In its financial results for the year to 30 September 2018 published on Companies House the hotel group posted relatively flat revenues of £144.6m compared with £144.9m in 2017.
The group’s director Guus Bakker attributed the loss, which is a significant increase on the previous years loss of £187,000, to “some of the most challenging trading conditions seen for over a decade”, citing “continuing uncertainty around both the macroeconomic environment and the challenges facing the UK hospitality industry in particular”.
He said in a strategic report: “However, the performance of the group’s overall portfolio has been resilient and allowed the business to remain focused on strengthening the competitive positioning of its hotels and F&B offerings. Our statements outline a clear aim of delivering operating efficiency and maintaining discipline over controllable costs while continuing investment in new and existing properties.”
During the period the group invested £20m in its properties and revealed it is in negotiations for around a further five properties with openings scheduled for 2019 and beyond.