugh, economist at RSM, added: 'The third consecutive monthly rise in retail sales volumes in March confirms that consumers returned to stores in the first quarter of this year. However, the world has changed since March with the announcement of US tariffs and the associated huge increase in uncertainty. Indeed, consumer confidence dropped by four points in April.' Jacqueline Windsor, Head of retail at PwC UK thinks March's retail sales 'should be read with care as the ONS adjusts for the impact of Easter and school holidays falling in April this year' and she added that 'ironically, the only thing that the warm dry weather did not seem to help was the high street itself, with penetration of online retail sales increasing from 26.4% in February to 26.8% in March.' Greg Zakowicz, senior e-commerce expert at Omnisend, called the retail recovery 'fragile' but Oliver Vernon-Harcourt, head of retail at Deloitte, thinks the 'unexpected rise in retail sales may indicate a turning point for retailers'. Meanwhile Deann Evans, MD EMEA at Shopify, said its data showed strong sales of outdoor goods. Summer fashion was also a driver of March sales, with Chino Shorts rising by a huge 530.9% compared to February -- and tank tops (389.3%) and crop tops (387.3%) close behind.
