Youngs has released its latest results for the financial year, recording an overall investment of £10.8m into the development of boutique bedrooms within the business over the last year.
This year, Youngs has invested £10.8m into its 22 hotels, adding 76 extra bedrooms and upping the standards of an existing 75, as part of the company’s strategy to maximise the potential of its pubs.
The pub company has been consistently increasing its accommodation profile over the past few years, which has helped contribute to the company’s overall increase in turnover to £227m for the last financial year ending in March 2015.
Youngs now has a total of 476 bedrooms across its hotel business.
The pub company has have added 17 bedrooms at the Dog & Fox in Wimbeldon, 13 at the Orange Tree in Richmond and 13 rooms to the Windmill at Clapham Common.
New acquisitions were the Fox & Anchor at Smithfield Market and the Bell at Stow at Stow on the Wold and Youngs has taken the Lamb Inn in Hindon back into managed operations.
Alexander Pope at Twickenham, Coach and Horses at Kew and Rose and Crown in Wimbledon all underwent bedroom refurbishments, upgrading each room to the brand’s new five-star boutique standard.
Despite the disruption, these investments have contributed to increases in average room rate (£4.77), occupancy (1.8% points) and RevPAR (£4.80).
Stephen Goodyear, Chief Executive of Young’s, commented: “Young’s has had another extremely good year, with further robust profit growth driven by increased revenue and strong operational management, reaping the rewards of our consistently high levels of investment in our estate over many years.
“We have added eight pubs, 76 new hotel rooms, invested significantly in our estate, and we remain actively in the market for further acquisitions – of pubs and hotels that complement our premium positioning either where we currently trade or in market towns and cities in the south of England. We have ample financial resources to continue to pursue this proven growth strategy.”