Premier Inn Owner Reports £ 1 Billion Loss – But Hopes to See ‘Staycation’ Boom | Economic news

Whitbread, owner of Premier Inn, has fallen to an annual loss of £ 1billion – but hopes to capitalize on a ‘staycation’ boom over the summer.

Revenue for the year ending February 25 fell 71% to £ 589million as the group’s hotels and restaurants were closed for much of the period, while 27,000 workers were laid off and about one in eight head office employees have been made redundant.

Whitbread has more than 800 Premier Inn hotels in the UK and all but 39 – kept open for the use of key workers – have been closed as lockdowns have moved in.

But the group, which can trace its origins to the 18th century, when its since-abandoned brewery branch was founded, said 92% of its UK hotels are now open.

Chief Executive Officer Alison Brittain said: “The past fiscal year has been one of the most difficult in our 279-year history as we have operated under significant COVID restrictions which have had many implications for our businesses, customers and our employees.

‘The vaccination program in the UK means we can look forward to the planned easing of government restrictions as summer approaches, with the first important step being the return of holidaymakers to our hotels and the full reopening of restaurants. from May 17th.

“We expect a significant rebound in leisure demand at our tourist sites during the summer, followed by a gradual recovery in leisure demand by businesses and events.”