The Caterer

Von Essen on spending spree after boosting annual profits

07 July 2009 by
Von Essen on spending spree after boosting annual profits

Luxury hotel group Von Essen is looking to double its portfolio after making profits of more than £10m in 2008.

The group's fifth annual report shows its turnover increased 20% from £56.8m in 2007 to over £70.6m in 2008. Gross profit jumped 24% to £60.678m, while net profit for the year rose from £6.123m to £10.809m in 2008.

Von Essen's net assets increased from £89.545m to £150.35m.

Chairman and founder Andrew Davis said the results were a "source of particular pride" adding that the group was looking to double its 27-strong portfolio.

"I believe there is the scope to double our presence in this country and we are alive to any relevant opportunity," he said.

"Establishing a flagship presence in London as well as developing our mainland European business are central strategic objectives and we will also consider prize assets in the UK's principal cities as we develop our Metropolitan brand.

"We are diligently monitoring the market for material corporate acquisition opportunities."

Von Essen acquired Callow Hall in Derbyshire in October last year, and is currently in the process of building a luxury five-star hotel, Hotel Verta, on the banks of the Thames in Battersea, which is set to open by the end of the year.

In 2007 the group acquired Seaham Hall near Newcastle and The Samling in the Lake District from Tom's Companies.

The launch of Von Essen's Thameside hotel, Verta >>

Von Essen buys Seaham Hall hotel and the Samling >>

Von Essen acquires Callow Hall hotel in Derbyshire >>

Von Essen reveals financial performance for past year >>

By Gemma Sharkey

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