Hotel group Apex builds on ‘strong foundations’
Apex group, the hotel chain owned by the Springford family, said it has seen a surge in leisure and business customers, helping drive a surge in income.
Turnover for the year to the end of April this year increased by 58% to £74.8m helping the company post a £7.8m pre-tax profit compared with a loss of £2.7m in the previous financial year. Operating profit rose to £14.5m from £2.9m.
Angela Vickers, chief executive, said she is looking forward to a further strong year of trading.
Following the sale of Apex London Wall Hotel and a five-year, £60m refinancing deal with Barclays, the group is on the acquisition trail, purchasing its first rural property, Pitlochry’s Pine Trees Hotel, in July.
It also owns eight city centre hotels in London, Bath, Edinburgh, Glasgow and Dundee.
Average room rate rose from £129.68 to £146.97 year-on-year, alongside occupancy which was up from 51.4% to 78% across the portfolio.
This meant that revenue per available room rose from £66.69 in 2022 to £114.69 in the last financial year.
“This year we have built upon strong foundations in 2022, with a renewed confidence in the market as demand from our UK and international guests returns,”said Ms Vickers.
“This year we have successfully matched revenue and occupancy growth with a healthy profit margin, allowing us to sustainably re-invest in the business and our people.”