Apex Hotels Limited has reported another consecutive year of strong growth, with a 6 per cent rise in turnover (from £61.3 to £65m) and 2.1 per cent rise in underlying profits before tax (up from £10.3m to £10.5m).
The company showed its confidence in the market during the financial year with capital investment of £20.7m used to further develop its new hotel, Apex City of Bath.
The £48.5m, 177-bed hotel is the latest addition to Apex’s now 10-strong portfolio – its August opening was a significant milestone as the company’s first in England outside of London.
Angela Vickers, Chief Executive Officer, Apex Hotels Limited said: “We are proud to reflect on a financial year that shows considerable capital investment and consistently strong financial performance.
“In January we promised an exciting year of development and investment and our stunning new hotel in Bath has delivered that – and created 120 jobs. It is the city’s largest in terms of bedroom numbers and events space, and also features a restaurant, bar, and pool and gymnasium so it appeals to business and leisure travellers alike.
“Our track record in the four-star market is achieved through our high customer service and brand standards, as well as our ongoing commitment to continued investment in our existing offering. We design and upgrade our portfolio with the customer at the heart of the process to ensure they have the best possible experience.
“With that in mind our investment plans don’t stop here – there’s more exciting news in the pipeline with multi-million pound refurbishment works set to be announced in the coming weeks. In the longer term we anticipate the continued growth of our hotel and hospitality operations through extension of existing sites where possible and acquisition of new development sites as opportunities arise.”
Apex is already reaping the benefits of investment made in its previous financial year (ended April 2016) during which it added 134 rooms through Apex City of Glasgow’s opening and the extension of Apex City of London. As a result its latest figures show a 7 per cent growth in rooms sold and occupancy was up by 2.6 per cent.
The company also restructured long leasehold arrangements in place for Apex City Quay, Dundee, Apex Haymarket and Apex City of London. In return for an annual rent increase the Group received a premium of £7m which was utilised to reduce bank debt.