Apex Hotels reports strong results as further invesntment planned

Turnover has continued to rise for Apex Hotels Ltd, up 6% from £65m to £68.9m for the 12 months ended 30 April 2018.

The UK-wide hotel group also reported growth in the number of rooms sold, with a rise of 5.9% on the previous financial year.

Pre-tax profit was £7.8m following a financial year that saw significant reinvestment across the portfolio.

Capital investment was top of the agenda for the four-star hotel group, with £18.8m invested in an extensive expansion and refurbishment programme across its 10-strong portfolio.

CEO Angela Vickers (pictured) said, “We are pleased to report a year-on-year rise in turnover during what has been an exciting period for the brand.

“A prime example of this is London, where Apex Temple Court Hotel has benefitted from a multi-million pound extension, creating 20 new rooms including a number of luxurious suites. The development, which opens in the coming week, will also offer a decadent wine bar and private dining.

“Elsewhere in the city, Apex City of London benefitted from £1.3million of works bringing the introduction of two new elements – the Lampery restaurant and spa facilities.

“In Scotland, demonstrating our continued commitment to providing our valued customers with a truly first class experience and warmer welcome, we rolled out refurbishment works to the tune of £4.3million at Apex City Quay Dundee and Apex Grassmarket in Edinburgh.

“Meanwhile the year also saw an additional £9.2million allocated to the completion of our 177-room Apex City of Bath which has proved to be a fantastic and hugely popular addition to our portfolio – and one which contributed to the rise in our number of rooms sold.”

Vickers continued, “We have ploughed significant investment into a range of new additions and improvements across the portfolio. Our customers are appreciative of this continued reinvestment, with guest satisfaction GRI scores increasing across the group to 90 per cent*.

“Overall we are reflecting on an extremely positive financial year, and we look forward to everything 2019 will bring including unveiling our new rooms and suites at Apex Temple Court and further refurbishment programmes in London and Edinburgh.”

The company also restructured long leasehold arrangements in place for Apex Temple Court. In return for an annual rent increase the Group received a premium of £22m which was utilised to reduce bank debt.