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The Pig Hotels’ billionaire investor injects extra £3.3m to help finance expansion  

Pig

Hotel group, The Pig hotels benefitted from an extra £3.3m loan last year from its billionaire investor Jim Ratcliffe to help fund its expansion.

The chain, which is operated by hospitality pioneer Robin Hutson, reported in its latest company accounts that Ratcliffe, who owns 50 per cent of The Pig hotels, upped his investment from £31.5m in 2019 to £34.8m in 2020 to drive the opening of two new properties.

Ratcliffe is the founder of petrochemicals group Ineos and invested as the group opened The Pig at Harlyn Bay in Cornwall last year and The Pig at South Downs earlier in 2021, taking the collection to a total of eight hotels.

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Companies House showed that its seven hotels last year made a £1.1m pre-tax loss, as trading was impacted by the pandemic, with turnover down 17.5% to £21.5m.

However, directors noted that demand from guests upon reopening had been ‘exceptional’ with an average 92% occupancy and restaurant covers averaging 1,169.

In the document, Hutson, who founded the chain in 2011, said revenues will bounce back to £40m next year. Home Grown Hotels also operates Lime Wood which is owned by Ratcliffe.

During 2020, the company held a ‘group wide sustainability summit’ where all directors and hotel staff attended with the aim to encourage the group to think of greener ways of working.

One of the large initiatives was to remove all single use plastics throughout the hotels which will be completed during 2021. LED lighting has also been rolled out with each property now boasting its own dedicated sustainability representatives.

Working bee hives with be installed at every hotel and a beekeeper employed as part of another initiative.

Tags : home grown hotelsrobin hutsonThe Pig
Zoe Monk

The author Zoe Monk

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