A Durham-based firm that helps hotels across the country increase their revenue and profits is celebrating its fifth year.
Sarah Thompson decided to set up Octopus Revenue Ltd in 2014 when she was made redundant, having spent over 20 years of working in the hospitality sector with major hotel chains and independent groups around the UK.
Owner, Sarah Thompson, said: “I knew it was the perfect opportunity to set up by myself and carry on working in the industry that I love and know, as well as spending time with my growing family. In fact, when my six-year-old daughter came up with the name of the business for me I knew I had to do it!”
Operating from her office in County Durham, Sarah offers a range of revenue management support services to hotels of all sizes alongside training that is designed to support both experienced and aspiring revenue managers.
Sarah, and her growing team of four, has provided outsourced revenue management to over 50 properties across the UK over the last five years and proudly counts all types of hotels, from boutique to budget, including some of the best-known brands in the business in her portfolio.
Sarah said: “I am delighted with how the business has developed. From the outset I’ve been privileged to work with some fantastic hotels to help them identify new sources of potential revenue and increase their profits, and most of them remain as my clients to this day.”
In addition, Sarah has provided revenue management training to over 400 students, including revenue management scholarships with HIT Scotland.
David Cochrane, Chief Executive at HIT Scotland said: “We offer those working in hospitality in Scotland opportunities to broaden their skills and grow personally through our inspirational scholarship programmes. Sarah has organised and taught revenue management scholarships for our scholars who wanted to learn more in this area, her area of expertise. Her contribution has been invaluable and the feedback we have received has been exemplary. We’re excited to launch our 2020 scholarships, which includes a new revenue management two-day programme to help hospitality professionals in all roles understand the importance of revenue to the business.”
As well as running Octopus Revenue, Sarah has set up a networking group to give hospitality professionals insights into local market trends, which involves an array of well-known and innovative industry suppliers. Known as IN4Hospitality, the initiative has steadily grown with free events scheduled regularly throughout the year each attracting around 40 attendees.
Sarah said: “I’d like to thank everyone who has supported me. A desire to be good at my job, and a healthy competitive streak means that I have progressed in the hospitality industry and have built up an excellent reputation. I can honestly say that I am pleased with my success to date and it’s wonderful to get to spend time with my children along the way. Here’s to many more exciting years ahead!”