Manchester's Stock Exchange Hotel, owned by footballers Gary Neville and Ryan Giggs saw losses widen in 2022, despite revenue increasing by 32%.
The hotel recorded pre-tax losses of £1.4m for the year to December 2022, up from a loss of £1m in 2021, despite revenue increasing to £5.3m, compared to £4m the previous year. Gross profit had increased from £1.5m in 2021 to £1.9m in 2022.
Giggs and Neville opened the 40-bedroom hotel in a Grade II-listed building in central Manchester in 2019.
It was previously home to Tom Kerridge's Bull and Bear restaurant, but the site closed in December 2022 as the chef said he needed to focus on his restaurants in London and Marlow.
The hotel restaurant space was replaced by British brasserie the Stock Market Grill, which was run by the team behind Manchester's Schofield and Atomeca bars, but it closed in July after just five months of operation.
In accounts published to Companies House directors Giggs and Neville said: "The directors have continued their policy of investing in the hotel to improve operational performance and to promote the ‘Stock Exchange' brand even post the pandemic year. The directors feel that whatever the case, the quality of the brand and of the property they manage cannot be sacrificed. There is a strong focus on always investing and enhancing the consumer experience and providing a high level of service.
They added: "Financial year 2022 continued to be a year of the ‘unknown', especially in the beginning six months because of the pandemic but also because the challenges around inflation and the labour market continue to this day. One also needs to not underestimate the significance that the hospitality sector is still regarded as a high-risk industry by the financial markets in general and by employees.
"For 2023 the directors are looking forward for the hotel to get back to the performance pre the Covid pandemic with a healthy performance in rooms and F&B where forecasts are showing a positive positioning for the hotel in terms of average room rate (ADR), occupancy, EBITDA and cash generation, Figures are very encouraging, whereby the property has achieved record ADR's as well as outperforming its competitors."