Investment In Hospitality & Tourism Industry In Uk
United Kingdom, an island country located on the northwestern coast of the European continent
, is one of the most beautiful countries and is a very popular tourist destination. The UK is known for several natural scenic locations and it boasts of some very spectacular monuments, which has great historical significance. Since the UK attracts a great number of tourists, it also opens doors for business opportunities for investors. The hospitality and tourism industry in the UK is one of the fastest growing industries and it promises great investment potentials.The tourism industry in the UK is highly fragmented with a huge number of small scale businesses involved in it. The industry contributes about 3.6% to UK GDP. Owing to such contribution to the GDP, the UK government has provided funds to several bodies related to tourism with an eye toward promoting both national and international tourism and attracting more foreign investment. The hospitality and tourism industry in UK involves several business sectors including the food and beverage business, accommodation services, and others. In recent years, the hospitality industry in the UK has experienced unprecedented growth. This is because several foreign investors are keen to make an investment in the hospitality industry in the UK, for it promises great returns on their investment.
The growth in the industry is reflected by the fact that employment opportunities for graduates in the UK have increased exponentially. The increasing investment in the sector has created job opportunities for graduates in diverse areas like business managers, finance managers, contract caterers, event organizers and others. Over the past few years, owing to the growing tourism in the country, institutional investments in UK hotels have seen a significant upsurge.
As per the British Hospitality Association records, tourism and hospitality is comprised of approximately 127,000 businesses and the industry is responsible for providing employment to about 1.6 million people. There are about 22,000 hotels, motels and guest houses in the UK. Apart from these, there are more than 16,000 breakfast restaurants in the entire UK. These figures are expected to grow in the coming years with greater foreign investment coming in the country.
These restaurants provide employment to a huge number of full-time and part-time staff. The hospitality and tourism industry contributes a significant amount to the British exchequer. According to the British Hospitality Association, the hospitality sector accounts for 19% of the total national income. It is estimated that more than 1.5 million jobs in the UK are related either directly or indirectly to the hospitality sector.
Due to the growing tourism in the UK, the government has made special attempts to give a boost to the hospitality industry. The British government has ensured that the hospitality sector is up to international standards.
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