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, resulting from the Brexit vote in June.
Along with fellow SMEs 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 tourism.
Managing director Paul Thomas (pictured) said: “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 and Chiquito among others. With increasing tourism in Britain, Synecore has experienced a significant rise in electrical contracts and air conditioning installations for hotel and restaurant refurbishments, especially within the capital.
The London tourism trade is expected to increase significantly over the next few years and as a result, construction in the sector will continue to grow.
Mr Thomas said: “Although these findings 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. The uncertainty of the economy has caused some projects that we were scheduled to complete in 2017 to be postponed until 2018.”
He continued: “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!” concluded Mr Thomas.