Hand Picked Hotels has seen a spike in pre-tax loss to £4.3m in 2018 but remains optimistic about its growth prospects.
The independent country hotel group reported the figure against the previous year’s pre-tax loss of £213,000 in its results for the 52 weeks to 29 November 2018.
Group turnover fell by 2.4% to £60.2m for the period. The company said it “delivered a stable like-for-like revenue” in its strategic report, which noted that the previous period had an additional week of trading.
Occupancy remained broadly flat with a decrease of 0.1% while average rooms rates increased by £0.27.
In its report filed at Companies House, Hand Picked Hotels said: “The group is still well positioned for growth as the market begins to recover, driven by investment that will deliver increases in sales and operating profit.
“The ongoing improvement in brand perception together with the continued drive towards excellence in service provision will also contribute to future growth.
The 15-strong hotel group completed a £4.2m renovation of its Stanbrook Abbey hotel in Worcester earlier this year (pictured), which saw the Grade II-listed, four-AA-star property go from 55 to 70 bedrooms. The property was acquired from Clarenco in 2017 for an undisclosed sum.
Founded in 2001 by former lawyer Julia Hands, Hand Picked Hotels has 15 hotels across the UK as well one in Scotland and three on the Channel Islands.