The Cumberland Building Society has been supporting Cumbrian people and businesses for more than 170 years, investing more than £20m into the tourism sector in the past two years alone.
Cumbria’s tourism sector has faced increasing adversity in the past few years. The pandemic saw tourism nationwide take a significant hit. A brief respite was felt as the country emerged from lockdown and sought to make up for lost time, however it was short lived.
As the tourism sector was getting back on its feet the cost-of-living crisis took hold. Britons tightened their purse strings and an unclear ending to the crisis brought both a nervousness and inability to spend as freely. The crisis has affected the hospitality sector nationwide, but the impact on Cumbrian businesses has been notably damaging. Indeed, Cumbria Tourism recently reported that 46% of businesses in Cumbria have seen a reduction in average spend per customer compared to pre-COVID levels.
The lack of customer spending is not the only cause for concern brought about by the cost-of-living crisis. The same report found some 94% of Cumbrian businesses are concerned about rising energy bills, 86% concerned by increased costs in general, and 66% about passing on cost increases to customers.
Whilst the pandemic saw the Government bring forward its Tourism Recovery Plan to support the sector, the cost-of-living crisis could be a step too far for a beleaguered sector which has faced challenge after challenge in recent years.
Despite the various challenges faced by the sector, the report from Cumbria Tourism also shows that confidence in the region is actually on the rise. 63% of businesses have expressed confidence in their survival over the next five years, which is a notable increase from the previous figure of 45% recorded six months prior.
The Cumberland Building Society has continued to help local businesses fulfil their potential and realise their aspirations. By implementing a relationship managed approach and putting its people at the heart of what they do, The Cumberland has helped numerous businesses successfully navigate the challenges and supported them during the moments which matter most.
The relationship managed approach is something The Cumberland Building Society has strived to hardwire into its genetic makeup. Offering a more personal and genuine approach, its customers have direct access to a relationship manager and associate who understands the needs of their business, as well as a comprehensive knowledge of their operating area.
The Cumberland Building Society has been lending to the hospitality industry for over 20 years and has provided more than £20m in investment to the hospitality sector in the past two years alone.
Alasdair Swan, Senior Commercial Manager at The Cumberland said: “Supporting people and businesses within our heartland here in Cumbria has been at the core of what we do at The Cumberland for the past 170 years. We want to make a positive difference to people’s lives now and in the future, and we do this in a number of ways.
“Alongside offering financial support and business guidance to our customers, we are also among the top 2% of organisations in the world that donate 1.5% of profits to actively support charitable causes and projects – and the majority of our financial support goes straight to projects benefitting people right here in Cumbria.”
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