Peel Hotels records 4.1% drop in turnover

27 July 2018 by
Peel Hotels records 4.1% drop in turnover

The nine-strong regional group Peel Hotels recorded a pre-tax loss of £734,986 last year, alongside a 4.1% fall in turnover to £16m.

In the financial year to 28 January 2018, EBITDA also decreased by 18.5% to £1.8m.

The pre-tax loss included an exceptional £1.2m expense, due to impairment of the net book values of two leasehold properties held within subsidiaries, and the previous year's exceptional expense, with regards the Strathdon hotel in Nottingham. Pre-tax profit in 2016 was £575,387.

Robert Peel, chairman of the group, said: "Demand has slowed in many of the provincial areas of the United Kingdom, and together with upwards pressure from increases in the living wage, business rates and energy costs, this has created challenges to the profitability of the company.

"However it is not unreasonable to suppose that once the terms and conditions of Brexit are clear, that stability and growth will return. In the mean time we remain focused on reducing debt and our overall cost base."

Peel Hotels reports "very challenging" financial year >>

Peel Hotels announces strong results for year to February 2015 >>

Peel Hotels reports 7.6% increase in turnover >>

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