Rocco Forte Hotels achieves £10.4m pre-tax profits

23 March 2015 by
Rocco Forte Hotels achieves £10.4m pre-tax profits

Improvements in the global economy, strong demand from the leisure sector and a focus on the highest level of guest service have helped drive up revenue by 4% to £193m at Rocco Forte Hotels.

Pre-tax profits for the group's holding company, Rocco Forte & Family, also increased to £10.4m for the year ended 30 April 2014, from £2.9m during the previous 12 months.

The company now owns or leases 11 hotels following the sale in September 2014 of the 165-bedroom Lowry hotel in Manchester to Westmont Hospitality Group and its investment partner Mount Kellett Capital Management, off an asking price of around £40m.

Following the sale of the Lowry, Rocco Forte Hotels has two remaining five-red-AA star properties in the UK: the 117-bedroom Brown's hotel in London and the 188-bedroom Balmoral in Edinburgh.

In November 2014, the company secured £60m worth of funding from the Italian state-backed sovereign fund, Fondo Strategico Italiano in exchange for a 23% non-controlling equity stake. A new funding facility was also signed with the Bank of Scotland, providing finance for the group until 2020.

Rocco Forte Hotels sell the Lowry in Manchester >>

The Caterer Breakfast Briefing Email

Start the working day with The Caterer’s free breakfast briefing email

Sign Up and manage your preferences below

Check mark icon
Thank you

You have successfully signed up for the Caterer Breakfast Briefing Email and will hear from us soon!

Jacobs Media Group is honoured to be the recipient of the 2020 Queen's Award for Enterprise.

The highest official awards for UK businesses since being established by royal warrant in 1965. Read more.


Ad Blocker detected

We have noticed you are using an adblocker and – although we support freedom of choice – we would like to ask you to enable ads on our site. They are an important revenue source which supports free access of our website's content, especially during the COVID-19 crisis.

trade tracker pixel tracking