Orient Express and Royal Scotsman owner Belmond still in the red despite sales rise
The UK arm of the company that runs the Venice Simplon-Orient Express increased its sales but saw its pre-tax loss widen during 2023, it has been revealed.
Belmond has reported a UK turnover of £37m for its latest financial year, up from £34m, according to newly filed accounts with Companies House.
The results also show that its pre-tax loss widened from £21.2m to £22m over the same period.
Belmond manages The Cadogan Hotel in London as well as Le Manoir aux Quat’Saisons in Oxfordshire. It also runs the British Pullman and the Royal Scotsman railway service.
The wider group has been owned by LVMH after a $3.2bn takeover was announced in December 2018. Since the acquisition, Belmond’s wider group finances are no longer made public.
The UK arm’s subsidiaries include Reid’s Palace in Portugal and the Mount Nelson Hotel in South Africa
The UK-based company achieved a turnover of £22.8m from management and royalty fees, up from £21m while its income from sales and marketing fees rose from £11.9m to £12.9m.
During the year the average number of people employed by the company rose from 68 to 78.
Belmond hopes 2024 will be ‘year of transformation’
In December 2023, Belmond said it expected 2024 to be a “year of transformation” as it announced plans to expand its portfolio.
At the time, chief executive Dan Ruff said: “Long before experiential travel became a buzzword, Belmond, through our diverse portfolio of hotels, trains, boats and safaris, has offered one-of-a-kind experiences that are rooted in authenticity.
“With our purpose to perpetuate the legendary art of travel, we will continue to push boundaries. 2024 will be a year of transformation as we further seek out remarkable properties, exceptional journeys and experiences, especially to cement our leading position in train travel.
“We will celebrate local culture, launch new experiences that connect our guests to the art of travel, curate contemporary culture and go even deeper with our environmental and social responsibility efforts.”