Losses widened at the company behind a luxury hotel owned by Gary Neville and Ryan Giggs despite record sales during its latest financial year, it has been revealed.
The business behind the Stock Exchange hotel in Manchester city centre has posted pre-tax losses of £1.4m for 2022, compared to losses of just over £1m in 2021.
Newly-filed documents with Companies House also show that its turnover increased from £3.9m to £5.2m over the same period. The total is the highest since the firm started making its full accounts public.
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The Norfolk Street hotel, which based in a Grade II-listed building completed in 1906, counts Gary Neville and Ryan Giggs as its sole directors.
The results come after BusinessLive reported in August that the company had issued a new lot of shares worth £3.45m.
, the restaurant inside the hotel closed after just four months. Stock Market Grill had taken over from celebrity chef Tom Kerridge's Bull and Bear.
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A statement signed off by the board said: "The directors have continued their policy of investing in the hotel to improve operational performance and to promote the 'Stock Exchange' brand even post the pandemic year.
"The directors feel that whatever the case, the quality of the brand and of the property they manage cannot be sacrificed. This is a strong focus on always investing and enhancing the customer experience and providing a high level of service.
"The directors appreciate that the financial year ending 31 December 2021 was not a normal year with the world still in the midst of a pandemic, even through business started to pick up. During this period, the hotel was open all year but the first six months of operation were hit drastically by the effects of the pandemic restrictions in place and this has obviously affected the financial figures of the business.
"Financial year 2022 continued to be a year of the 'unknown', especially in the beginning six months because of the pandemic but also because the challenges around inflation and the labour market continue up to this year. One also needs to not underestimate the significance that the hospitality industry is still regarded as a high risk industry by the financial markets in general and by employees.
"The hotel sales team also made sure to continue with their networking albeit on a limited basis especially in the first six months of the year and after most of the restrictions were lifted physical meetings with present and potential new clients started taking place.
"For 2023, the directors are looking forward for the hotel to get back to the performance pre the Covid pandemic with a healthy performance in rooms and F&B, where forecasts are showing a positive positioning for the hotel in terms of average room rate, occupancy, EBITDA and cash generation. Figures are very encouraging, whereby the property has achieved record ADRs as well as outperforming competitors."