Crerar Hotels has narrowed its losses and seen turnover bounce back in a year when it continued investing in its business despite "stop-start" Covid restrictions.
The group today said that turnover for its last financial year had risen from £5.49m to £14.46m.
It reported a pre-tax loss of £831,000 for the year to March 2022 - though group CEO Chris Wayne-Wills called that a “significant improvement” on the previous year’s reported loss of £2m and said he was confident the company was on an upward trajectory.
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Over the period, the group invested close to £2m in the Isle of Mull Hotel and Spa and almost £500,000 in the Glencoe Inn which became the first property in Crerar's portfolio to achieve an AA five-star rating.
The group also took on more than 40 staff and lifted wages, resulting in a £1.6m increase in remuneration across the group.
Mr Wayne-Wills said: “We are proud to reflect on a good year where we have demonstrated our commitment to strengthening our proposition by investing heavily in our high-quality portfolio. The benefits of our investment strategy are clearly on track”.
“The hangover of the impact of Covid-19 continued to affect the industry’s ability to trade as normal, however, we have still emerged in a considerably stronger position than the previous year while committing some £4.72m to capital expenditure and £1.6m to remuneration to expand our teams.
“Our unwavering commitment to investment in our portfolio and our talent has put us in the best possible position for continued success and recovery.”
He added: "We have witnessed the pandemic ravaging many hospitality businesses and the covid impact hangover remains in some sectors.
"At Crerar Hotels we have continued to focus on our investment in our people and our hotels. We retain our excellent future potential, our dynamism, vibrancy and innovation to deliver sustained recovery and to support wider economic objectives such as vital jobs, growth and investment in the heart of our economy and communities.
"We are confident in the future and committed to nurturing talent, investing in our portfolio and playing our part in ensuring Scotland remains front-of-mind as a world-class destination."
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