Sometimes a loss is not such a bad thing

How many of Caterer‘s contributors could take pleasure in reporting a loss? Very few, I suspect.

At our recent AGM, members of the consortium were asked to approve the audited accounts for 2001, which showed that under my stewardship we had gone well beyond our financial objective to make no profit and had actually "lost" thousands of pounds!

In truth, this was the result of using up most of the reserve from previous years on perfectly sound marketing initiatives - nobody complained. I felt like a spoof chancellor charged with deploying as much money as possible without raising taxes.

In fact, the 45 hoteliers present at the meeting seemed more positive and forward-looking than I had dared to hope. The troubles of last year were scarcely mentioned and our attention was focused on measures to build the brand, especially within the UK.

One of our guest speakers got an unexpected laugh: in explaining his company's fees, he suggested that Pride of Britain, like his firm, was "not a charity", and someone shouted back: "Oh yes it is!"

Those of us who stayed in London on the Sunday night enjoyed a convivial dinner in the cellars of the Stafford hotel, where Terry Holmes (our host that night) and George Goring (our host the next day) betrayed their manful emotions when the conversation turned to her late majesty, the Queen Mother. Out came a 1952 flagon of navy rum with which to "splice the mainbrace". This thoughtful provision ensured we all had the courage to face the AGM to follow.

Later that week I was privileged to attend a seminar, organised by the Walpole Committee, on brands and the importance of nationality. High-flyers from several different business sectors shared their thoughts about this, most agreeing that the consumer is positively influenced by country of origin. Britain, for example, is noted internationally for its heritage, fair play and inventiveness. They warned, however, that we do not sell ourselves well enough abroad.

An eminent hotelier stressed the need to concentrate on promoting the quality to be found here, rather than discounts. I couldn't agree more.

Attending these two meetings so close together made me see a profound difference between them. At the Walpole, the audience listened in silence to a series of speakers until asked to contribute. At Pride of Britain, the roles are reversed. If you want to get a word in edgeways, you'd better have something worth saying.

Peter Hancock is chief executive of Pride of Britain Hotels
Next diary from Peter Hancock: 27 June