Wednesday, February 12, 2025
Wednesday, February 12, 2025
HomeNewsBusiness NewsHealthy results for Crerar Hotels as profits rise 30%

Healthy results for Crerar Hotels as profits rise 30%

Crerar Hotels has posted a 31% increase in turnover, rising from £14.5 million to £19m, and a more than 30% growth in gross profit, from £12.6m to £16.4m in its figures to end March 2023.

The news comes only months after Crerar Hotels, recently was voted the UK’s Small Hotel Group of the Year by the AA . The Group, which has seven award-winning hotels and inns within its portfolio, saw summer sales at the Hotel Group exceed pre-Covid levels.

Gross profit also increased by more than 30 per cent (from £12.6 million to £16.4 million) with a further £2.4 million invested in the upgrading of hotels and spas across the portfolio.

As an ‘employer of choice’, Crerar Hotels has also boosted staff numbers by more than 16 per cent (increasing the staff total from 267 to 312) and increased salaries and benefits, which resulted in a total of more than a £2 million increase in spend across the group.

At the end of the financial period Crerar Hotels was acquired by new owners and while the company reported a pre-tax loss of £2.2m, this loss incorporated the non-recurring costs of a company restructure and costs associated to the company sale.

Crerar Hotel’s CEO is confident that as a result of the new ownership, the company will continue on an upward trajectory. Chris Wayne-Wills, CEO of Crerar Hotels, said, “It is incredibly encouraging to be able to reflect on a positive year for Crerar Hotels. We have demonstrated our ongoing commitment to building and strengthening our proposition, whilst ensuring our people are well looked after and valued. We are really starting to see the fruits of our investments.”

“Strong summer trading was experienced with particularly notable results following prior year investment projects such as the Isle of Mull and the Glencoe Inn and we saw the return of our international visitors. Whilst autumn and winter trading saw a gradual move towards prior year booking patterns, strategic decisions saw a larger volume of group business at Oban Bay which was particularly beneficial to overall group performance.”

“A main focus for us was to increase accommodation sales, following significant investment in our hotels which has significantly increased standards and hotel gradings. This key measurement has been successfully achieved during the trading period with a 16% increase in bedroom occupancy over the prior year, along with improvements in secondary spends of food and drink.”

Mr Wayne-Wills continued, “Labour shortages and cost increases had a notable impact, albeit we remain in a better place to recruit and retain our high-quality staff and absorb supply price pressures than many of our competitors.”

He concluded, “We are assured about the future and under the new ownership, we will continue to confidently invest and play our part in ensuring Scotland is a world-class destination with warm hospitality at its heart.”

 

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