Gleneagles Hotel rakes in £1m a week as sales jump

Gleneagles Hotel has reported a jump in revenues and operating profits, turning over more than £1 million per week in 2018.

Gleneagles appears to be reaping the benefits of its refurbishment programme as turnover jumped. Picture: Getty Images

The luxury Perthshire hotel revealed that revenues climbed by more than £4m to reach £55.3m in the year to the end of December, as the resort reaped the benefits of its long-term refurbishment plan.Operating profits rose 40 per cent to hit £3.5m in the period.However, at pre-tax level profits have tumbled from £505,000 to £55,000, on the back of losses relating to asset disposal and increased interest on debt.Dividends of £4m were paid to owner Ennismore, which bought the hotel from drinks giant Diageo in 2015, representing a slump from £63m in 2017.The hotel said it continues to press ahead with investment in new facilities, which recently led to the unveiling of revamped meeting and event space, Ochil House.Finance director David Kemp said: “The current business continues to see positive trading conditions. Our multi-million pound refurbishment programme is continuing with the opening of our intimate new meeting and event space Ochil House, continued refurbishment of our food and beverage offering at the Dormy Clubhouse, redevelopment of our golf shop retail offering and further refurbishment of the hotel’s room stock."