The Youth Hostel Association have announced the closure of eight of its hostels.
A statement from the YHA outlined the reasons behind the closures...
"These closures result from an in depth review of YHA’s financial position and future strategy carried out by the management team over recent months. The money required for essential repairs and refurbishment of these hostels could never be repaid by their likely levels of occupancy, hence the need to let them go. Sadly, this is unlikely to be the last set of closures in the next few years, as YHA seeks to batten down the hatches and see off the recession.'.
Over the next year YHA will close and sell Capel Curig (Gwynedd), Exeter (Devon), Grasmere Thorney Howe (Cumbria), Hunstanton (Norfolk), Kendal (Cumbria), River Dart (Devon), Saffron Walden (Essex), and Scarborough (North Yorkshire). They will continue to operate until at least 30th September 2010.
“We have chosen these hostels very reluctantly because when we looked at the amounts we would need to spend, even allowing for significant increases in the numbers of people staying and cost savings, these projects would still make a significant loss,” says Caroline White, YHA’s Chief Executive. “The decision has been discussed with staff concerned and we will make every effort to ensure that they are able to continue working with YHA elsewhere.
“Closing a Youth Hostel is never easy and YHA does understand the impacts these decisions have particularly for guests and members who enjoy close links and strong loyalties with these particular hostels.”
By closing and selling hostels, YHA can release the capital value of these sites to pay for the investments elsewhere which do make a return, and also to reduce the amount of money we need to borrow from the banks.
“This is YHA’s 80th anniversary and we want YHA to continue for at least another 80 years,” YHA Chairman, Chris Darmon, says. “To achieve that, YHA will need to become financially sustainable and these plans are a first step towards that goal.” Post Title
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