Snoozebox to press ahead with restructuring

SNOOZEBOX executive chairman David Morrison yesterday vowed to press ahead with a restructuring at the portable hotel operator after half-year pre-tax losses widened to £5.1 million from £1.7m.

The chairman took an executive role in May after the abrupt departure of founder Robert Breare, who had previously launched Malmaison with Glaswegian hotelier Ken McCulloch.

Morrison paid tribute to Breare, who died in July, and said the firm’s focus would shift from providing temporary accommodation at short-term events to specifically targeting the entertainment, leisure and motor sport markets.

The group has opened a permanent 80-bed hotel at the Silverstone motor racing circuit and has provided portable units in Edinburgh during August’s festivals and at the Isle of Man TT race.

Revenues jumped to £4.3m in the six months to 30 June, compared with £1.9m in the period when the firm began operating between April and June 2012.