The North East owner of the Vermont Hotel and Livello is set to start work on its latest Newcastle city centre hotel and leisure scheme after posting record revenues.
Chester-le-Street property, care and hospitality business Gainford Group owns and operates a number of care homes alongside bars, restaurants and hotels in Newcastle, including Aveika, The County Hotel and The Hudson. The firm used the pandemic lockdowns to invest in its properties – resulting in the opening of rooftop bar Above at the Vermont Hotel as well as a new-look Livello bar – and the group has now published accounts for 2022 showing a 30% jump in turnover to £47.33m.
Operating profit, however, dropped from £8.37m to £7.21m on the back of a “major escalation” in costs, though that figure was still markedly above its pre-pandemic figure of £4.9m in 2019. The company also took on more staff, increasing its workforce from 1,087 to 1,205 employees.
