The chief executive of Richardsons Leisure has commented that the company is thriving after a period of operational refocusing and concentrated investment.
The company has just completed a £10m redevelopment project at its flagship facility in Hemsby including an upgrade to accommodation, an entertainment complex and a 400 seat leisure venue.
Munford said the growing market for shortbreaks and staycations had driven the redevelopment of the new streamlined portfolio.
“Since we first considered this investment the short break has become part of people’s holiday portfolio and it is now more valuable than the week for us,”he said.
“If people are staying for a week they will spend a higher percentage of their money offsite. On a short break people stay on site and make the most of it. The great thing is that it keeps people in Hemsby.”
The extra visitor capacity at the Hemsby site is expected to provide a boost to turnover for the season, something which in the last year to October dipped from £14.1m to £12.3m despite pre-tax profits climbing 81 percent to £2.65m.
In the decade since Greg Munford took over the leisure business he has overseen a period of portfolio realignment which included the closure or sale of numerous under performing assets, but he commented that the company is now thriving.
In the past, Richardsons Leisure had counted the operation of pubs and restaurants alongside holiday parks and boating services, and it has been the focusing on the latter two that has paid dividends according to Munford.