Hospitality Highlights 8th April 2020
News curated by Virtual Solutions
The restaurant industry has lost an estimated $25 billion according to data published by the National Restaurant Association. Although they have also established who is the most likely to “survive the pandemic”. This list includes Domino’s, Papa John’s, Wingstop, McDonalds’s, Texas Roadhouse and Darden Restaurants. Of course each of these are huge named brands, but that never ensures safety in such uncertain times. But it does show that businesses who follow certain methods are most likely to make it through unscathed. Read more about this story here.
The UK government has extended its loan scheme to larger companies. A few weeks ago financial aid was announced for small and medium hospitality companies affected by the coronavirus outbreak. Now though, the government has created the Coronavirus Large Business Interruption Loan Scheme, intended to help much larger organisations borrow up to 80% of their average turnover. Read more about this story here.
“It’s too early to consider a strategy for exiting coronavirus lockdown” is the latest statement from UK government. They have also advised people to assume that foreign holidays are “cancelled indefinitely”, or at least until they confirm otherwise. This is frustrating news for the hospitality and travel industry, as it means business owners have no estimated date to prepare for. At least until the contagion rates of COVID-19 fall significantly. Learn more about this story here.
Hospitality industry leaders are waiving their salaries to support their workers and businesses. Due to the current coronavirus pandemic hospitality business leaders are willingly giving up their own salaries in an effort to demonstrate their commitment to their staff and the future of their companies. Ritesh Agarwal, who is the Founder & CEO of ‘OYO Hotels & Homes is the latest hospitality business leader to waive his salary in the wake of the virus. Read more here.
What are your thoughts on the spread of coronavirus or any of the other stories from today’s briefing? Share them in the comments below.