Synecore – a leading M&E Contractor for major brands within the Hospitality industry – strongly believes British tourism could save the current downturn in the construction industry, caused by the Brexit vote in June this year.
Along with fellow SME’s in the UK, Synecore held tight to see how the Brexit vote would impact on the nature of their business. Now five months on, the firm has found that business is booming and it’s all down to growing toursim.
Paul Thomas, Synecore’s Managing Director explains, “Since June we have noticed an incline in construction for the hospitality industry. The weakened pound appears to be working in the favour of hoteliers and restauranteurs, particularly in London. The reason being tourists!”
Synecore is a preferred mechanical and electrical contractor for numerous restaurant and hotel brands across the country, including Hilton Hotels, Ibis, DeVere, Leon Restaurants, Comptoir Libanais, Frankie and Bennie, Chiquito and many more. With increasing tourism in Britain, Synecore has experienced a significant rise in electrical contracts and air conditioning installations for hotels and restaurants refurbishments, especially within the capital.
According to an article in The Guardian (), 3.8 million people visited Britain in July alone, the highest month ever for British tourism. While on British soil, these visitors spent £2.5bn, that’s 4% more than last year.
It is not just tourists from overseas looking to holiday in the UK. British holiday makers are set to stay on home turf until the economy has settled. The London tourism trade is therefore expected to increase significantly over the next few years and as a result, construction in the sector will continue to grow.
“Although these finding may contradict some of the negative stigma associated to Brexit, we must not rest on our laurels. There is still a general air of caution within the hospitality sector when it comes to development,” explains Thomas. “The uncertainty of the economy has caused some projects that we were scheduled to complete in 2017 postponed until 2018.
“Brexit has also impacted on materials costs. While we currently find ourselves absorbing these changes, this cannot be maintained. We will always do our best to remain competitive, but there is no doubt costs will increase and the uncertainty in the wake of Brexit is affecting the construction Industry.
“With the surprising growth of certain sectors we could potentially see an increase in construction over the next two years, but only time will tell!” concludes Thomas.
For more information about Synecore and the services it provides, please visit our website.