Tourism and Hospitality

The Lake District in Cumbria is one of Britain’s few truly world-class destinations.

Cumbria’s visitor economy makes a significant contribution to the Cumbrian economy with over 15 million visitors, spending £1.1 billion each year, supporting 22,000 jobs, with over 3,300 visitor dependent businesses and 5,000 accommodation providers.

As a Cumbria-wide firm of chartered accountants, tax and business advisers, we specialise in and act for a wide range of businesses in the tourism and hospitality sector. We are also auditors and financial advisers to Cumbria Tourism whose role is to support the development of the tourism industry throughout Cumbria.

We regularly run seminars on topics of interest and developments that may affect the industry, including tax saving and tax planning, business start ups, grooming your business for sale, benchmarking the performance of your business with others in your sector and undertaking profit improvement sessions to help improve business performance and underlying profitability. In a recent project we coached 55 tourism related businesses over a nine-month period and improved their combined net profits by over £1.1 million.

We are the founding sponsor of the Cumbria Tourism Awards which celebrates the success of the excellent tourism businesses throughout Cumbria. Award winners must demonstrate high levels of excellence and innovation, including their food, welcome, service and marketing methods.

Lamont Pridmore does all the things that other firms of accountants do but it is at this point that its higher levels of service really come to the fore by focusing on three things:

  • Keeping tax liabilities to a minimum
  • Helping clients to make more money, including maximising the value of the business, grooming it for sale, assisting with funding expansion plans or helping to develop a succession strategy
  • Investing wealth wisely and protecting the family and the business

We also quantify the value we add to our clients’ businesses which last year amounted to over three times the fees we charge.

Great people, with a passion for personal service, a comprehensive client care programme with a wide range of products and services that add real value to clients’ businesses and private lives, create that virtuous circle of success for all our clients.

Lamont Pridmore has specialist sector knowledge and provides a comprehensive range of services to the Tourism and Hospitality sector, in particular:-

  • Business start ups including our new business start up kit
  • Business viability and business plan reviews
  • Preparing business plans for start ups, raising finance for expansion or further business development
  • Advising on business structures and acquisition strategies
  • Maximising capital allowance tax claims on refurbishment and improvement programmes
  • Maximising capital allowance tax claims on “green” expenditures
  • Advising on tax mitigation strategies for employee earnings, benefits, tips and profit extraction plans
  • Profit improvement studies, including competitor analysis, price differentiation, creating your price model, developing key performance indicators and benchmarking reports comparing your business performance with the best in your sector
  • Developing succession strategies, grooming businesses for sale, maximising business sale values and advising on the most tax efficient allocation of business sale proceeds
  • Helping you to invest your wealth wisely including pension and retirement planning
  • Purchasing a tourism business including preparing the business plan

Our specialist in this field is Graham Lamont. To find out more about how Lamont Pridmore can help you, please contact us.

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