The smoking ban, fierce supermarket discounting on alcohol, rapidly rising running costs and the credit crunch, combine to make running a hospitality business today tougher than ever before, and the focus on maximising the return on investment has never been sharper as restaurants and pubs shop around for the very best advice.
Aman Kular, managing director of Nottingham eatery Tamatanga, a strong contender in the Best Newcomer and Value for Money categories in the city’s Restaurant Awards this year, says he has quickly realised the benefit of working with advisers who understand the hospitality sector and take time to appreciate the idiosyncrasies of the day-to-day running of his business, since opening his urban Indian cuisine canteen-style restaurant last year:
“Buying off-the-shelf advice doesn’t always guarantee value for money,” he says. “I have worked with Mark Wilson of Nottingham insurance, financial and risk management advisers The Wilson Organisation, and thanks to his probing and challenging questions about the restaurant, the solution he has created has actually proved to be extremely cost effective as we have a bespoke insurance package that matches the needs and operation of Tamatanga.
“From arranging site visits by an insurance surveyor at the build stage of the restaurant, to the firm’s connections with underwriters and insurance providers, Mark has worked with us to create a cost-effective insurance solution that matches our needs, and for any eventuality, through proactive and creative advice.”
Mark Wilson comments: “The economic downturn and credit crunch makes it inevitable that people will dine out less frequently, and we appreciate that for all eateries, both new and established, it’s vital to ensure maximum return on the investment in the essential ingredients of running their business. It is unsurprising that pubs and restaurants are looking to reduce supplier costs, including insurance, but not at the expense of the cover in place. Therefore, it is more important than ever, that professional adviser’s are not only giving the best advice at the most competitive cost, but that this comes with support and assistance in other areas related to the business. It’s all about adding value for money, which is what differentiates proactive advice from ‘remote, off the shelf product’ provision.”
According to a recent report from the British Beer & Pub Association that represents brewers and landlords in the UK, the hospitality industry is suffering both at the hands of the economic downturn and the consequences of the smoking ban - pub closures are running at an average rate of 35 a week and beer sales are at their lowest levels since the 1930’s. “The industry is blaming this situation on the credit crunch, rapidly rising running costs including energy bills and high rental costs. Furthermore, there’s the burden of legislation - the UK’s beer duty is the highest in Europe,” says Mark.
“For Tamatanga and Aman it was vital to ensure the insurance cover matched the business and its operation. We arranged for an insurance surveyor to survey the premises in Nottingham’s The Cornerhouse, at the build stage, specifically to comment on risk improvements and recommendations at the outset of the project to avoid any additional costs after the build work was completed.”
Wilsons is headline sponsor of the Nottingham Restaurant Awards for the second consecutive year. The firm’s joint MD Charlotte Prow, comments: “At a time when some customers are choosing to stay at home, it’s important we play our part in reminding the public that there is so much outstanding food and dining available in and around Nottingham, which boasts an amazingly diverse choice of really great places to eat.
“We have many clients in the food trade and being headline sponsors of the Awards again this year, gives us the opportunity to underline our commitment and support for them.”
The Wilson Organisation provides professional independent insurance, financial, risk management and corporate finance solutions to businesses and individuals both regionally and nationally. For more information, visit: www.wilorg.com, or Tel: 0115 942 0111.
The winners of The Nottingham Restaurant Awards 2009 will be announced at a ceremony on the 17th June 2009. For more information, visit: www.nottinghamrestaurantawards.co.uk.
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