Value of fraud in the North West rocketed 235.5% in 2017 to £115.7m, up from £34.5m in 2016

15th January 2018

The value of fraud in the North West more than tripled in 2017 as the region was ranked the third most defrauded region in the UK by value, according to new research published by accountancy and business advisory firm BDO LLP. BDO’s FraudTrack report, which examines fraud cases over £50,000 in the UK, revealed fraud in the North West accounted for 5% of the total value of reported fraud in the UK, as the value of fraud in the region rocketed 235.5% from £34.5m in 2016 to £115.7m in 2017.

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Another strong year for Lake District hospitality sector predicted by real estate advisors Colliers International

Sales in the Lake District hospitality sector will continue to defy national trends – with more rooms, visitors and high-profile deals forecast for 2018, according to real estate advisors Colliers International.

The specialist hotels team at Colliers predicts that the Lakes will continue to be its most productive region for hospitality transactions in the UK – with more than 30 hotel and hospitality businesses in the region sold in the past two years.

Colliers believes that the main drivers of such sales in 2017 – the weak pound, low interest rates and poorly performing savings accounts, ISAs and pension schemes – will continue to encourage such deals throughout the next 12 months.

And area-specific factors such as the Lake District being awarded World Heritage Site status by Unesco will also attract further domestic and international buyers.

Julian Troup, head of UK Hotels Agency at Colliers, said: “We are supremely confident that the Lake District will continue to be our best performing region for hospitality sales in the UK during 2018.”

He admitted that ongoing uncertainties over the outcome of Brexit negotiations would continue to impact the sector, along with rising inflation and higher labour costs as hospitality workers opt to leave the UK.

“Nationally, commentators are predicting something of a slowdown through 2018 with a gradual easing in the rate of growth.

“UK and global economic factors helped keep the local sector buoyant through 2017 and although we are also sensing a note of caution creeping in as businesses re-position themselves for 2018, we know from long experience that the Lake District is the most resilient visitor destination in the UK.”

The predicted national slowdown is partly because of a steep increase in the number of rooms available – with almost 20,000 expected to come on stream in 2018 increasing supply and impacting prices.

Julian added that increasing demand for UK provincial hotels opportunities was emerging from a diverse range of buyers.

He explained: “Buyers in 2018 will continue to include international investors attracted by weaker sterling, private purchasers enticed by the benefits of a lifestyle opportunity and corporate investors seeking favourable returns and real estate alternatives.

“As long as Brexit negotiations do not impact more negatively on consumer confidence and consequently the UK economy, we anticipate no material changes to the level of UK transactional activity during 2018.”

Julian cited the sale of Borrowdale Gates Hotel, one of the Lake District’s foremost country house hotels, in 2017 as an example of the region’s appeal to international investors. Acting on behalf or private owners, Colliers sold the property at Grange-in-Borrowdale to Fairtree Hospitality Real Estate Private Equity Fund, the Guernsey investment vehicle managed by international asset management company Fairtree Capital.

Spin For SmartWorks – Pedal For A Purpose

With International Women’s Day around the corner, we’re challenging you to sign up for Spin for Smart Works 2018. This is pedalling with a purpose, celebrating and empowering women, whilst enjoying competitive fun with great prizes to be won. Spin 2018 starts on Friday 2 March and ends on International Women’s Day on Thursday 8 March. Teams of 5 are set a 500 mile target and can choose how they want to complete their cycling miles – on a road bike, gym bike or spin class. If 500 miles isn’t enough, don’t stop. Because whoever cycles the furthest will be crowned winner of Spin for Smart Works 2018.

RLB announces senior management appointment in Manchester

Leading independent construction, property and management consultant, Rider Levett Bucknall UK (RLB UK) has appointed industry expert and previous Deloitte Real Estate Director, David Litherland as a Partner. David will jointly head up RLB Manchester’s growing cost management team with existing Partner, Ilyas Patel.