The UK’s SMEs – with up to 249 employees – expect to see an average revenue growth of 37 per cent in the next five years, according to Santander Corporate & Commercial Business Growth, and small firms are more optimistic.
Spending among British shoppers has risen and the amount spent on hotels, restaurants and bars was the greatest at an increase of 8.6 per cent, according to Visa Europe’s UK expenditure index.
Independent hotel chain Travelodge experienced a 17.9 per cent year-on-year revenue growth in H1, which has prompted the company’s owners to consider packing its bags with a £1bn sale.
Food chain Pret A Manger achieved a 16 per cent sales growth to hit £594m for the full year in 2014, and claims innovation is responsible for the achievement.
The latest UK Expenditure Index from Visa Europe has revealed British consumers are increasingly spending their money on the hospitality sector, while the appetite for clothing and footwear continues to fall.
Middle Eastern holidaymakers are the biggest international spenders travelling to Britain, according to Hotels.com, powering the UK hotel industry with an average spend of £174 per night in 2014.
