Minor International is a global leader in the hospitality, restaurant, and lifestyle sectors. With a portfolio spanning over 530 hotels, resorts, and serviced suites, the company operates under renowned brands such as Anantara, AVANI, Oaks, Tivoli, NH Hotels, NH Collection, nhow, and Elewana. Its presence extends across Asia Pacific, the Middle East, Africa, the Indian Ocean, Europe, and the Americas, offering luxury hospitality experiences and exemplary service.
Challenge
Minor International faced the challenge of conducting internal audits across multiple geographies—including the Maldives, Kenya, Tanzania, and Dubai—without incurring the high costs typically associated with international travel and accommodation for auditors. They required a solution that delivered both local expertise and deep industry insight. Key audit areas included supply chain management, revenue oversight, governance processes, delegation of authority, and IT general controls, all aimed at improving compliance, operational efficiency, and profitability.
Solution
The project stemmed from strategic discussions between Kreston OPR’s Vineet Rathi and Kreston Thailand’s Dollawat Promchinavongs during the Kreston Global Groups conference in May 2024. Building on this dialogue, Kreston Thailand’s Bayani Lauraya and Dollawat reached out to Kreston OPR to collaborate on the assignment.
Chintan Upadhyay led the engagement for Kreston OPR, while Dollawat coordinated directly with the client on behalf of Kreston Thailand. Together, the two firms leveraged their regional expertise to deliver high-quality internal audit services across Minor International’s operations in the Middle East and Africa. Despite a slightly reduced scope, the project was executed seamlessly within the agreed timeline and scope.
Outcome
The internal audit was completed on time and to Minor International’s satisfaction. The collaboration between Kreston OPR and Kreston Thailand was praised for its professionalism, efficiency, and strategic execution. The client expressed interest in continuing the partnership for future internal audit co-sourcing assignments and confirmed Kreston Thailand as their preferred provider for internal audit services.
Client Testimonial
Minor International said,
“Partnering with Kreston Thailand and Kreston OPR has been an exemplary experience. Their blend of strategic guidance and operational expertise provided valuable insights tailored to our needs. The professionalism, cultural awareness, and results-driven approach demonstrated by both teams were outstanding. We are confident that this collaboration will have a lasting positive impact on our governance and operational processes.”
News
Food manufacturing, Netherlands
October 29, 2024
Within the food manufacturing sector, a family-owned bakery in the Netherlands, has served its community for generations. The original owners—two elderly brothers—sought to transition ownership, with the goal of keeping the business within the family. However, the complex personal relationship between the brothers posed challenges to the negotiation process.
Navigating family dynamics in food manufacturing
Initially, one brother was hesitant to sell his shares to his nephew, the son of his sibling and co-owner. Extended discussions finally resulted in a signed Letter of Intent (LOI), moving the ownership transfer forward. Sadly, one of the brothers passed away shortly after the agreement, complicating the transition. This was further impacted by overdue maintenance issues, departing staff, and disagreements around the valuation—key considerations in food manufacturing where operational continuity is crucial.
A balanced solution
Kreston Lentink stepped in to manage the transaction, recognizing the unique needs of a family-run bakery. Kreston Lentink negotiated a 15% reduction in the transaction price to support a fair transition to offset necessary post-transaction investments. When the remaining shareholder wavered, Kreston Lentink’s advisors provided expert mediation to bring both parties back to the table, ensuring a stable outcome for this family-owned enterprise.
A future focused on growth
The transaction was completed successfully, positioning the bakery for future growth in the food manufacturing industry. Now led by the nephew, the bakery recently completed a strategic acquisition and is thriving under new ownership. Both the seller and the buyer are pleased with the outcome and excited about the company’s future in food manufacturing.
If you are interested in doing business with Kreston Global, contact us here.
News
Maessen Tentsupply, Voorhout, Netherlands
October 28, 2024
Active since 1998, Maessen Tentsupply is a Dutch tent supplier with a committed team of 30 employees, focused on becoming the most solid and friendly tent supplier in the Netherlands. The company has recently merged with Veldeman Group, a specialist in tent structures and modular infrastructure. This partnership strengthens Veldeman’s geographical reach and supports Maessen Tentsupply’s future growth. Veldeman Group, backed by IK Partners, has over 50 years of experience and a strong international reputation.
Maessen Tentsupply sought to increase its professional capabilities and accelerate growth, while Veldeman Group aimed to enhance its presence in the Dutch market. Qwintess, with Julian Jonker as the primary advisor, supported Maessen Tentsupply as their M&A advisor on the sell side. In the new structure, Qwintess also assists in integrating Maessen Tentsupply’s reporting with Veldeman’s consolidated procedures.
Effective integration and growth
The collaboration includes setting up a project administration system with preliminary and final calculations to ensure smooth integration. Recently, Maessen Tentsupply expanded its storage capacity, which supports the efficient delivery of its product range in the Dutch market. Veldeman Group has reinforced its Dutch market position and is well-prepared to take on challenging projects ahead.
If you are interested in doing business with Kreston Global, contact us here.
News
Luxembourg firm joins Kreston Global network
April 18, 2024
Kreston Global has today welcomed Luxembourg firm Global Osiris Audit & Expertise to the Kreston Global network.
The firm offers Audit and Assurance, Corporate Recovery and Insolvency services to national and international privately-owned entrepreneurial businesses across Luxembourg and across Europe. The firm deals with a variety of industries including technology, financial services, real estate, food manufacturing, hotels and consultancy organisations.
The addition of Global Osiris Audit & Expertise to Kreston Global’s network ensures a strengthening of accounting provision across its substantial European region, which consists of 61 member firms across 33 countries providing a range of financial, audit and accounting, taxation, and other advisory services to large and mid-sized businesses requiring inbound and outbound growth support and set up.
The firm will be rebranding to become Kreston Osiris Luxembourg over the next few months.
Liza Robbins, Chief Executive of Kreston Global, said:
“We are really pleased to welcome Global Osiris Audit & Expertise to our European region and our network as it brings a range of complimentary solutions for our Luxembourg service offering as well as considerable experience of operating within international networks. The firm will be a strong addition to our member firm lineup especially as it is located in such a key financial centre.”
Olivier Janssen, Managing Partner at Global Osiris said:
“We chose Kreston Global because of its member firm ethos and its great reputation for servicing entrepreneurial international businesses around the world. We can see enormous potential in our collaboration with Kreston and the network’s excellent member firms worldwide.”
With over 20 years of professional experience in international business and organizational development in France and Thailand, Manuel possesses strong skills in business implementation and has managed operational management as part of an International Transfer Program with one of the world’s largest companies in Thailand and SEA. Additionally, he has experience working with international clients, giving recommendations, and supporting foreign investors in doing business in Thailand. Manuel is an expert in the logistics industry and is qualified in administrative communication, business implementation, business optimization, and safety and security.
Visitor economy gives Thailand a boost
April 17, 2023
A post-pandemic return to travel means the visitor economy should give Thailand the boost it needs to achieve growth. The economy of Thailand is dependent on exports which accounted in 2019 for about 60% of the country’s GDP. In 2022, the economy was projected to expand by 3.4% vs 3.6% only in 2023, reflecting a faster-than-expected decline in global demand.
But the tourism sector recovery, and private consumption, will remain the major drivers of growth. The recent reopening of China to international travel in January 2023 should give a big boost to the recovery of tourism after the almost blank year in 2021 and a year in 2022 at less than 30% of the pre-pandemic figures.
For 2023, Thailand now expects between 25 and 30 million foreign visitors, meaning about 70% of the pre-pandemic figures.
To speak to our experts in Thailand, please get in touch.
News
Kreston Global welcomes new member firm in Croatia
February 24, 2023
Kreston Global has welcomed new member firm Kreston Croatia (formerly LID Revizija) to the Kreston network. The firm, which was created in June 2022 and is based in Zagreb was founded by Managing Partner Ivan Pecur, who has worked in a number of international accountancy organisations including Grant Thornton and Crowe over the last 16 years as an Audit partner, the firm also comprises 2 other partners, Luka Orlović and Domagoj Bakran. Together they offer a mix of audit, accounting and tax services to businesses across Croatia, and in particular service clients in the ICT, Tourism and Leisure, Energy, FMCG/Retail, Production and Not-for-Profit sectors.
Ivan Pecur, Managing Partner at Kreston Croatia said: “Joining the Kreston network is a great opportunity for us to really help our clients to grow. The international reach across Europe and the world the network offers is of great interest to us and we are keen to become involved in the regional and global opportunities for collaboration it offers.”
Liza Robbins, Chief Executive of Kreston Global, said: “Kreston is really pleased to welcome our new Croatian firm which will be a great asset to our highly energetic Eastern European firms. We know many of our members have clients who are interested in this part of the world and having Kreston Croatia able to help and support them is a great advantage. We are looking forward to helping them connect with our members across the network.”
The two new members are now both group leaders in their e-teams, Kreston Egypt now specialising in individuals moving in or out of Cairo and McLean Delmo Bentleys now responsible for the same in Melbourne.
The two firms are working with our two global mobility partners; Expatland, who co-ordinate the e-teams all around the world, offering one-stop service, organising everything from expatriate tax to finding a school, for their clients. andHarmony Relocation, a global relocation expert.
If you are moving abroad or looking to move staff overseas, the Kreston Global mobility network can offer tax advice and co-ordinate all other services, from organising a visa to moving your house contents to another country.
Learn more about our network and how we can help you and your employees move country.
News
Kreston Menon launches latest investment guide for ‘Doing Business in Dubai’
Dubai-based member firm, Kreston Menon, has launched the seventh and latest edition of ‘Doing Business in Dubai’, a guide to investment in Dubai, UAE.
The publication was recently launched by His Highness Sheikh Ahmed Bin Saeed Al Maktoum, President of Dubai Civil Aviation Authority, Chairman of Dubai Airports, Chairman and Chief Executive of Emirates Airline and Group, and Kreston Menon partners, Raju Menon, Chairman and Managing Partner, Kreston Menon and Sudhir Kumar, Senior Partner and Head of Corporate Communications. The handbook is approved by the Business Registration and Licensing Department of the Dubai economy.
The publication has been celebrated in the press for raising the profile of Dubai, its free zones and offers a comprehensive understanding of the setting up process of Dubai International Financial Centre (DIFC) and on Nasdaq Dubai which allows companies to benefit from a unique investor pool that combines regional and international wealth. The guide is a great resource for start-up businesses, looking to benefit from the various support and incubation programmes provided by Dubai.
‘Doing Business in Dubai’ highlights the competitive start-up ecosystem of Dubai and acts as a guide for the innovative and enterprising youth from all over the world, as the book emphasizes on the various Startup Support initiatives and Business Incubation and Acceleration facilities provided by Dubai.
The book provides a complete overview of the incorporation process in the Mainland and Free Zones of Dubai, and helps the investor have clear understanding of the costs, impacts and benefits of each jurisdiction on his business. It also offers guidance on setting up in the Dubai International Finance Centre, and on NASDAQ Dubai, giving access to a unique investor pool.
The handbook gives insight into the decisive economic measures and new amendments to the residency and investment legislation initiated by the leadership of UAE which has stimulated the flow of foreign investments into the country. 30, 000 copies have been distributed around the region, including banks and high profile business events, such as the 2020 Expo in Dubai.
Otafuku Foods Co. Ltd was founded in 1922 in Japan. It mainly provides liquid, solid and semi-solid seasoning products such as sauces and vinegars for condiment manufacturers and other food companies. It has developed into one of the largest seasoning products manufacturers in Japan and continues to grow in North America.
In order to promote a Japanese food culture in China and develop the Chinese market, Otafuku Foods Co., Ltd established Otafuku Foods (Qingdao) Co., Ltd in China in 2012.
As a Japanese production enterprise, it is really critical to have standardized financial accounting processes that can accurately deal with local tax policies and regulations in China and ensure strong tax compliance. Otafuku Foods (Qingdao) Co., Ltd appointed Brighture to help them with this.
Brighture’s team consists of financial and tax consultants, senior accountants and auditors who collaborate to ensure problems are solved quickly, who understand the company’s business model and more importantly can provide solutions to help improve and enhance operations.
Over the last 9 years, Otafuku Foods and Brighture have worked closely together on the growth of their business, their markets and their customers. Brighture has also helped them to develop new ideas and additional partners to help them grow new business areas, such as high-tech providers and maternity leave outsourcing services.
“Since its establishment in 2012, Otafuku Foods (Qingdao) Co., Ltd has been consulted and guided by Brighture in accounting, taxation, auditing and other aspects of finance and taxation. With professional services, Brighture answers relevant financial and tax questions, standardizes financial accounting of enterprises, helps enterprises prevent and control financial and tax risks, and establishes a foundation for the development of enterprises, which is worthy of customers’ trust and long-term cooperation.”
Mr. Huiming Luo GM at Otafuku Foods (Qingdao) Co., Ltd
News
Leisure and hospitality
June 29, 2021
Many, from restaurants and hotel chains to leisure resorts and global travel companies, are thinking not only about the short term but how to thrive in the long term.
You may want to re-evaluate aspects of the business – whether to expand overseas, boost marketing, analyse costs or invest for the future. To get these right, Kreston can analyse your business operation and identify where efficiencies are needed and where strong potential lies.
Some may be unsure about the best way to expand their business internationally. This exciting prospect is one of our specialities. Our teams of trusted experts worldwide understand their markets and can provide an integrated service for you across our global network.
Family-owned businesses build their reputations over many years – and their future is even more important. We build trust and long-term partnerships to help in critical areas such as succession planning, incentivising your management teams and coaching.
Financial consultancy for leisure and hospitality businesses
At Kreston Global, our member firms can provide complete and comprehensive accounting support for leisure and hospitality businesses. Our specialists are informed through our network’s in-depth research, providing locally effective services informed by global insights. We understand that each business is different, tailoring our services to meet the needs of your team and how you contribute to the leisure and hospitality sector. Here are some of the myriad ways we work with businesses like yours around the world:
Cash flow
Effective cash flow management is crucial for leisure and hospitality businesses, where the timing of revenues and expenses can shift significantly through the seasons. Our member firms can help you maintain liquidity and operational efficiency by offering tailored solutions to manage cash inflows and outflows, avoiding shortfalls. We can help identify areas of excess cash, recommend cost-saving strategies, and provide insights into how to manage your receivables and payables better, ensuring smooth day-to-day operations without compromising long-term growth.
Forecasts and budgets
Leisure and hospitality businesses often operate in dynamic environments, with demand varying based on holidays, events, and economic factors. Developing accurate financial forecasts and budgets is essential for staying competitive and financially resilient. We work closely with you to create forward-looking financial plans that align with your business goals, incorporating industry trends and market analysis. Whether you’re planning for peak seasons or preparing for potential downturns, our forecasting and budgeting services provide clarity and direction, helping you allocate resources effectively, set realistic performance targets, and make informed decisions.
Specialist leisure and hospitality accounting and tax advice
The leisure and hospitality industry is complex, with unique tax considerations, regulatory requirements, and operational challenges. Our accountants specialise in providing tax and accounting advice tailored specifically to the needs of hotels, restaurants, event venues, travel operators, and other leisure businesses. From managing VAT and sales tax compliance to optimising your tax structure, we offer expert guidance on navigating industry-specific regulations. Our team can help you minimise tax liabilities, maximise deductions, and ensure compliance with ever-changing local and international tax laws, allowing you to focus on what matters most—growing your business.
Overseas VAT, transfer pricing and payroll
As your leisure and hospitality business expands internationally, managing VAT, transfer pricing, and payroll across multiple jurisdictions becomes increasingly complex. We assist you in navigating the nuances of overseas VAT rules, ensuring compliance with tax laws in different countries and avoiding penalties. Our member firms also specialise in transfer pricing, helping you structure intercompany transactions and allocate profits in a way that complies with international tax regulations. Additionally, we provide payroll services that address the unique challenges of managing employees in multiple locations, ensuring timely and accurate payroll processing and adherence to local labour laws.
International subsidiary tax structuring and planning
For businesses with international operations, tax structuring is crucial to minimising tax burdens and ensuring the efficient flow of profits across borders. We assist leisure and hospitality businesses in designing tax-efficient structures for international subsidiaries, taking into account local tax laws, international treaties, and the economic realities of the hospitality industry. Kreston’s experts help you plan for the repatriation of profits, manage foreign tax credits, and optimise your global tax position. We work with you to develop strategies that minimise risks, reduce costs, and ensure compliance with international tax obligations.
Growth and exit plans
Whether you’re planning to expand your leisure and hospitality business or considering an exit strategy, Kreston Global can provide expert advice to help you navigate each phase of your business lifecycle. Our team helps you assess potential growth opportunities, such as mergers, acquisitions, or organic expansion, and develop a strategy that aligns with your long-term goals. For those considering an exit, we provide advice on structuring the sale of your business to maximise value, minimise tax liabilities, and ensure a smooth transition. We can guide you through due diligence, valuation, and negotiations to help you achieve the best possible outcome.
Obtaining finance
Access to capital is often essential for growth in the leisure and hospitality industry, whether you’re funding new projects, refurbishing existing properties, or expanding your operations. We help you navigate the complexities of obtaining finance, from preparing financial statements and business plans to identifying potential funding sources. Our team has extensive experience working with banks, investors, and private equity firms, and we can help you structure your financing package in a way that maximises your chances of success. Kreston can also provide advice on the most suitable financing options, whether through debt, equity, or hybrid models, based on your unique business needs.
Overseeing business acquisitions
Acquisitions are a common path for growth in the leisure and hospitality sector, but the process can be intricate and challenging. Our team provides end-to-end support in overseeing business acquisitions, from identifying potential targets to closing the deal. We assist in due diligence, financial analysis, risk assessment, and structuring the acquisition to ensure it aligns with your business strategy. Our international experts also help negotiate the terms of the deal, ensuring that you’re making a sound investment that will enhance your portfolio. Whether you’re acquiring a hotel, restaurant, or other leisure asset, we can help you navigate the complexities of the acquisition process.
Sales transactions
When it’s time to sell your leisure or hospitality business, having the right advice and support is crucial to achieving the best possible return. We assist with every aspect of sales transactions, including business valuations, structuring the sale, tax implications, and negotiations with buyers. Our global team works to ensure the transaction is tax-efficient, minimising your liabilities and maximising your financial outcomes. We also guide you through the sale process, ensuring that you meet regulatory requirements and that the transition is as smooth as possible for both you and the buyer.
Each of these services is tailored to meet the unique challenges faced by leisure and hospitality businesses. Whether you’re looking to optimise cash flow, growth plan, or navigate the complexities of international tax and finance, our expert team is here to help you thrive in a competitive and ever-changing industry.
What are Kreston Global’s professional standards in the leisure and hospitality space?
Kreston Global members observe the local professional standards of their respective countries as well as complying with international regulations. Our effective internal monitoring programme ensures all our partners meet the International Standards on Quality Control as well as the International Standards on Auditing when conducting transnational audits. Kreston Global teams proudly follow the code of ethics as dictated by the IESBA (International Ethics Standards Board for Accountants).
As a member of the Forum of Firms, an association of international networks of accounting firms, Kreston Global is dedicated to meeting the highest of standards in financial reporting and auditing practices across our global community.
Why choose Kreston Global’s leisure and hospitality financial services?
Kreston Global stands out for its deep industry expertise and global reach. Our interconnected network of professionals provides real-time insights into the leisure and hospitality sectors, empowering businesses to expand sustainably.
We leverage our extensive knowledge and experience to offer tailored solutions that address the specific challenges you face. With Kreston Global as your partner, you gain access to a wealth of resources and expertise that will help drive your business forward in a competitive landscape.
Contact Kreston Global to find out how we can support your leisure and hospitality business
Want to know more about our financial services for leisure and hospitality businesses? Get in touch
Search
We use cookies on our website to give you the most relevant experience by remembering your preferences and repeat visits. By clicking “Accept All”, you consent to the use of ALL the cookies. However, you may visit "Cookie Settings" to change your consent.
This website uses cookies to improve your experience while you navigate through the website. Out of these, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. We also use third-party cookies that help us analyze and understand how you use this website. These cookies will be stored in your browser only with your consent. You also have the option to opt-out of these cookies. But opting out of some of these cookies may affect your browsing experience.
Necessary cookies are absolutely essential for the website to function properly. These cookies ensure basic functionalities and security features of the website, anonymously.
Cookie
Duration
Description
cookielawinfo-checkbox-advertisement
1 year
Set by the GDPR Cookie Consent plugin, this cookie is used to record the user consent for the cookies in the "Advertisement" category .
cookielawinfo-checkbox-analytics
11 months
This cookie is set by the GDPR Cookie Consent plugin. It is used to store the user consent for the cookies in the category "Analytics".
cookielawinfo-checkbox-functional
11 months
This cookie is set by the GDPR Cookie Consent plugin to record the user consent for the cookies in the category "Functional".
cookielawinfo-checkbox-necessary
11 months
This cookie is set by the GDPR Cookie Consent plugin. It is used to store the user consent for the cookies in the category "Necessary".
cookielawinfo-checkbox-others
11 months
This cookie is set by the GDPR Cookie Consent plugin. It is used to store the user consent for the cookies in the category "Other".
cookielawinfo-checkbox-performance
11 months
This cookie is set by the GDPR Cookie Consent plugin. It is used to store the user consent for the cookies in the category "Performance".
CookieLawInfoConsent
1 year
Records the default button state of the corresponding category & the status of CCPA. It works only in coordination with the primary cookie.
device_id
10 years
Cookie used to maintain a local copy of the user's unique identifier.
viewed_cookie_policy
11 months
This cookie is set by the GDPR Cookie Consent plugin and is used to store whether or not a user has consented to the use of cookies. It does not store any personal data.
Functional cookies help to perform certain functionalities like sharing the content of the website on social media platforms, collect feedbacks, and other third-party features.
Cookie
Duration
Description
__cf_bm
30 minutes
This cookie, set by Cloudflare, is used to support Cloudflare Bot Management.
bcookie
1 year
LinkedIn sets this cookie from LinkedIn share buttons and ad tags to recognize browser ID.
bscookie
1 year
LinkedIn sets this cookie to store performed actions on the website.
currency
1 year
This cookie is used to store the currency preference of the user.
lang
session
LinkedIn sets this cookie to remember a user's language setting.
li_gc
6 months
Linkedin set this cookie for storing visitor's consent regarding using cookies for non-essential purposes.
lidc
1 day
LinkedIn sets the lidc cookie to facilitate data center selection.
UserMatchHistory
1 month
LinkedIn sets this cookie for LinkedIn Ads ID syncing.
Performance cookies are used to understand and analyze the key performance indexes of the website which helps in delivering a better user experience for the visitors.
Cookie
Duration
Description
ac_enable_tracking
1 month
This cookie is set by Active Campaign to denote that traffic is enabled for the website.
device_view
1 month
This cookie is used for storing the visitor device display inorder to serve them with most suitable layout.
Analytical cookies are used to understand how visitors interact with the website. These cookies help provide information on metrics the number of visitors, bounce rate, traffic source, etc.
Cookie
Duration
Description
__kla_id
2 years
Cookie set to track when someone clicks through a Klaviyo email to a website.
_ga
2 years
This cookie is installed by Google Analytics. It is used to calculate visitor, session and campaign data and it also keeps track of site usage for the site's analytics report. The cookie stores information anonymously and assigns a randomly generated number to identify unique visitors.
_ga_M0XVMQMRZ1
2 years
This cookie is installed by Google Analytics.
_gat_gtag_UA_188891991_1
1 minute
This cookie is set by Google and is used to distinguish users.
_gat_gtag_UA_7661078_5
1 minute
This cookie is set by Google and is used to distinguish users.
_gid
1 day
This cookie is installed by Google Analytics. It is used to store information on how visitors use a website and helps to create an analytics report on how the website is performing. The data collected includes the number of visitors, the source of visitors and the pages visited in an anonymous form.
AnalyticsSyncHistory
1 month
Linkedin set this cookie to store information about the time a sync took place with the lms_analytics cookie.
CONSENT
16 years 5 months 19 days 16 hours 12 minutes
These cookies are set via embedded YouTube videos. They register anonymous statistical data e.g. how many times the video is displayed and what settings are used for playback. No sensitive data is collected unless you log in to your Google account, in that case your choices are linked with your account, for example if you click “like” on a video.
Advertisement cookies are used to provide visitors with relevant ads and marketing campaigns. These cookies track visitors across websites and collect information to provide customized ads.
