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  The UK events industry thrives: Key developments in 2023

  Monday, November 4, 2024

  Reports from UKEVENTS and Great Potential Consultancy reveal that the UK events industry generated £61.65 billion in 2023, marking a significant milestone for the sector. This figure reflects a near-return to pre-pandemic levels from 2019, underscoring the industry's strong recovery.
  
  Corporate events such as conferences, trade fairs, exhibitions, and the launch of products generated £33.6 billion in 2023, making a substantial impact on the economy, supporting jobs, and boosting local businesses across the country.

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  Rising costs challenge Scottish retailers ahead of Christmas 2024

  Monday, November 4, 2024

  With the holiday season approaching, Scotland’s retail sector heads into the all-important golden quarter before Christmas, shop owners are appealing to the Scottish Government for urgent support to manage rising costs. This crucial trading period will be pivotal for retailers, many of whom face increased tax burdens and financial strains that could impact their resilience in the coming months.

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  Hospitality sector remains strong in Northern Ireland amidst economic challenges

  Tuesday, October 29, 2024

  Despite facing economic headwinds and sector-specific challenges elsewhere, the hospitality sector in Northern Ireland remains robust and continues to exhibit growth, underscoring its enduring appeal as an attractive investment destination.
  
  According to the most recent findings from CBRE NI's research, the hotel industry in Northern Ireland has demonstrated considerable expansion throughout the third quarter of 2024, marked by an impressive 8% rise in revenue per available room when compared to the corresponding period in the previous year.
  
  Key happenings within the industry include the valuation of the Armagh City Hotel at £9 million for sale purposes, as well as the takeover of the Londonderry Arms Hotel in Carnlough by an investment group, with plans to transform it into a revolutionary new concept – Ireland's first whiskey hotel.

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  2025 travel hotspots revealed

  Monday, October 28, 2024

  National Geographic and Lonely Planet have released their annual lists of top destinations for the year ahead.
  
  Scotland's Hidden Gem
  Both National Geographic and Lonely Planet have included the Outer Hebrides in their 2025 recommendations, highlighting its unique appeal to travelers.
  
  Scotland's scenic region boasts an impressive array of beaches and coastline, together with scenery that leaves one breathless and waters that are transparently clear.

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  1.7% sales growth marks a steady but unremarkable month for Britain's hospitality sector

  Monday, October 28, 2024

  The CGA RSM Hospitality Business Tracker has reported that managed hospitality groups experienced a noticeable rise of 1.7% in sales over the past year, mirroring the current inflation rate.
  
  Solid Performance from Restaurants and Pubs
  The overall sales performance of managed hospitality groups demonstrated a substantial improvement in September, with a total year-on-year growth rate of 3.7% achieved through a combination of strong increases in key sectors.
  
  The Tracker also showed that bars continued to struggle, experiencing a drop of 3.8%, while the on-the-go segment achieved a significant 4.3% growth.
  
  Regional Variations in Sales Growth
  London's trading performance fell short of other areas in the country, with sales within the M25 area growing by only 1.3% year-on-year in September, contrasting with a more significant 1.9% increase for locations outside this zone.

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  100 million alcohol units removed from market as new duty regime boosts independent beer sales

  Monday, October 28, 2024

  A considerable reduction in the number of alcohol units being sold has been observed following the implementation of a new duty structure for alcohol, with brewers having successfully removed approximately 100 million units from the market.
  
  Independent Breweries Thrive Under New Alcohol Duty Regime
  According to the British Beer and Pub Association, the results demonstrate that targeted government support for businesses can lead to significant economic benefits while also contributing meaningfully towards achieving key public health objectives.
  
  In the context of the Alcohol Duty Review initiated in August 2023, a key policy change involved reducing the tax burden on drinks with an alcohol by volume (ABV) of 3.4% or lower, while also introducing a draught relief measure specifically designed to benefit pubs.

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  57m economic impact at risk in Edinburgh due to short-term lets regulation

  Tuesday, October 22, 2024

  A recent report has highlighted the significant economic importance of short-term lets in Edinburgh, which could be severely impacted by further reductions.
  
  Economic Impact of Short-Term Lets in Edinburgh
  According to a BiGGAR Economics report commissioned by Justice for Scotland's Self-Catering and STL Solutions, short-term lets contribute £154m GVA (Gross Value Added) to the city's economy, supporting 5,580 jobs.
  
  If there is a mere 0.5% drop in the availability of secondary let properties, it may cause significant economic repercussions, resulting in an estimated loss of £57 million.

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  Another restaurant bites the dust: ASKR closes its doors in Edinburgh

  Tuesday, October 22, 2024

  In a recent string of restaurant closures, ASKR, an iconic eatery in Edinburgh's Leith area, has shut down permanently.
  
  A Legacy Cut Short
  Dan Ashmore, the head chef and owner, announced that he would be closing the restaurant after just seven months in operation.
  
  The closure comes as a surprise to many, given the restaurant's promising start and its unique fire pit-style barbecue cooking concept.

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  600m refinancing supports Dalata's growth ambitions

  Friday, October 11, 2024

  Irish hotel operator Dalata has successfully completed a major refinancing deal, securing new debt facilities worth €600 million.
  
  Dalata has upgraded its prior loan agreement, replacing it with a €100 million green term loan and a €375 million revolving credit facility that offers greater flexibility.
  
  "We are delighted to announce the successful completion of our refinancing. This increases our debt capacity to €600m, diversifies our funding sources and enhances the flexibility under the agreements."
  
  Carol Phelan

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  U.K. government unveils employment rights bill to enhance worker protections

  Friday, October 11, 2024

  The UK government has introduced a comprehensive employment rights bill aimed at bolstering worker protections, addressing issues such as zero-hour contracts and unfair dismissal.
  
  The new law makes changes to improve sickness benefits, ensuring that workers receive compensation as soon as they need it.
  
  Workers will also benefit from enhanced maternity benefits, with immediate access to pay starting from their first day of employment.
  
  The bill abolishes zero-hour contracts and fire and rehire practices, replacing them with guaranteed hours contracts for regular workers.