The Savoy made a loss of £41.4m last year

22 September 2015 by
The Savoy made a loss of £41.4m last year

The Savoy hotel in London made a net loss after tax of £41.4m for the 12 months up to 31 December 2014 compared to a loss of £32m the previous year.

The hotel's operating profit increased to £7.5m for the period up from £5.6m for 2013.

Meanwhile, revenue per available room fell to £304.92 for 2014 compared to £308.71 in 2013.

The company's group refinanced in October 2014 and is expected to meet all its financial obligations for the next 12 months. The group has secured bank financing until 2018.

The Savoy is managed by Fairmont Hotels & Resorts, which is in the process of being sold, with InterContinental Hotels Group rumoured to be a front runner.

Savoy sees sales and profits drop >>

The Savoy made a loss of £25m in year after it re-opened >>
Savoy hotel staff face job losses >>

*Looking for a job? See all the current hotel vacancies available with The Caterer* Jobs >>

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