Fall in turnover at Hand Picked Hotels due to hotel sale

03 August 2017 by
Fall in turnover at Hand Picked Hotels due to hotel sale

The sale of the 42-bedroom Priest House hotel in Castle Donnington, Derbyshire, resulted in a 0.9% fall in annual turnover to £61.9m for Hand Picked Hotels.

However, like-for-like revenue for the 20-strong group of four-AA-star hotels increased by 1.8%, according to the group's annual financial report for the year to 24 November 2016 lodged at Companies House.

Pre-tax loss for the period increased by 52% to £3.5m, while EBITDA dropped by 4.7% to £10m.

The group is said to have delivered growth in both occupancy and average room rates.

Priest House was sold in December 2015 to Stuart Garner, chief executive of Norton Motorcycles, off a guide price of £3.25m.

The report highlighted the adverse result of the fire at the 37-bedroom Crathorne Hall hotel in Yarm, North Yorkshire, in October 2014.

While there were gains from the insurers to replace assets destroyed in the fire, the impact on turnover and operating profit during the reporting period was £156,000 and £147,000 respectively. The hotel did not open fully again until 12 months after the blaze.

The three-red-AA-star, 28-bedroom Seiont Manor hotel in Snowdonia, North Wales, was sold for £1.34m in December 2016, at the start of the new financial period. The hotel had originally been put on the market in July 2015 for £2m.

Fawsley Hall named Hand Picked Hotels' hotel of the year >>

Hand Picked Hotels sees turnover increase to £62.4m >>

Hand Picked Hotels sells Priest House hotel to owner of Norton Motorcycles >>

Crathorne Hall hotel unveils £4m restoration one year on from fire >>

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