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Hospitality Industry Faces ‘Long Covid’ If Debts Not Confronted

The hospitality, retail and leisure sectors are now having to face up to unprecedented levels of debt as the economy reopens. Coined as ‘long Covid for the economy,’ the hospitality and leisure industry has reportedly amassed over £2.5bn of rent debt. Furthermore, the industry is also coming out of lockdown with another £6bn worth of government debt.

That said, as tragic as it is, and while you may be sceptical about using a professional debt recovery service like ours to reclaim unpaid hospitality debts, using Cobra is guaranteed to be the best decision for both parties.

Here’s why:

Lifting Lockdown Restriction on 21 June

Kate Nicholls, boss of Hospitality UK, recently told MPs that “although there was a strong demand among consumers as restrictions eased, most firms were, however, operating at a loss.”

While there’s no denying the catastrophic impact the Covid19 pandemic has had on the hospitality industry, there is also no denying the trickle-down impact the sectors’ misgivings have had on other related industries such as the property, travel and wholesale sectors respectively.

When retailers and wholesalers feel trapped, they can turn to a professional debt recovery agency to work on your behalf. Taking into consideration the damage done to the hospitality industry, we work on your behalf to secure fast payment.

So, if you’re a wholesaler or landlord, for example, you’re more likely to recover your debt if you leave the case in the hands of experts who understand what they’re doing and have a wealth of experience in dealing with the hospitality industry.

Recovering Debt as a Wholesaler

The further down the supply chain, the greater the number of sales and, unfortunately, the greater number of debts.

Enforcing unpaid accounts on the hospitality industry requires a number of strategies, one being face-to-face debt recovery.

We have worked for a number of wholesalers, so we know that the most impactful method of debt recovery when looking to collect from a hospitality company. Due to our extensive debtor profiling, we only take cases we know we can win.

Therefore, if you need to collect unpaid fees or find absconded hotel moguls or restaurant owners, trust Cobra to get your money back.

Trust the Hospitality Debt Recovery Specialists

If you’re owed money by a client within the hospitality industry, we can help.

As the world opens up again on 21 June, and with the hospitality industry facing mounting debts, more and more debtors may be looking to abscond on their debts and responsibilities.

That said, with a long list of wholesalers and landlords who we’ve helped recover debts for, you can rest safe in the knowledge that, despite the ‘long economic covid,’ your money and reputation is in safe hands.

Be it our specialist hospitality team, global network or designated case managers, you can trust Cobra to get your money back.

To discuss your case with a specialist member of the Cobra Financial Solutions team, get in touch on 0151 526 4222.

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