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.
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By Chris Druce
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