Globalisation and company growth ambitions are driving an increase in M&A activity worldwide. We work with entrepreneurial businesses in the mid-market to help them assess the true commercial potential of their planned acquisition and understand how the purchase might serve their longer- term strategic goals.
The International Financial Reporting Standards (IFRS) are a set of global accounting standards developed by the International Accounting Standards Board (IASB) for the preparation of public company financial statements. At Grant Thornton, our IFRS advisers can help you navigate the complexity of financial reporting from IFRS 1 to IFRS 17 and IAS 1 to IAS 41.
Significant changes to the dynamic of the financial services sector in recent years have shifted the paradigms in how we work. The increased digitisation of the workforce, changes in business models, globalisation, and remote working capabilities have led to a new approach to the delivery of services.
The COVID-19 pandemic has caused an unprecedented level of disruption to the global hotel industry. A combination of local lockdowns and travel restrictions has resulted in many hotels having to close temporarily or operate at a fraction of their available capacity. As the crisis continues to evolve, it is still unclear what shape the industry will emerge in.
The COVID-19 pandemic has resulted in lockdowns and travel restrictions in every part of the globe, with a huge impact on the global aviation industry. It is clear that operators, airports, lessors and support businesses need to look at all the options open to them to survive.
In my view, too many hotels are not being bold enough in developing a service offering that differentiates them or engages their customers for the long term. The basic organisational structure has hardly changed since the 1800s!
In the battle for guests, branding has traditionally been a powerful weapon. Customers, whether travelling for leisure or business, sought familiar names that offered a consistent experience. Innovative loyalty programmes encouraged them to return to the same hotel groups again and again.
Guests are less loyal and more demanding than ever before. They use online travel agents (OTAs) and aggregators to find the best hotels and deals – which helps operators fill their rooms, but at a cost.
I recently finished an Asian tour to connect with our firms in the region and to meet some of their clients. The trip has been an eye-opening experience and a great opportunity to focus on this high-growth region.
Established players in the hospitality and tourism sector are having to work harder than ever to find growth. A series of recent events have disrupted demand in the short-term, but longer term, the rise of the digital economy is threatening traditional operating models and sales channels. Businesses in the sector need to be alive to the challenges posed by online travel agencies and aggregators (OTAs), as they try to build their brand and maintain market share.