Leisure Sector to be Unscathed by Brexit Predicts Colliers

Posted on 28 June, 2016 by Chris Grigorovsky

The Brexit has caused mass panic across the UK economy, with many experts fearing the worst in major sectors. However, the leisure sector is being seen in a different light, with predictions of increased interest as time moves on.

Hotel bell

Colliers International’s Hotels Director, Peter Brunt, said that the prospect of favourable exchange rates will bring more visitors to the region, benefiting hoteliers and publicans.

Tourist areas such as Ludlow, Cotswolds, Dorset, Bath, Devon and Cornwall could benefit from the increase in overseas visitors now the pound is more affordable for international tourists. There will also be a number of UK tourists who will end up holidaying domestically due to the worry over escalated overseas travel costs.

Mr Brunt commented: “The value of the British pound down relative to the U.S. dollar, making it likely that more U.S. travellers will also be visiting Britain to take advantage of the disparity.”

He remained confident that the hotel industry would not be affected, adding: “The hospitality industry will remain resilient and the people of the UK, the market and financial institutions will get used to the idea that we have left the EU.

“Nothing should, in my view, cause buyers to make a seismic shift in their decision making about acquiring a hospitality business.”

“The hospitality industry is in much better shape than it has been since before the downturn, with visits to the UK rising five per cent in the 12 months leading up to April.”

Looking forward, he concluded: “My gut feeling is that the immediate few days are going to be most unsettled for us. After that I believe that normal life will begin to return and my tone with buyers will remain upbeat and positive.”

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