Paragon profits plummet

03 December 2003 by
Paragon profits plummet

Profits have dived at entrepreneur Trevor Hemmings's Paragon Hotels group.

Accounts filed recently at Companies House show that pre-tax profit at the group fell by more than 85% to £577,000 in the 12 months to 3 April, compared with £3.9m for the same period last year.

Cairns Hotels, Hemmings's Scottish hotel chain, recorded a pre-tax loss of £421,000, compared with a profit of £1.5m in 2002.

The massive declines were caused by a £661,000 loss on the sale of several hotels, and a £1.7m charge for staff employed by a hotel management company.

Turnover at Paragon dropped by 11% to £21.1m.

Hemmings also owns Blackpool Tower and the Brannigans chain.

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