Credit Crunch Doesn't Scare Hospitality

By Claire Miller

- Last updated on GMT

Related tags: Management

In a new survey released today, catering and hospitality businesses are rallying despite the credit crunch

IN A SURVEY released today, 67 per cent of hospitality and catering businesses said they wouldn’t be put off going into business, despite the credit crunch.

The study, conducted by The Credit Show, quizzed SME’s from a range of sectors revealing not only a ‘bullish’ attitude towards the current uncertain market, but plans to expand sales by an average 56 per cent over the coming year.

Only 1 per cent of those surveyed had any plans to scale back, with just under half planning to expand into a new area and 37 per cent planning on hiring more staff.

67 per cent of hospitality and catering businesses said they were quite confident about the future of their business, with a further 33% saying they were very optimistic.

Respondants did admit to feeling some new pressures however, with difficulty in borrowing from banks and higher prices from suppliers being two of the chief complaints.

Kamala Panday, Publisher of Credit Today, organisers of The Credit Show comments: “For some, the credit crunch is beginning to bite. However this survey shows that their hunt for growth has not been affected. Businesses are now playing a more strategic game, with over half admitting to chasing slower payers more vigorously.”

 

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