Welcome to Manchester Confidential
Reset Password
The Confidential websites will be undergoing routine updates. This may cause the sites to go offline. We apologise in advance for any inconvenience.

You are here: Manchester ConfidentialNews.

Fire Station owner posts £6.5m loss

Britannia Hotels boosts revenues but slides into red

Published on October 22nd 2010.


Fire Station owner posts £6.5m loss

Hotels posted a loss for 2010 despite swelling turnover by 28 per cent to £52.2m.The Hale firm, led by Alex Langsam and which owns the London Road Fire Station in Manchester and the Adelphi in Liverpool, said the £6.5m loss (2009: £889,000 profit) was largely due to bringing hotels in Didsbury and Wolverhampton into the business as wholly-owned subsidiaries.

It said the strategy for the year had been maintaining the ‘high standard’ of its hotels’ its ‘highly competitive prices and reputation for good value.’

The accounts also said the economic downturn would place extra pressure on the business but the directors were confidence it could still trade profitably.

The firm recorded net assets of £65m for the year to March 31, 2010 (2009: £68m). Of its £52m turnover, £43m came from its hotels and £8m via its management services.Britannia has more than £21m in loans and overdrafts secured against the subsidiary that owns the Adelphi.

It employed 1,269 staff, almost 100 more than the previous year, and carries a wage bill of £16m a year.

The three directors took combined salaries of £2.8m, with the highest paid earning £2.4m.

Like what you see? Enter your email to sign up for our newsletters which are chock-a-block with more great reviews, news, deals and savings.

To post this comment, you need to login.Please complete your login information.
OR CREATE AN ACCOUNT HERE..
Or you can login using Facebook.

Latest Rants

Anonymous

Repeating,without any evidence the same point that socialism = public services is hardly…

 Read more
Anonymous

You absolutely right,I hate all these bloody nimbys stopping development and progress.Of course if…

 Read more
Anonymous

Manchester's size and climate isn't dissimilar to Rotterdam or Dusseldorf but the city is held back…

 Read more
Anonymous

Straying off the point again David, which is that investing in public services is socialist but as…

 Read more

Explore The Site

© Mark Garner t/a Confidential Direct 2017

Privacy | Careers | Website by: Planet Code | SEO by The eWord