An insurance settlement of £22.3m has been agreed with Andrew Brownsword Hotels following the devastating fire at its Royal Clarence hotel in Exeter, according to the company's latest financial results filed with Companies House.
The Grade-II listed, 53-bedroom, four-AA-star hotel, believed to be one of England’s oldest hotels, was seriously damaged in October 2016 in a blaze that had broken out in the adjacent Castle Fine Art Gallery building.
The group announced earlier this month its intention to sell the Royal Clarence hotel in Exeter, as costs already incurred in the demolition, historic restoration and enabling works had left the group “unable to deliver a hotel, as we had so hoped to do”.
In its results for the period ended 30 December 2018, the group reported diminished pre-tax losses of £46,629, down from £495,085 the previous year, as well as a slight increase in turnover from £14.4m to £14.6m.
In the documents the group said its operating results for the period “reflect mixed trading conditions combined with continued re-investment in the hotels and the associated disruption to trade”.
The directors said they were “satisfied with the overall financial performance of the group” despite the “challenging market conditions”.