Hotel Directors Meeting March 2020

A plan for meeting the conditions will have to be set out.

The conditions will be incorporated into the Leadership Team report so that progress / adherence can be monitored. These mean that from within the GFTU office all responsibility for expenditure will have to be undertaken. This adds a burden. Proposals will be made shortly. Tim recognises the need for more effective financial management and welcomes the GFTU support

No other loan will be possible.

Noted. 6/3/20: understood and agreed.

The effect of asking for a loan has been to undermine confidence in the ability of the hotel to deliver on the investment made by the end of 2020 and contingency plans have been made to dispose of the asset it prospects do not look good. The hotel has been bankrupt for some time and only the GFTU’s handouts have kept it afloat. There are no more hand-outs available. It should also be noted that the GFTU has not even been thanks for making the latest loan facility available and this has suggested that the support of the GFTU Has been taken totally for granted in addition to its substantial investment on site. We apologise for any oversight and sincerely thank the Directors and Leadership for making the loan and will adhere to the conditions and payment schedule to ensure it is repaid as soon as possible. Why is this important : The whole sustainability strategy of the GFTU was developed in order provide a new stream of income to the Educational Trust from the hotel and housing. Rather than an asset the hotel has become potentially if the budgeted surplus is not achieved, a major liability. It is recognised that the trading position has slightly improved since the new rooms were opened, however, the real key performance indicator is whether the hotel will achieve the income generation target set in the budget. At this stage it looks very unlikely and even if it does, it will not repay existing GFTU additional loans for over a year. The Hotel Leadership Team met on 13/1 and are producing an action plan, it is expected that this increased focus on revenue and attention to detail and quality will help improve the revenue position, cash forecasting and then routine reports etc. will be shared and capping spending will also help.

18 Targets

Directors will draw up targets for senior managers at the hotel and these will cascade down through better management of all staff in the hotel. Why is this important: All staff need to have a sense of ownership and pride in the progress of the hotel.

Ok 6/3/20: To be confirmed.

19 Upselling

12