The current global pandemic has created an unprecedented period of uncertainty in the world. It is easy and relatively expected for companies to adopt a  reactionary culture to tackle the COVID-19 crisis, where all the energy of the administration is consumed in the reaction, i.e. in the treatment of exogenous events/factors, which occur and are dealt with sequentially, and of which the management of the organisation has no control.

Unfortunately, as the sector of the economy most affected, hotel companies can no longer maintain a reactive management culture, without serious negative consequences.  Hoteliers need to seize this opportunity and get help from specialised crisis and distress consultants to put their business back on track.
In the last two weeks, there have been significant positive developments, both locally and globally, including a government Tourism Industry Support Package, and positive indications in the development of an efficient vaccine for COVID-19. These developments may be the coveted light at the end of the tunnel to end the pandemic, as well as a source of security and clarity for Cypriot Hoteliers, in the midst of the enormous uncertainty caused by the virus’ spread across the globe. 

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A crisis is an unusual event that can arise, during a company’s normal evolution and should not be tackled with common tools or ignored. Taking advice from crisis and distress experts is an early step for business recovery.

Through a study CITR carried out on 150 companies from their portfolio of 350, they found that 60% of these companies waited 3 years to access a recovery measure, after the start of their financial problems.  Of those companies part of the study, 25% asked for help and approached a crisis manager in less than one year since the first signs of distress appeared. 

The differences between the two categories of companies was enormous:
In the first category, the turnover dropped by 50% in 3 years of ongoing problems, compared to a 5% drop for the companies from the second category. 
The amount of debt: 30% vs 8%, the first category of companies almost always started financing their activity by selling important assets at discounted prices. 
Our companies, APC Audit Tax Advisory Ltd and CITR Cyprus Ltd, have decided to join forces to offer a comprehensive package of services to Cypriot Hoteliers, equipping them with the appropriate weapons for the proper management of the evolving pandemic and the strengthening/restructuring of their organisations with the ultimate goal of returning to profitability and healthy development.

For more information, please contact them at:
APC Audit Tax Advisory:    info@apccpa.eu               +357 22 445004
CITR Cyprus:                        office@citr.com.cy           +357 22 027621