Macdonald Hotels has raised £78m from its strategic disposal programme, enabling the business to post annual profits of £29.2m for the year to 1 October 2020.
The group’s annual results for the period reveal the benefits of the planned deleveraging strategy it outlined in the previous year’s annual report, selling the Rusacks Hotel in St Andrews; the leasehold interest in the Randolph Hotel in Oxford; The Swan Hotel in Grasmere; and The Loch Rannoch Hotel in Perthshire; reducing borrowings from £195m to £125m.
Current net bank debt, following sales of the Macdonald Holyrood Hotel and the Macdonald Manchester Hotel in November 2021, is now £28m - the lowest since the company was taken back into private ownership in 2003.
