THE Scottish tourism industry is a jewel in the country’s crown but it has been one of the hardest hit sectors since the advent of Covid-19.
It doesn’t seem that long ago when we were worrying about over-tourism at Highland and islands hotspots and seeking ways to alleviate pressures brought on by the remarkable success of the marketing and development business of the North Coast 500, which worked better than anyone could have imagined.
Businesses across the board were battered and buffeted by the pandemic storm, but hospitality was at an obvious sharp end given that it goes hand in hand with socialising.
Hotels are among the businesses that are surviving under different circumstances in transformative times but still the rate at which they are changing hands is significant.
Fife Lodge Hotel at Banff in Aberdeenshire, changed hands as its owner retired, and, amid a positive atmosphere of change, Paddy Crerar said he is investing heavily in Loch Fyne Hotel & Spa at Inveraray and Golf View Hotel & Spa in Nairn as the “world reopens for business”.
Larger groups are also refreshing their offering. Whitbread, owner of Premier Inn, is reconfiguring its network of hotels in Glasgow, starting with selling its Charing Cross site for £8.5 million.
Robert Smithson, an associate director at Colliers, said: “So far this year, we’ve sold over 60 hotels, many of which have been quality assets in coastal and country locations popular with tourists.”
The agent added: “The sale of the Airds again underlines the popularity of quality hotels in beautiful tourist locations.
“I am thrilled that the Airds has been sold to someone who will continue the legacy of the McKivragans and continue to offer the high levels of quality and service the hotel is famous for which brings customers back to the area year after year.”
Let’s hope 2022 will be better for those who have remained in hospitality and those who have taken up the reins.
The landscape has been changing over a period of time for the financial services sector in Scotland, and a reminder of this struck business editor Ian McConnell during a visit to the Scottish financial capital.
Still Edinburgh-based abrdn’s chief executive Stephen Bird moved to defend the group’s performance in the key asset management business and its controversial name change after unveiling the blockbuster £1.5 billion acquisition of Interactive Investor this week.
Springfield Properties and Tulloch Homes have toasted a Highlands marriage but only after a 10-year courtship.
Springfield posted record revenues of £200m, with profits surging by more than 81 per cent amid increased demand for larger properties as many continue to work from home.
Interesting file from the Press Association this business week.
The trade deals signed by the UK after Brexit will leave the UK much worse off than it was in the EU, ministers heard.
At International Trade Questions, SNP MP Angus Brendan MacNeil (Na h-Eileanan an Iar) said: "The minister will know the ratio of damage from Brexit to trade deals is quite substantial.
"Indeed, for pounds to gains it is £490 Brexit damage to a gain of £1 made from New Zealand, £2 made from Australia, £8 gain from CPTPP (Comprehensive and Progressive Agreement for Trans-Pacific Partnership) and a £20 gain from America. That comes to £31 if this happens.
"Where is the £459 from the Brexit damage that trade deals can't make up?"
International trade minister Ranil Jayawardena replied: "We are working for every corner of our United Kingdom, backing British business, supporting Scottish jobs as much as those in England, Wales and Northern Ireland at a time when the SNP want to cut themselves off from their largest market, the British internal market."
He added: "Not only do they want to cut themselves off from the United Kingdom but they also don't back any trade deal with anyone."
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