Von Essen posts £3.2m loss for 2009

06 September 2010
Von Essen posts £3.2m loss for 2009

Von Essen has posted a loss of £3.2m after £14m-worth of interest payments wiped out profits.

Accounts for the year to December 2009 show that the Von Essen Group increased turnover by 6% to £71.5m and operating profit rose from £9.9m to £11.5m.

However, the hotel group posted a loss of £3.2m, down from a profit of £4.1m in 2008. This was due to interest payments on loans, which rose from £8.4m in 2008 to £14m.

In the director's notes, founder and chairman Andrew Davis said the group had "invested heavily in its assets" which had ensured "continuous improvement of the portfolio".

He added: "This investment programme has been accelerated in 2009/2010 to ensure that the group maintains and improves its competitive advantage within the luxury market."

Having taken no salary for 2008, Davis paid himself £150,000 and gave £22,000 to charity in 2009.

The group's first new-build and first London hotel - Verta (pictured) - opens on 12 September.

Hotel Verta in Battersea hires Neal Dove as head chef >>

Sally Strang to manage marketing for Hotel Verta in London >>

Von Essen's Hotel Verta gets staffed >>

By James Stagg

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