Luxury London hotel sale boosts profit at family empire
The sale of a luxury hotel in London significantly boosted the profit of a family empire which has set its sights on further expansion across the UK.
Apex Hotels, which was founded by Norman Springford, has posted a pre-tax profit of £28.4m for the year to 30 April, 2024, after selling Apex London Wall Hotel in July 2023 for a net gain of £18.9m.
The group has also revealed that its revenue increased from £74.8m to £79.4m over the same period – driven by increased room occupancy and rates.
Money generated from the sale, as well as from a refinancing deal with Barclays Bank, has been put towards Apex Hotels expanding its portfolio.
During its latest financial year, the group acquired Pine Trees Hotel in Pitlochry, a four-star location operating in rural Perthshire and Meldrum House Country Hotel and Golf Course, a four-star resort located in Aberdeenshire.
During its current financial year, Apex Hotels acquired TheVineyard Hotel, a five-star country house hotel and spa in West Berkshire as well as the DoubleTree by Hilton Dunblane Hydro, a four-star destination in central Scotland.
‘We look forward to another strong year in 2025’
Chief executive Angela Vickers said: “Following strong trading last year, we have set out a path for continued growth of the portfolio through strategic acquisitions and refurbishment of existing properties.
“The acquisition of Pine Trees, Meldrum House, The Vineyard and the DoubleTree by Hilton
Dunblane Hydro marks a new chapter in the group’s history as we venture into rural resorts
and hotels. Offering greater choice will help maintain customer loyalty and enhance the
guest experience.
“Maintaining a healthy profit margin has allowed us to continue to sustainably re-invest in our
hotels, our people and our continued commitment to our ESG strategies.
“I am delighted to see the impact of investment in plant and infrastructure delivering reductions in scope one and scope two carbon footprint during the year, despite the three per cent increase in total rooms sold.
“We look forward to another strong year in 2025 as we continue to grow our market position
and establish ourselves as one of the top independent hotel groups in the UK.”
The group was founded in 1996 and currently owns 12 locations across the UK.