By Ian McConnell
Business Editor
EDINBURGH-based Apex Hotels has posted pre-tax losses of £16.4m for the year to April 30, 2021, a period dominated by restrictions and closures triggered by the coronavirus pandemic.
The business, which is owned by the Springford family and has 10 hotels and 920 staff, had made a profit of £7m in the prior 12 months.
Turnover for the year to April 30, 2021 was £8.1m, down from £68.7m in the previous 12 months.
Chief executive Angela Vickers said a combination of “successfully adapted strategic priorities”, market-positioning, and the ability to appeal to those looking to explore new locations through the hotel portfolio had helped bolster results.
She added: “This was an incredibly challenging period for the entire industry, with intermittent restrictions and closures imposed for almost three-quarters of the financial year.
“However, we used the time wisely by investing in initiatives that added long-term value, supporting future performance and a strong comeback, and capitalised on the appetite for staycations as restrictions on domestic travel eased.”
Ms Vickers declared Apex Hotels’ “outlook for the year ahead is optimistic”.
The group’s 10 hotels are in five UK cities – with one in Glasgow, one in Dundee, four in Edinburgh, one in Bath, and three in London.
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Apex Hotels said, “like much of the rest of the sector, operations and cashflow were significantly impacted by the Covid-19 pandemic – driven by government and international travel restrictions, coupled with the move to working from home affecting business travel”.
It added that it “took advantage of the slowdown in international and domestic travel during the year to 30 April 2021 to invest in back-office infrastructure, guest-facing technology and…staff training programmes”.
The company noted this had left it “well-positioned to maximise the opportunities offered as the travel sector picks up”.
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It added: “The rise in staycations as restrictions eased also proved advantageous for Apex Hotels and its well-established properties in London, Glasgow, Edinburgh, Bath and Dundee – with the group quick to capitalise whilst international travel remained off the cards."
Ms Vickers said: “We rolled out new technologies, including new property and guest-management systems to reduce the time spent processing data and allow our staff more time to serve the needs of our guests. We also brought in a new staff training programme, enhancing learning and development, as well as launching a big data project to provide us with valuable insights to drive further business improvements.”
She added: “With the reopening of the hospitality industry, and thanks to a successful vaccination programme roll-out, we are in an excellent position to grow revenue once again and we are confident in our ability to drive long-term, sustainable growth as we near the end of the pandemic. We look forward to welcoming guests, old and new, and returning our results to pre-pandemic levels.”
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