Turnover at Gleneagles has risen to £51.2m, as the hotel’s multimillion pound investment into service and standards proves lucrative.
In the five-star luxury Scottish resort’s latest financial results filled on Companies House, turnover rose £7.5%, while operating profit reached £2.5m, and a pre-tax profit of £505k for the year ending December 31 2017.
Turnover up on £27.6m on the six months to 31 December 2016.
Gleneagles Hotel and its three golf courses were sold by Diageo to private equity firm and owner of The Hoxton group of boutiques, Ennismore in 2015 for a price rumoured to be around £150m.
Since then the operator has ploughed millions into enhancing the hotel’s position as a ‘Glorious Playground at the heart of the Scottish countryside’.
Recent developments have seen the launch of the Little Glen crèche and Birnam Brasserie as well as improvements to the hotel’s 252 bedrooms.
A new meeting space in Ochil House and the refurbishment of the Dormy Clubhouse restaurant were also part of the series of enhancements.
In the Companies House report, David Kemp, finance director said that the business continues to see ‘positive trading conditions’, with the ‘development and performance of the business during the year in line with expectations’.
He said: “This continued the strong growth in turnover experienced in the previous accounting periods, following the continuing refurbishment of a substantial portion of Gleneagles.
“Operating profits were ahead of the same period last year, as we continued to invest in improving the guest experience and in the re-developing of IT systems across the business.”
The report also highlighted risks to the business going forward, which were identified as ‘shocks’ to the European and American economies that could lead to reduced occupancy from both corporate and leisure clients.
There are now 695 full time staff at Gleneagles and 243 part time employees, with wages and salaries amounting to £16.9m for the period.