New hospitality businesses owners across North West urged to place extra value in their offering in order to thrive

Those who are looking to start a new hospitality business in the North West UK are being encouraged to offer added-value services for customers, as they look to navigate current market challenges.

To navigate these challenges, The Cumberland, which holds more than 20 years’ experience in lending to the hospitality sector, encouraged new business owners to implement value-added services into their offering to appeal to customers.

Additionally, the building society highlighted how thorough preparation to develop detailed business plans, as well as carrying out due diligence when sourcing a location for a new business, will give a strong foundation for future success.

Alasdair Swan, Head of Commercial, The Cumberland, said: “Starting a new hospitality venture is both an exciting and daunting prospect. The number of decisions to be made – whether it is choosing the right location, securing a financing package, or managing operations – can be overwhelming.

 “Prospective business owners should  conduct comprehensive market research to understand the demand for their product offering in a chosen location, to gauge what type of hospitality experience potential guests visiting the area want, and also what type of visitors a business wants to attract.

“A well-chosen site can make a huge difference to profitability, with proximity to transport links, local attractions, and other amenities all influencing a venues desirability for customers.”

The Cumberland highlighted how lenders who understand the hospitality market can support businesses on their new venture, helping them to identify potential opportunities.

“Lenders who understand the hospitality market in different regions can support businesses in this regard, ensuring that new hospitality owners get their offering right.” Alasdair said. “It means that they can identify the best locations, tailor their business strategy to regional trends, and navigate the specific regulatory and planning requirements in these areas.”

In doing so, new owners can appeal to the nuances between different guests, whether they be business travellers, vacationing families, local trade, or even eco-conscious tourists.

Alasdair added: “Customers are increasingly looking to squeeze as much value as possible out of their experiences as they look beyond traditional comfort and services.

“They are expecting more. They want thoughtful touches which make a visit memorable, such as personalised amenities, eco-conscious practices and curated local experiences that reflect a community’s authentic culture.

“By focusing on added benefits, attention to detail, and customised services, businesses in the hospitality sector can enhance customer satisfaction, create lasting impressions, and standout in a competitive market.”

The Cumberland offers a Kinder Banking, people-first approach, where customers are supported by real people, ensuring hospitality business owners across Scotland, Cumbria, Yorkshire, and the North East, receive the support they need.

Based in Carlisle, and established in 1850, The Cumberland is the UK’s 10th largest building society, serving 160,000 customers through its digital channels, Carlisle-based call centre and network of 34 branches.

The Cumberland was one of the first lenders to offer a specialist holiday let mortgage product and has been lending to hospitality business owners across the UK for over 20 years.

Its head office is based in Carlisle; however, the Commercial team is well placed to cover the whole of the UK, providing hospitality lending to the mainland UK, and some islands via a fully relationship-managed service.

The Cumberland offers a range of hospitality lending solutions, specialising in hotels, guest houses, B&Bs, and holiday lets (including Airbnb).