Hand Picked Hotels has reduced its debt by more than £17m following a cash injection from the company's chief executive and chairman, Julia Hands, and her husband, Guy Hands.
Julia and Guy Hands, who heads one of Europe's largest private equity firms Terra Firma, have invested £22.5m into the business, which operates 17 four-star country house hotels including Ettingham Park hotel, near Stratford-upon-Avon and Audleys Wood hotel, near Basingstoke, Hampshire.
As a result, Hand Picked has now reduced its bank debt from £97.65m to £80m, according to the just published company's annual accounts, for the year to 29 November 2012.
The report also highlights a small fall in the company's annual turnover during 2012, down to £59.9m from £60.4m the previous year, while operating profit dropped during the same period from £728,083 to £507,191.
Meanwhile, profit before depreciation was £8.28m, compared with £8.87m in 2011.
The directors' report highlights that the group currently has a portfolio of 949 bedrooms and is intending to expand the group with "the acquisition of suitable hotel assets throughout the UK".
Hand Picked Hotels will grow to 18 properties in September when the 78-bedroom Bailbrook House hotel in Bath joins the group following an extensive refurbishment. Set in 20 acres of grounds, the property was acquired last year by Hand Picked for an undisclosed sum off a guide price of £6.95m.