Hotels

Gleneagles reports £9m pre-tax loss

Despite the loss, a strong recovery this summer has seen the hotel be able to repay its £5m CLBILS loan

The Gleneagles Hotel has reported a loss for the second consecutive year after posting a pre-tax loss of almost £9m for the year ended 31 March 2021.

According to its latest set of accounts published on Companies House, the loss comes after the hotel reported a fall in turnover from £66.3m to £19.7m during the period. The hotel was closed for eight months during the pandemic and reopened in April last year.

Since reopening, it revealed that “strong trading” in the summer of 2021 has allowed the hotel to repay a £5m CLBILs loan from the government early.

The hotel was also boosted by a £3.9m loan from its parent company Ennismore to help it through the pandemic.

Looking forward, the hotel forecasts strong occupancy for 2022/23 and it doesn’t expect the need for additional funding for the year.

The accounts said: “The business performed well during the period of trading, with turnover in line with expectations. During the closure periods, use of the Coronavirus Job Retention Scheme ensured that our team were paid 80% of salary and avoided the need for large scale redundancies, being able to retain the majority of staff has enabled a strong period since reopening again on the 26 April.”

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