Millennium & Copthorne Hotels blame Brexit uncertainty for falling profits


The hotel chain Millennium & Copthorne Hotels has blamed Brexit uncertainty for falling profits. Pre-tax profits dropped by 28% to £106m in 2018.

London has been particularly affected by Brexit concerns, the hotel group blamed US-China trade war along with Airbnb competition.

Pre-tax profits dropped 76% to £7m in the fourth quarter of 2018.

In a statement the Hotel Group said, “Concerns about Brexit have affected the Group’s UK hotels especially in London, where the hotels started to face difficulties in recruiting EU workers which currently comprise more than half of the London workforce.”

Kwek Leng Beng the chairman of the Hotel Group said, “The shortage of talent-from rank and file to senior management is intensifying with many new hotels being built around the world, not to mention the growth of Airbnb and serviced apartments.”