The current Covid-19 crisis has seen revenues at most hospitality businesses decline as a consequence of macroeconomics. The UK economy has been highly negatively impacted through Covid-19, and trying to swim against that tide is a herculean task.
The combined efforts of world’s governments, think tanks and centres of learning cannot change the direction of the world economy currently, but are doing a sterling job in continuing to try to do so.
So, if building revenues is currently primarily dependent on economies, reducing costs is not and as such, can be applied in every business without the need for external market forces to change direction.
Running a large portfolio of pubs, 124 to be precise, McMullen & Sons Ltd across that estate process millions of payment transactions. Working recently with the team from Bank Brokers, the acquiring costs and processing margin associated with those transactions underwent a due diligence exercise.
Alex McMullen, Finance Director reflects on the exercise and the outcomes below…
Alex McMullen, Finance Director, McMullen & Sons Ltd“We were introduced to Bank Brokers by a hospitality industry professional whose business had previously engaged them on merchant acquiring.
“Having only changed our acquirer two years previously, and where we gained good savings, we were keen to see if the pricing we secured at that time withstood external market comparison.
“Bank Brokers’ detailed line by line analysis considered all component elements of acquiring costs and processing margin. Their report identified significant savings potential, well in excess of our expectations.
“With their work half complete, and at our request, they proceeded to renegotiate directly on our behalf.
“The final outcomes we received will deliver substantial savings for our business over the next four years where we remain with our current provider.
“We have been truly impressed with their personal, professional, flexible, relationship-driven approach to doing business and highly recommend their services”.
Alex McMullen, McMullen & Sons Ltd
Bank Brokers make it easier for companies to benchmark and reduce their banking costs, this process starts by sitting down and talking. Through talking we begin to understand the business we are dealing with and this then leads, in most cases, to working with companies in reducing their banking costs. Meeting and talking with companies is the foundation of what we do.
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Fighting Covid-19 macroeconomics diligently – 24 July 2020 – Fighting Covid-19 macroeconomics diligently