The owner of the Beatles-themed Hard Days Night Hotel in Liverpool has fallen into the red following a £6m impairment charge relating to one of its properties.
Concord Estates, which is controlled jointly by property entrepreneur Tony Criss and Isle of Man-registered company Cytos, generated a turnover of £7.7m for the year ending 30 June 2014, down 26 per cent on a year earlier.
Revenues from hotel and catering facilities slipped from £3.9m to £3.5m over the period, counting profit made from 110-bedroom Hard Days Night Hotel.
In their report accompanying the accounts, signed by director and major shareholder Criss, the directors said: "This loss has resulted primarily from a permanent impairment of £6m charged to the profit and loss account, relating to the fall in value of one of the group’s leasehold properties.
"This impairment is very much viewed as a one-off item and the directors are optimistic that a future upturn in the property market will strengthen the value of the group’s property portfolio.
"The group returned an operating profit of £3m on turnover of £7.7m and with the above in mind the directors were satisfied with the results for 2014. Performance is expected to improve in the forthcoming years as the group’s activities begin to normalise following the significant group restructure in 2012."
Criss put Hard Days Night Hotel on the market in March for £11m after acquiring the building back in 2006 and transforming it into a boutique hotel. He said at the time that the market is improving and he felt it right to sell.