UK revenues up for Dorchester Hotel Group
The Dorchester Hotel Group, operator of five star hotels across the world, is reported by CityA.M. to have achieved record revenues of £304.5 million last year, with UK revenues up no less than 21.4% to £106.6 million. US revenues were also up, but European were down, leaving group profit before tax down £6.2 million at £26.4 million.
The Group, which is controlled by the Sultan of Brunei, includes The Dorchester, Coworth Park and 45 Park Lane in the UK; Beverly Hills and Bel Air in Los Angeles; Plaza Athenee in Paris; and Principe de Savoia, Milan, and Hotel Eden, Rome.
cent to £106.6m with US revenues up
“With a continuing background of uncertain economic activity and troubled financial markets the 2012
overall results achieved were beyond management’s expectations,” the company commented.
Orchid Pub Company attracts interest…
The Sunday Times reports that Orchid – owned by Deutsche Bank – is attracting interest from Spirit Pub Company, which only recently announced that it was returning to acquisition mode – though small numbers had been assumed.
Orchid is seen as a dynamic operation with 235 pubs including 190 freehold, and with food sales growing strongly to 40% of sales. Its Pizza Kitchen Bar concept has been a success and adds to its attractions.
Spirit’s interest could flush out interest from companies such as Stonegate or Greene King – or encourage further and faster investment in the business.
Eclectic Bar Group to float
After reporting strong results only last week, Eclectic has announced its intention to float on the AIM market of the London Stock Exchange, raising £10 million to repay its backer Avanti and to fund acquisitions.
The team was already searching for suitable sites to further roll out its brands, and the ‘pipeline’ is already producing results with the announcement that it has acquired the lease of the former Pitcher & Piano on Manchester’s Deansgate Locks for a new Lola Lo venue, bringing the company’s venue count up to 20.
“This acquisition reinforces the company’s stated policy to expand at the rate of around two to three sites a year”, says Lee Nicolson, Eclectic’s operations director.