Paul said the company’s review was prompted by external headwinds and what he described as the market applying “a meaningful discount to our inherent value.” He highlighted UK fiscal changes since late 2024, including higher labor costs and employer National Insurance, followed by a major business rates increase in the November 2025 budget. Before mitigation, Paul said the combined impact was expected to reduce future profits by around GBP 160 million .In Germany, Whitbread reached profitability for the fir ...