Portland post strong results

Portland, which currently owns five hotels, all in Scotland, said it was "actively" looking for acquisitions, adding that it would not rule out a move south of the Border.

The firm, which has lodged its abbreviated annual accounts for the 12 months to 25 January with Companies House, said turnover grew 5.7 per cent to 12.9 million, while pre-tax profit leapt 27 per cent to 900,000.

Chief executive Colin Paton said: "Year on year growth and profitability have remained strong. The 9.7m investment made over the last five years under the proven management team has enabled us to perform more efficiently.

"We remain acquisitive and continue to work to expand our hotel property portfolio. Despite market conditions, we are confident that further growth can be achieved this year."

Paton said that the company would look to achieve growth through off-balance sheet financing – such as joint ventures and partnerships – and new management contracts.

He added: "Over the last five years we have built a very credible, strong and experienced management team with a track record of delivering growth through sensible acquisitions, appropriate investment and operational efficiencies.

"We are well placed for the upturn in the market and continue to seek a major acquisition."

The company runs four Best Western hotels – the Huntingtower in Perth, the Edinburgh City and Capital hotels and the Glasgow Pond Hotel – as well as Aberdeen's Speedbird Inn.

A spokeswoman added: "The company is looking for acquisitions where there is a good deal. Currently, the portfolio is all in Scotland, but it is open to the idea of expanding elsewhere."