Losses balloon at Ryder Cup host Celtic Manor Resort
Losses have ballooned at the company behind the former Ryder Cup host Celtic Manor Resort despite its revenue rising during its latest financial year, it has been revealed.
The five-star golf, spa and hotel destination, which is located near Newport in Wales, has posted pre-tax losses of £11.3m for 2024, according to new accounts filed with Companies House.
The latest figure comes after Celtic Manor Resort also reported a pre-tax loss of £1.6m in 2023.
That loss came after it achieved a pre-tax profit of £6.3m in 2022.
However, the new accounts also show that Celtic Manor Resort’s turnover increased in 2024 from £68.2m to £74.8m.
Celtic Manor Resort is owned by Sir Terry Matthews and hosted the 2010 Ryder Cup.
Sir Terry is Wales’ first billionaire and was the richest person in the country until 2012 when he was surpassed by Sir Michael Moritz.
Celtic Manor Resort hit by joint venture losses
During the year, the average occupancy at the resort hotel rose from 80 per cent to 84 per cent with the average room rate staying static at £130.
As a result of the increased occupancy, the total revenue per available room grew from £352 to £381 in the 12 months.
For the Coldra Court hotel, the average occupancy decreased from 78 per cent to 77 per cent but the average room rate increased fro. £86 to £88.
The average occupancy at the Ty Magor Hotel was cut from 80 per cent to 58 per cent in the year but its average room rate rose slightly from £61 to £62.
In the accounts, the firm behind the Celtic Manor Resort said its pre-tax losses were impacted by the share of losses from joint ventures of £11.8m.
It added that this includes an exceptional 50 per cent share of a £20m impairment provision of the carrying value of the fixed assets in the joint venture.
During the year, the company made further equity investments totalling £2.7m into International Convention Centre Wales Limited, a joint venture.
The results also confirm that since the end of the financial year, the business has made a further £10m equity investment.
In 2024, the average number of people employed by the group increased from 1,443 to 1,577.