Report Page 9 - Multiple news articles published on 2022-10-25

THE UK's biggest Hospitality recruitment initiative has been launched throughout the UK to tackle the sector's crippling jobs crisis. Hospitality Rising's bold new campaign:- 'Rise Fast, Work Young,' is backed by over 300 businesses throughout the UK including global brands in a bid to help fill the industry's 400,000 vacancies. Supported by some of the UK's most successful, hospitality operators and suppliers, including:- Hilton, Parkdean Resorts, Prezzo, Soho House, Pret A Manger, Claridges, Pizza Pilgrims, Propeller, and many more, #risefastworkyoung aims to attract new recruits by showcasing the opportunities and promise that come with a career in Hospitality. Thousands of vacancies have already gone up on the Hospitality Rising website, which officially went live on Friday.

A series of vibrant campaign images will feature in phase 1 of a 6 figure advertising campaign involving TikTok creators, digital ads and high profile outdoor spots across the UK. Animated figures will take centre stage representing the diversity of the industry and workstyles on offer, alongside slogans such as:- 'Don't grow old for a living' and '9 5ers wouldn't get it.'

Backed by Michelin starred chef Tom Kerridge, respected chefs Angela Hartnett and Raymond Blanc OBE, and big brands, the new campaign is designed to inspire the next generation of talent and attract Gen Z job seekers who might not have considered Hospitality as a career choice.

Tom Kerridge said:- "My whole life has been immersed in Hospitality, from cooking for my little brother as a kid, to starting The Hand and Flowers and growing my business into what it is today. We have to make sure the next generation of chefs, front of house, bar tenders, kitchen porters and managers are all coming through and that the industry is seen as a lifelong career that can give you amazing experiences."

The recruitment drive will highlight how quickly workers can climb the Hospitality ladder with the powerful message:- 'you can't go further faster.'

Mark McCulloch, founder of Hospitality Rising and campaign director, said:- "This movement represents a major moment in Hospitality history. Hospitality is a sector that's exciting, rewarding and offers fast growth, because it gives you the life skills to build your own future self and enjoy success; all while having fun. In the last few months, we have been working behind the scenes with plans to promote working in Hospitality as the ultimate choice for the ambitious, and as an act of rebellion against the 9 to 5. We are all united in our approach to make Hospitality a preferred job and career choice for all. I have no doubt that this will be something we can look back on with pride."

The Hospitality Rising campaign has already achieved unwavering support from some of the biggest names in the UK. Coca-Cola Europacific Partners (CCEP) recently became the campaign's 1st official platform supplier partner, while Hospitality tech supplier Zonal and 1 of the UK's leading guest WI-FI based marketing solutions, Wireless Social, also became platinum sponsors.

By asking backers to pledge �10 per employee, it aims to reach a �5m target allowing for a:- "Government sized" collaborative campaign that will change the perception of the industry and bolster its workforce for good. The campaign's efforts have so far raised �800,000.

Leaders behind Parkdean Resorts, the UK's largest holiday park operator, and chain restaurant operator Prezzo, together invested a combined �80,000 to provide backing for the initiative.

Figures from KAM, which is supporting the Hospitality Rising effort, show that only 1 in 5 people would consider a Hospitality job and 42 per cent of current employees are thinking about leaving the sector.

Kate Nicholls OBE, Chief Executive of UKHospitality, the industry trade body that represents over 740 companies and around 10,000 venues, said:- "This campaign could not have come soon enough and enables Hospitality leaders, investors, and other agencies to come together and stage a vital intervention to attract young people to a rich and diverse career path that so many other industries simply cannot offer. We cannot wait to see the campaign evolve in the coming months and to share the amazing stories of Hospitality workers who have successfully climbed the career ladder, as well as turning a generation to a career pathway that offers joy, success, and an abundance of freedom."

A full list of vacancies can be found at:- HospitalityRising.com.

Profit warnings issued by North West listed companies double year on year in Q3 2022

PROFIT warnings issued by UK listed companies in the North West of England in Q3 2022 doubled year on year, according to EY-Parthenon's latest Profit Warnings report. In total 8 warnings were issued throughout the Region in Q3 2022, up from 4 in Q3 2021 and 6 in Q2 2022. The 3rd quarter's 8 warnings represent the Region's highest third-quarter profit warnings total since 2019. Consumer facing industries and the retail sector saw the highest volume of profit warnings issued across the Region for Q3, as cost of living pressures continued to squeeze spending habits.

Sam Woodward, EY-Parthenon UK&I Turnaround and Restructuring Partner in the North West, said:- "The volume of profit warnings in the North West had cooled since last winter, but challenges for businesses have increased over the last few months, leading to rising numbers of warnings. Given the impact of the cost of living crisis on consumers, it's unsurprising to see consumer-facing businesses among the most affected across the Region. We're approaching the important 'golden quarter' of Q4, during which retailers have traditionally looked to maximise seasonal sales opportunities. However, with ongoing geopolitical challenges and disruptions in supply chains skewing working capital for many, businesses in the North West and further afield could be facing another difficult period."

National profit warning figures... Nationally, profit warnings issued by UK listed companies in Q3 2022 reached their highest 3rd quarter total since 2008. A total of 86 profit warnings were issued between July and September 2022, compared to 51 in the same period of 2021, an increase of 69% and a 34% increase from Q2 2022 when 64 warnings were issued. Warnings issued by consumer facing companies rose almost 3 fold year on year, and EY-Parthenon's report reveals that 57% of warnings during Q3 cited rising costs, while 23% were prompted by labour market issues. The 3 warning:- 'danger zone' now contains 28 listed companies who have issued their third consecutive profit warning in the last year, compared to 18 at the end of Q2 2022. On average, 1 in 5 companies de-list within a year of their 3rd warning, most due to insolvency.

Consumer-facing sectors most affected... Consumer facing companies issued 44 warnings in total; the highest quarterly total since the start of the Covid19 Pandemic. Sectors with the most warnings in Q3 2022 were Retailers (11), Travel and Leisure (9) and Food Producers (7) with the latter sector at a 21 year high. Cost issues featured in 70% of all consumer facing sector warnings with many companies saying that they are struggling to pass on price increases to customers, while falling consumer confidence and changing buying behaviour featured in 50% of warnings.

FTSE Retailers facing multiple headwinds... Over 40% of FTSE Retailers and over 60% of the FTSE Personal Care, Drug and Grocery Stores sector issued a profit warning in the last 12 months. Both sectors, which were already facing spiralling cost, supply chain and labour challenges, are now also contending with falling consumer confidence. Over 70% of retailers issuing a warning in Q3 referenced weakening consumer confidence, while inventory challenges have also intensified as falling demand creates surplus stock issues. The retail sector has also been grappling with long term structural change. Most retailers issuing warnings in 2022 operate exclusively or mostly online and are feeling the impact of the post pandemic shift back to store sales on top of increased delivery costs and product returns.

Silvia Rindone, EY UK&I Retail Lead, said:- "The retail sector is facing a challenging winter while according to the EY ITEM Club Autumn Forecast, the UK economy is expected to be in recession until the middle of next year. However, there are steps businesses in the sector can take to prepare. For example, it is critical that retailers use the breathing space provided by the energy price cap to safeguard their long term survival. This means reviewing their pricing strategy and considering how and where they can pass price rises on, developing robust cash management plans and inventory visibility to avoid costly write offs. Above all, retailers need to adapt to changes in consumer behaviour. Our Future Consumer Index shows that the market is polarised between cash strapped consumers watching every penny and those willing and able to spend if retailers entice them. Navigating this K-shaped profile, focusing on core products, and understanding what will drive growth will be the key to thriving in the current economy."

Travel and Leisure profit warnings double in 2022... Companies in the FTSE Travel and Leisure sector issued 22 profit warnings in the 1st 3 quarters of 2022, double the total issued for the same period in 2021. The sector had been the beneficiary of pent-up consumer spending post-pandemic but rising costs and pressure on disposable income and consumer confidence look set to intensify during a vital period for the sector.

Sam Woodward said:- "Christmas will be a critical period for the travel and leisure sector, particularly Hospitality. Winter is also when traditionally tour operators start to see deposits for summer travel coming in, but consumers are increasingly taking a wait and see approach creating cash flow challenges and making it much harder for businesses to plan. Some companies will struggle to adapt, and some will be vulnerable to failure. But for travel and leisure companies who draw upon their experience, resilience, and agility, and tell a compelling long term value story, the opportunities are significant."

News reports located on this page = 2.

Hospitality Rising campaign kicks off with powerful 'rise fast, work young' message

Profit warnings issued by North West listed companies double year on year in Q3 2022