Barcelo Hotels property owner continues to make progress

24 September 2010 by
Barcelo Hotels property owner continues to make progress

The property owner of Barcelo's UK estate has continued to make progress after a financial restructuring saved the business last year.

Puma Hotels, which was previously known as Dawnay Shore Hotels, owns 20 four-star properties across the UK including the Lygon Arms in the Cotswolds (pictured)and Imperial in Torquay, leased to Spanish company Barcelo.

For the six months ended 30 June Puma made a net profit of £2.9m (up from £900,000 in 2009) from turnover unchanged year-on-year at £14.9m. After deducting shareholder finance costs, profit on ordinary activities for the period was £100,000, compared with a loss of £1.1m last year.

The company is following a strategy of adding value to its properties by expanding them and has recently secured planning permission for a new Harrogate Lodge hotel. It also has planning permission to expand its Brighton Old Ship and Gatehouse at Combe Grove Manor hotels.

Investment company The Hotel Corporation holds half (49.9%) of Puma's shares since the issuing of new shares to pay down debt in June 2009.

Barcelo Majestic in Harrogate reopens after major fire >>

Puma gets go-ahead to build hotel beside Harrogate exhibition centre >>

Puma Hotels secures future with new bank deal

By Chris Druce

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