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Crerar Hotels saw gross profits across the portfolio increase 30% to £16.4m and exceed its pre-pandemic performance for the year ended March 2023, despite a pre-tax loss of £2.2m that was incurred by a company restructure following Crerar’s acquisition.
Nevertheless, the hotel group saw a 31% rise in turnover to £19m.
During 2023, the Scottish hotel chain invested £2.4m in upgrading its properties, including the redevelopment of the spas at Loch Fyne hotel in Inveraray and Golf View Hotel in Nairn.
Additionally, the Crerar saw a 16% boost in staff numbers from a total of 267 to 312, which it attributed to a rise in salaries and benefits after a £2m investment.
The company was acquired in March 2023 by Blantyre Capital Limited and Fairtree Hotel Investment for an undisclosed amount.
Chris Wayne-Wills, CEO of Crerar Hotels, said: “A main focus for us was to increase accommodation sales, following significant investment in our hotels which has significantly increased standards and hotel gradings.
“We have continued to focus on our investment in our people and our hotels. Our future potential continues to thrive, and we remain steadfast in our commitment to our guests, our properties and our team.”
He added: “We are assured about the future and under the new ownership, we will continue to confidently invest and play our part in ensuring Scotland is a world-class destination with warm hospitality at its heart.”
