“Today’s decision to leave the EU is likely to cause CEOs within the leisure and hospitality sector a great deal of uncertainty and concern. Not only are there vast numbers of EU nationals working in the hospitality sector, but EU supplier and commercial contracts will need to be reviewed, and there will also be concerns over foreign visitor numbers within the industry. All of these factors could have a material impact on operations and revenues.
“On an economic level however, it’s fair to predict that today’s result will probably impact consumer confidence, driving down discretionary spend on leisure in the short to medium term while consumers evaluate the full impact of what the UK’s exit from the EU means for them and their wallets.”
Notes to editors:
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KPMG LLP, a UK limited liability partnership, operates from 22 offices across the UK with approximately 12,000 partners and staff. The UK firm recorded a revenue of £1.96 billion in the year ended September 2015. KPMG is a global network of professional firms providing Audit, Tax, and Advisory services. It operates in 155 countries and has 174,000 professionals working in member firms around the world. The independent member firms of the KPMG network are affiliated with KPMG International Cooperative ("KPMG International"), a Swiss entity. Each KPMG firm is a legally distinct and separate entity and describes itself as such.