Edinburgh-based Apex Hotels welcomes higher profits as demand soars
The four-star hotel group, which has properties in Edinburgh, Glasgow, Dundee, London, and Bath, says its statutory accounts for the 12 months ending April 30, 2023, show a 58 per cent increase in turnover to £74.8 million, and an operating profit of £14.5m, up five times from £2.9m in the previous year, when it returned to profit.
It also said that following the sale of Apex London Wall Hotel and a five-year refinancing deal with Barclays worth more than £60m, the group is on the acquisition trail, in July purchasing its first rural property – Pitlochry’s Pine Trees Hotel – as part of an ambitious expansion plan targeting popular UK destinations.
Apex Hotels chief executive Angela Vickers has now said: “This year we have built upon strong foundations in 2022, with a renewed confidence in the market as demand from our UK and international guests returns. Our ambitious acquisition strategy will help diversify and expand our portfolio, delivering more choice through a wider range of destinations for our guests.
“This year we have successfully matched revenue and occupancy growth with a healthy profit margin, allowing us to sustainably re-invest in the business and our people. This includes doubling down on our effort to build a sustainable, community-focused organisation through our [environmental, social, and governance] strategy. We look forward to a strong year ahead as we continue to expand the business and grow our market position as one of the UK’s leading independent four-star hotel groups.”
The group was founded by Scottish entrepreneur Norman Springford who opened his first hotel in 1996, in Edinburgh’s historic Grassmarket. In its results to April 30, 2022, it saw turnover increase by nearly six times to £47.3m from £8m, and operating profit came in at £2.9m as opposed to a loss of £11.2m in the previous year. Vickers at the time said: “The results reflect that after a difficult period for the sector, we are emerging as a more resilient company.”
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