Sunday, April 14, 2024
Sunday, April 14, 2024
HomeNewsBusiness NewsApex Hotel turnover up 58% after 'exceptional' growth

Apex Hotel turnover up 58% after ‘exceptional’ growth

Apex Hotels Limited, the family-owned four-star hotel group, has posted strong FY23 results following a period of exceptional growth, as demand from both business and leisure guests continues to build.

Apex Hotel’s statutory accounts for the 12 months ending 30 April 2023, show a 58% increase in turnover from £47.3m FY 2022 to £74.8m FY 2023, and an operating profit of £14.5m up from £2.9m in the previous year. Apex said is a statement that the latest set of accounts “demonstrate a continued period of growth for Apex Hotels following a return to profit last year.”

“Following the sale of Apex London Wall Hotel and a five-year refinancing deal with Barclays worth over £60m, the group is on the acquisition trail, purchasing its first rural property – Pitlochry’s Pine Trees Hotel – back in July. The acquisition is part of an ambitious expansion plan targeting popular UK destinations.”

Apex Hotels, Chief Executive, Angela Vickers 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 ESG 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 4-star hotel groups.”

 

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