Hotel chain to unveil plans
Growth spurs Apex investment plan
Angela Vickers: ‘strong financial performance’
Apex Hotels is due to unveil multi-million pound refurbishment works across its portfolio following a year of growth.
The company said it anticipated an extension of existing sites and acquisition of development plots.
Its plans were unveiled alongside year end figures showing a 2.1% rise in underlying profits before tax from £10.3 million to £10.5m on a 6% rise in turnover from £61.3m to £65m.
The company invested £20.7m to further develop its 177-bed hotel in Bath, the 10th in the portfolio and the company’s first in England outside London.
Angela Vickers, chief executive, said: “We are proud to reflect on a financial year that shows considerable capital investment and consistently strong financial performance.”
During the year the group saw a 7% growth in rooms sold while occupancy rose by 2.6%.
The company also restructured long leasehold arrangements in Dundee and London. In return for an annual rent increase the group received a premium of £7m which was used to reduce bank debt.