Latest news with #RSMUK
The Herald Scotland
22-07-2025
- Business
- The Herald Scotland
Have tourists in Scotland reached 'ceiling' for hotel rates?
The latest RSM Hotels Tracker found average daily rates of occupied rooms (ADR) in Scotland increased from £155.27 to £156.04 in May year-on-year, as operators strove to offset the rise in labour costs. This was in contrast with the wider UK ADR, which fell from £152.93 to £149.08 over the same period. However, while room rates increased in Scotland, hotel occupancy across the country decreased year-on-year from 84.4% in May 2024 to 81.9% in May 2025. That contributed to gross operating profits falling from 43.9% to 41.9%. Sale of Glasgow west end care home nets £1m for charity Scotch whisky chief pays price as global turmoil hits industry Why the case for a 'Scottish visa' just got stronger Occupancy was higher in Scotland than the UK as a whole, which saw a slight drop from 79.5% to 79.4%, contributing to a year-on-year drop in gross operating profits from 39.1% to 37% in the UK. Stuart McCallum, partner and head of consumer markets in Scotland at RSM UK, said: 'Scotland's hotels are now facing the impact of April's employer cost rises and price pressures, and profits have continued their downward trend in May, alongside the wider UK market. 'With occupancy also falling in May, there is slight concern among hoteliers around how much it can rise again in the coming months. As living costs increase, Scotland's hoteliers face the challenge of encouraging customers to hotels, and we may be reaching the ceiling in terms of what they are prepared to pay in the current economic climate. 'Scotland's international tourism may also struggle, as US tourists aren't travelling here as much as in previous years. Scotland's economy relies heavily on these tourists to spend significant sums on luxury goods, dining out and experiences. Hoteliers will need to continue investing in their facilities to attract footfall, and also consider diversifying to attract wider overseas markets, otherwise it will become more challenging to increase occupancy levels and therefore profits.' The report is compiled and produced by Hotstats and analysed by RSM UK. It also found that hotels appear to be spending more on IT systems, with a 17.6% increase in Scotland over the past three years. There was a UK-wide increase of 21% over the same period. Mr McCallum added: 'It's clear hoteliers will need to find ways to improve efficiencies to boost profits, and investment in technology is already supporting this, particularly in the budget hotel market. At the premium end of the market though, people are willing to pay high rates for a high level of personal service, and this is unlikely to change any time soon. 'There are some positives ahead too for Scotland's hotels, and with better weather as festival season approaches, international tourism could see an uptick. With recent investment into Edinburgh and Glasgow airports, both now operating under new ownership, new flights into Scotland could help to increase the marketability of Scotland, and hotels could soon see a rise in footfall as a result.'
Fashion United
22-07-2025
- Business
- Fashion United
UK retail insolvencies surge amid tax burden and weak consumer confidence
The UK's retail sector is showing signs of distress, with company insolvencies in the trade rising sharply for the second consecutive month. According to figures released this week, retail trade insolvencies climbed to 192 in May 2025, a 16 percent increase from April's 165 cases, and 20 percent higher than the 160 recorded in May 2024. While some had anticipated a post-pandemic correction in the retail ecosystem, this latest data suggests a more structural reckoning is underway—one exacerbated by government fiscal tightening and shifting consumer behaviour. Gordon Thomson, a restructuring partner at RSM UK, framed the uptick as a predictable consequence of the Chancellor's recent tax hikes. 'We're starting to see the impact of the government's new fiscal policies bite,' Thomson noted. 'The increase in corporation tax, coupled with rising employer National Insurance contributions, is squeezing the viability of many retailers who were already operating on tight margins.' This financial stress coincides with ongoing shifts in consumer priorities. Though broader indicators suggest that confidence is recovering modestly, spending remains cautious. High costs of living, particularly for essentials such as food and fuel, are eroding disposable income. For retailers dependent on discretionary purchases, fashion, interiors, and lifestyle, the short-term outlook is now clouded with uncertainty. Untenable costs physical stores The question now is whether the UK's fiscal framework is inadvertently hastening the decline of its retail sector. Many in the industry are calling for a re-evaluation of business rates and the National Insurance threshold, policies which disproportionately affect brick-and-mortar operations. While online retailers often benefit from lower operational costs and broader reach, high-street stores remain tethered to fixed expenses that are becoming untenable. Insolvencies, while headline-grabbing, are merely the symptom. At the core lies a deeper issue: the pace of change in consumer expectations is accelerating, while many legacy retailers have failed to keep up. A division is emerging between those who are agile, data-savvy, and digitally native, and those still structured around pre-digital retail models. To survive, retail brands must now operate more like tech companies: leveraging analytics, optimising supply chains in real-time, and speaking fluently to consumers across digital channels. For fashion in particular, the opportunity lies in cultivating niche communities online, offering personalisation, and creating experiences that transcend the transactional. The retail landscape has always evolved, but rarely has the transformation been so abrupt or unforgiving. If insolvencies continue their upward trajectory, May 2025 may well mark a tipping point, a moment when traditional British retail, hemmed in by policy and pressured by shifting demand, began to give way to a leaner, tech-driven new order.
Yahoo
17-07-2025
- Business
- Yahoo
RSM UK forms alliance with IntellixCore
RSM UK has teamed up with IntellixCore, an AI consultancy, to advance its goal of incorporating AI into its audit, tax, and consulting operations. The collaboration will utilise an AI Orchestration Platform to support RSM's transition to an operating model that integrates AI. This will allow staff to work alongside AI systems designed to align with the firm's practices and comply with regulatory standards, the accounting firm said. RSM UK chief digital officer Chris Knowles said: 'Being AI-centric is about rewiring your business around the capabilities of AI to the benefit of your clients or customers, with clear guardrails relevant to your industry and regulatory environment. 'This strategic investment in our new AI Lab, powered by IntellixCore, will help us achieve this strategic ambition quickly and responsibly. Additionally, RSM is establishing an AI Lab to promote innovation and adoption of AI technologies. The lab will focus on ensuring that AI applications within the firm are secure, transparent, and geared towards enhancing client outcomes. IntellixCore CEO Sultan Mahmood said: 'Our partnership with RSM reflects a shared vision of what enterprise AI should be. The future of work is about human workers interacting seamlessly with autonomous agents in ways that genuinely drive value, especially for customers. 'Our partnership puts RSM in a powerful position to be the first professional services firm to truly embrace digital intelligence and reimagine how clients experience audit, tax and consulting services.' "RSM UK forms alliance with IntellixCore" was originally created and published by International Accounting Bulletin, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. 擷取數據時發生錯誤 登入存取你的投資組合 擷取數據時發生錯誤 擷取數據時發生錯誤 擷取數據時發生錯誤 擷取數據時發生錯誤
BBC News
07-07-2025
- Business
- BBC News
Dudley rail research firm goes into administration
A not-for-profit organisation which has been involved in a Very Light Rail (VLR) system for Coventry has gone into Black Country Innovative Manufacturing Organisation (BCIMO) runs what it describes as a "unique world-class centre for rail innovation."The £32m VLR centre was built with money from a range of sources, including regional enterprise partnerships and Coventry City Council and Dudley Borough Council.A lack of anticipated funding and rising costs had led to cash flow challenges for BCIMO, administrators RSM UK said. The VLR centre remained open and continued to trade during the administration period, they added, but there had been a "small number" of to sell the business and assets were being "rapidly explored," with a view to keeping the centre going and rescuing the BCIMO brand, said RSM UK."BCIMO has been responsible for the important work undertaken at the VLR centre over the last few years," stated joint administrator Deviesh parties were encouraged to come forward in the "coming days." BCIMO came into being in 2019, ahead of the centre being completed by Dudley Council in is like a tram, but involves single, battery-powered cars that can each transport about 50 people, and do not need deep tracks to run Coventry the city council is working on a new system using special weight bearing concrete slabs and vehicles specially designed for tight has been developed in partnership with BCIMO and WMG at the University of Warwick. 'Business as usual' Coventry City Council said it was disappointed to hear that BCIMO was in administration, but it would not have any impact on Coventry Very Light Rail."It is absolutely business as usual for us," said cabinet member Jim O'Boyle."Following the really successful on road trial in the city centre, the vehicle is now in Alcester for the next stage of development," said the the vehicle is worked on, an 800-metre section of track is set to be laid from the railway station to the University Technology Park, to show how it can run in live traffic. Follow BBC Birmingham on BBC Sounds, Facebook, X and Instagram.
Yahoo
07-07-2025
- Business
- Yahoo
Krystals packaging company enters administration
Independent packaging manufacturer Krystals has entered into administration and ceased trading, resulting in the loss of approximately 80 jobs. Printweek reported that the company, based in Lincoln and Ellesmere Port in the UK, was acquired by its most recent owners in 2008. Krystals operated a blow moulding plant for pharmaceutical containers, which it described as one of the most environmentally friendly in Europe, producing millions of units weekly. The company also served the corrugated packaging sector, offering products ranging from multicolour digitally printed shelf-ready corrugated boxes to heavy-duty double-wall stitched transit cases. Gareth Harris and Chris Ratten of RSM UK Restructuring Advisory were appointed joint administrators of A, R & S Shingdia, trading as Krystals. The company operated under an unlimited partnership structure with trading names Krystals, Krystals Premier, and Krystals Packaging. RSM UK, in a statement, said: 'Following their appointment the joint administrators completed a sale of plant and machinery relating to the bottling plant located at the Lincoln site. 'The remaining plant and machinery at the Lincoln site remains available and the administrators are seeking to sell this via auction. 'The administrators continue to explore options for the Ellesmere Port site with parties interested in purchasing the remaining business and assets welcomed to make enquiries.' The administrators confirmed that all roughly 80 employees were made redundant, and operations ceased on 23 May 2025, with no outstanding contracts in place. "Krystals packaging company enters administration" was originally created and published by Packaging Gateway, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
