The impact of closures and restrictions during Covid-19 led Apex Hotels to record a loss of more than £16 million.
Newly filed accounts for the group, which has one of its 10 hotels at Dundee’s City Quay, show a dramatic fall in revenue for the year ending 30 April 2021.
Turnover was £8.1 million compared to £68.7m the previous year, a drop of 88%.
Over the 12 months, the hotel group had a 13.8% occupancy rate compared to 77.4% the year prior.
The pre-tax loss of £16.3m in the financial year compares to a £7m pre-tax profit in 2020.
Covid’s ‘substantial’ impact on Apex Hotels
Last year, Apex Hotels said the impact of Covid-19 had been substantial but it expects a strong recovery.
All 10 Apex hotels have now reopened and the business has returned to profitability.
Chief executive Angela Vickers said the firm is now ready to make a strong comeback.
“This was an incredibly challenging period for the entire industry, with intermittent restrictions and closures imposed for almost three-quarters of the financial year,” she said.
“However, we used the time wisely by investing in initiatives that added long-term value and capitalised on the appetite for staycations as restrictions on domestic travel eased.”
Among the upgrades include new property and guest management systems.
This reduces the time spent processing data and allow staff more time to serve guests.
“We also brought in a new staff training programme, enhancing learning and development,” Ms Vickers adds.
“A big data project to provide us with valuable insights to drive further business improvements.
“With the reopening of the hospitality industry, and thanks to a successful vaccination programme roll-out, we are in an excellent position to grow revenue once again.
“We are confident in our ability to drive long-term, sustainable growth as we near the end of the pandemic.
“We look forward to welcoming guests, old and new, and returning our results to pre-pandemic levels.
“Our outlook for the year ahead is optimistic.”
