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WITH ongoing uncertainty surrounding our future relationship with Europe and the value of the pound, Cumbria’s tourism and hospitality businesses are likely to face several new challenges in the coming months. 

Opportunities also beckon, however, with the Lake District’s strong reputation and offer, and World Heritage Site status continuing to attract new visitors to the area. 

However, in order to secure future financial success, Lamont Pridmore is calling on businesses to carry out a thorough financial health check.

As the UK enters a new period in its history, the firm of leading business, tax and accountancy advisors feels that now is the perfect time for business owners to prepare a comprehensive financial plan to help them profit from future opportunities.

With the advent of new forms of technology, such as cloud-based online accounting, it has never been easier for business owners to check their information while on the go and, more importantly, work collaboratively with their advisors.

Lamont Pridmore is leading the charge in this area, and is already offering a range of technology-driven services to its clients in the region’s tourism and hospitality industries.

Speaking about the importance of future benchmarking and financial forecasting, Graham Lamont, Chief Executive of Lamont Pridmore, said: “In the last five years technology has come on at such a pace that most business owners, with minimal investment, can have all the information that they require for decision-making at their fingertips.

“This level of business intelligence can prove extremely beneficial when conducting viability studies for projects, reviewing pricing strategies, tax planning, or profit improvement, including developing ‘what if’ scenarios.  Detailed financial forecasts can also help to increase the value of a business ahead of a potential sale.

“Cumbria has one of the country’s strongest tourism and hospitality offerings, but, like any sector, it will need to move with the times, which is why the adoption of new technological tools, and the right advice to help interpret their data and help to inform future investment plans, will be essential if they wish to remain competitive.”

Lamont Pridmore is already providing sector-specific advice on future forecasting as part of its commitment to these industries, and the firm is well recognised by Cumbria’s various tourism organisations – in part thanks to its ongoing support as a strategic partner of Cumbria Tourism and its sponsorship of the Cumbria Tourism Awards.

Chris Lamont, a Partner at Lamont Pridmore, said: “We are really proud of our close association with Cumbria’s booming tourism industry, but we want to make sure it has the resources and advice it requires to enjoy decades of success in future as well.  We are hoping more businesses will seek our innovative support.”

Lamont Pridmore are specialists in providing first-class accountancy, tax and financial advice to Cumbria’s vital tourism and hospitality sector.  Their range of services and expertise include:

  • Financial forecasts
  • Specialist tax planning on purchase and disposals of businesses
  • Pricing strategy and competitor analysis
  • Profit improvement focus days
  • Benchmarking your performance with others in your sector
  • Preparing for your business sale
  • Creating a Life Wealth Plan
  • Retirement and succession planning

Further information about Lamont Pridmore is available by visiting www.lamontpridmore.co.uk, telephoning 0800 234 6978, or emailing info@lamontpridmore.co.uk