Newcastle leisure company The Inn Collection Group says it is continuing with plans to add up to eight new venues a year, after seeing revenues rise jump 79%.
The pubs-with-rooms group, which recently moved its head office to Quorum Park, has published accounts for 2021, showing turnover rising from £13.8m to £24.7m, despite the year’s trading being severely impacted by Covid-19 restrictions. The company toasted successful trading in the year ended January 2 2022, aided by its enlarged portfolio of pubs-with-rooms across Tyneside, Northumberland, County Durham, Teesside, Yorkshire, Cumbria, Lancashire, Wearside and North Wales, which welcomed back visitors as restrictions eased in May.
The previous year’s loss of £4.3m was converted to operating profit of £196,000, but the overall loss for the financial year, however, grew from £10.4m to £12.44m, driven by another year of sizeable property investments. In the accounts, the group said the year was impacted by the significant effect of Covid-19 as the UK went back into lockdown at the beginning of January 2021, effectively closing the hospitality sector until May 2021.
