Exclusive Collection returns to profit after surge in wedding and events demand
Hotel, spa and golf operator Exclusive Collection saw its revenue more than triple last year, rising from £16m to £52m.
Its pre-tax profit was reported to be £10.7m for the year ended 27 March 2022, up from a loss of almost £4m during the previous 12 months due to the impact of Covid-19.
In documents filed with Companies House for its parent company the Manor House Hotel (Castle Combe) Limited, the hotel group said the market was "strong with demand generated from companies wishing to physically get together after the pandemic".
It said it had noticed a spike in wedding receptions due to the "Covid backlog and [its] flexible approach to couples during the pandemic" as well as "positive growth" in membership across its golf and wellness offering.
However, Exclusive Collection said it expected to see a "downturn in demand for hotel stays, due to an economic recession or for other reasons".
It is seeking to mitigate these risks by "targeting different market segments, including the conference market, the leisure market, weddings and a membership base".
The Exclusive Collection owns eight properties, six of which are hotels: Pennyhill Park in Surrey, South Lodge in West Sussex, Lainston House in Winchester, the Manor House Hotel in Chippenham, Royal Berkshire Hotel near Ascot, Fanhams Hall Hotel in Hertfordshire and the Castle Inn in Castle Combe in the Cotswolds.
Total bank borrowings were at £34m and the Collection stated that these are "well supported by the value of our assets".
The group said it would continue to invest in bedroom refurbishments, the addition of hot tubs and the replacement of carbon intensive items, such as boilers, across its portfolio.
