A stronger economy and onging improvements has helped drive up profits and turnover at Macdonald Hotels.
The group, which operates 41 hotels in the UK, recorded a profit of £3.6m during the finanical year to 27 March 2014, compared with a £6.1m loss during the previous year, according to company's latest finanical statement lodged at Companies House. Turnover increased by 5%, up from £138.6m to £145.5m.
During the year, the company increased its capital expenditure on improvements across its estate from £8.7m the previous year to £14.3m. The most significant projects included the refurbishment of 98 bedrooms at the 151-bedroom Macdonald Aviemore Highland Resort; refurbishment of 91 bedrooms and public areas, together with the launch of the new Rocca@Holyrood restaurant, at the 156-bedroom Macdonald Holyrood hotel, Edinburgh; and the refurbishment of the restaurant, bar and lounge at the Macdonald Compleat Angler hotel, Marlow.
A new five-year banking facility was agreed with Lloyds Banking Group just prior to the end of the company year to the tune of £299m. As part of this agreement, Macdonald Hotels sold the Macdonald Randolph hotel, Oxford, under a sale and leaseback agreement.
David Guile stepped down as chief executive of the company four months after the end of the financial year, with the day-to-day running of the group being taken over by its executive chairman and founder, Donald Macdonald.