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Whitbread expands cost-cutting programme as demand slows
The Guardian
|October 17, 2024
The Premier Inn owner, Whitbread, is ramping up its cost-cutting programme amid slowing demand, as the hospitality sector braces for a widely expected employer tax rise in this month's budget.
The company, which owns the Beefeater and Brewers Fayre restaurant chains as well as the UK's biggest hotel brand, said its total revenues had been flat at £1.57bn in the six months to 29 August, while profit before tax fell by 22% to £309m.
Sales at hotels in the UK fell by 1% year on year in the six weeks to 10 October, as business and leisure travel weakened, against a strong summer last year when travel surged after the Covid-19 pandemic.
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