Crerar Hotels reports 31% revenue surge to £19 million
Friday, January 5, 2024
Crerar Hotel reported a rise in revenues from £14.5m to £19m as summer sales across the group outstripped the levels in the run-up to Covid.
In the week to the end of March 2023, the number of staff rose by more than 16% from 267 to 312 as pay and benefits increases pushed expenditure across the group to the tune of over £2m.
Gross profit also grew by more than 30 per cent from £12.6million to £16.4million with a further £2.4million on modernising hotels and spas across the portfolio.
The company completed the renovation of the thermal baths at Loch Fyne Hotel, Inverary & Golf View Hotel, Nairn within the course of this year.
Even though it is reported to have made a pre-tax loss of £2.2m, this loss included the one-off cost of the restructure and costs inherent in the sale of the company.
Crerar Hotels CEO Chris Wayne-Wills said he was confident that the company would continue its upward trend as a result of new ownership.
At the end of the economic period Crerar Hotels was acquired by new owners Blantyre Capital and Fairtree Hotel Investments with the intention of growing "a significant luxury UK hotel portfolio"