What this ‘new chapter’ means for future of popular hotel chain here in Scotland

“We continue to grow our market position and establish ourselves as one of the top independent hotel groups in the UK” – Angela Vickers, CEO

Edinburgh-based Apex Hotels said it had entered a “new chapter” after signing off on a year of strong trading and major acquisitions.

Chief executive Angela Vickers vowed to establish the 30-year-old hospitality business as “one of the top independent hotel groups in the UK” after she unveiled a 6.2 per cent hike in revenues in the past year to £79.4 million. The capital group’s latest annual accounts, covering the 12 months to the end of April 2024, also show that underlying trading profitability continued to improve, with an operating profit of £13m up 9 per cent year on year after adjusting for a Covid-related insurance claim in the previous financial period.

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Headline profits of £28.4m were boosted by a gain on disposal of £18.9m following the sale of Apex London Wall Hotel in July 2023. The funds generated from that disposal, together with a major financing package with Barclays, have paved the way for the group to commence its ambitious growth portfolio expansion.

Angela Vickers is chief executive of Edinburgh-based Apex Hotels.Angela Vickers is chief executive of Edinburgh-based Apex Hotels.
Angela Vickers is chief executive of Edinburgh-based Apex Hotels.

During the financial period under review, Apex acquired two rural properties - Pine Trees Hotel in Pitlochry, a four-star hotel operating in rural Perthshire, and Meldrum House Country Hotel and Golf Course, a well-known luxury four-star resort located in Aberdeenshire. Both purchases are said to have played an essential role in the growth of the business as it looks to diversify into the rural hotel market.

Following the end of the financial year, the group continued to expand with the acquisition of The Vineyard Hotel, a five-star country house hotel and spa operating in West Berkshire, followed by the landmark DoubleTree by Hilton Dunblane Hydro. That establishment will continue to trade as a Hilton Doubletree brand under a hotel management agreement. In addition, the firm continues to invest in its existing portfolio, completing the refurbishment of the Apex City of Edinburgh Hotel in early 2024.

Apex Hotels, which was founded by Norman Springford, currently owns a dozen hotels across the UK. Springford opened his first property, the Apex Grassmarket Hotel, in the heart of Edinburgh’s Old Town, in 1996.

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Vickers said: “Following strong trading last year, we have set out a path for continued growth of the portfolio through strategic acquisitions and refurbishment of existing properties. The acquisition of Pine Trees, Meldrum House, The Vineyard and the DoubleTree by Hilton Dunblane Hydro marks a new chapter in the group’s history as we venture into rural resorts and hotels. Offering greater choice will help maintain customer loyalty and enhance the guest experience.

“Maintaining a healthy profit margin has allowed us to continue to sustainably re-invest in our hotels, our people and our continued commitment to our ESG [environmental, social and governance] strategies. I am delighted to see the impact of investment in plant and infrastructure delivering reductions in scope 1 and scope 2 carbon footprint during the year, despite the 3 per cent increase in total rooms sold.

“We look forward to another strong year in 2025 as we continue to grow our market position and establish ourselves as one of the top independent hotel groups in the UK,” she added.

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