What's your name and what position do you hold?
Dermot Crowley, Deputy CEO of Dalata Hotel Group PLC. Dalata operates the Maldron Hotel and Clayton Hotel brands throughout Ireland & the UK, as well as managing a portfolio of Partner Hotels. Dalata Hotel Group PLC was founded in July 2007 by Pat McCann, former chief executive of the Jurys Doyle Hotel Group. The company made its initial public offering in 2014.
What are your day to day responsibilities?
As a main Board Director, I get involved right across the business from my core finance and strategy related responsibilities to development, sales and marketing, operations, human resources and revenue management.
What is your professional background?
I hold a BComm from UCC and am also a qualified Chartered Accountant.
How do you see the current situation affecting capital fundraising for businesses?
It varies hugely from industry to industry. In the wider hospitality, travel & leisure sector there has been significant fundraising over the last 6 months. It has been for a variety of reasons – some have raised equity to provide liquidity, others to strengthen their balance sheet and some to provide a war chest for opportunistic acquisitions.
When might the IPO market recover?
Better visibility of when and how the pandemic will end is needed.
What are the options to raise capital post-Brexit?
I am not sure that Brexit will have any specific impact on the range of capital raising options. The impact of Brexit needs to be assessed in the same way as the impact of other events. The impact of Brexit will vary significantly from sector to sector. For our own industry, the impact of Covid19 is far greater. That would not be the case if you were looking to raise equity in something like the food sector.
What’s next for your company?
First, we need to continue to protect our people, our business and our cash over the next 6 months. I would hope that we will start to see recovery set in quarter next year as the world is better able to manage Covid19 through a combination of vaccines, improved treatments, testing, tracing etc. We will then look to rebuild our business throughout 2021 and 2022. We will also look to complete the 3,300 rooms in our development pipeline as well as look for new opportunities that may arise out of the Covid19 crisis. We’re very focused on finding new opportunities in London and the larger UK cities. We are in a strong place financially and look forward with confidence to the post Covid world.
Dermot Crowley is speaking at the Business Post’s Raising Capital Summit on Nov 4.
See www.capitalsummit.ie for full details.