It would be remiss of us not to write to you following last month's referendum resulting in the the people of United Kingdom's decision to leave the EU.
Firstly we would like to reiterate that as a company, we supported the campaign to remain a part of the Union, as highlighted in the comments, interviews and lobbying undertaken by our CEO Ross Marshall in the run up to the vote:
As a company we were extremely disappointed with the result as we acknowledge the importance of our relationships with our European partners, and the role you have played in our Company's growth, which has contributed to substantial job creation in the UK and abroad. At the same time, we fully recognise the significant benefit inbound tourism provides to your economy, both at a regional and national level.
We would also like to put on record that YGT as a business is hugely indebted to the contribution made by the many of the European nationals that are employed by the Company, and we have benefited significantly from the freedom of movement within the EU that has made this possible. We sincerely hope that this will continue into the future.
Despite the turmoil experienced in the financial markets and the European Parliament over the last 4 weeks, it has been very much 'business as usual' for us, as highlighted by record company sales in June prior to Brexit. That said, it would be remiss of us to assume there won't be further economic ramifications over the coming weeks, months, and potentially years.
Thankfully we believe the combination of our experienced and passionate staff, excellent relationships with both our partners and customers, and our financial standing, which have made us the industry leader over the decade we have been operating, will hold us in good stead as we navigate through these uncertain times. Unfortunately some operators within the industry may not be as fortunate as us. We have already seen other competitors in our sector recently posting record financial operational losses and with the recent demise of the bed bank and on-line travel agent Low Cost Holidays Group, we feel that more so than ever we should be working closer together and upping our communication levels.
The economic reality is there are tough times ahead for consumers, as the holiday they bought last year, at an exchange rate of €1.4 to £1 will be significantly more expensive over the coming year due to the devaluation of sterling, in addition to many hotel groups also increasing their rates from 2015/16. We feel it's as imperative as ever at this uncertain time, to continue to provide our British, Irish and European customers with exceptional value for money and service on their holidays in order to maintain high levels of consumer confidence and keep golfers travelling over the coming years as we prepare to leave the European Union.
Our team will be in touch with all of you shortly to discuss how we can work together to best mitigate the financial impact for both of us, but in the meantime, and in the best of British (+ European) spirit, lets remain calm and carry on!
Yours long standing partners and friends in London,