A Manchester city centre hotel owned by Gary Neville and Ryan Giggs has reported further losses following the closure of Tom Kerridge’s restaurant. Despite the publicity generated when Madonna booked out the entire Stock Exchange Hotel during her Manchester performance, the establishment saw a decline in turnover.
Documents filed with Companies House reveal a pre-tax loss of £2.5m for 2023, up on the previous year's loss of £1.8m. The hotel's turnover also dropped from £5.1m to £3.9m over the same period, .
Tom Kerridge’s Bull & Bear restaurant, located within the hotel, closed its doors in July 2023 after only four months of operation. In a statement approved by the board, it was noted: "2023 was the first fully operational financial year since the end of the Covid pandemic.
“The team within the hotel continued to implement the various strategies to ensure growth in room revenue by maintaining strong growth in room rates while maintaining occupancy levels.
“When compared to the competitive set in the Manchester hotel market the results for the property are extremely strong and very encouraging with the property performing 50 per cent above similar hotels in the market.
“The strategy around the sale of hotel rooms will continue... with similar results expected.
“The challenge within the property has been to find the right team to head up the food and beverage offering within the main restaurant.
“The challenge surrounding this matter impacted the financial results negatively during 2023.
“However, the directors felt that the time taken to ensure the right solution is found that matches their quality aspirations for the building was the right decision.
“Indeed, in 2024 the restaurant has re-opened with a new team in place."
The report said directors expect the operational performance to improve through 2024 following the opening.
It added: “Furthermore, 2025 will be the first full year with the new food and beverage operation in place with a positive impact expected on the financials of the business.”
These updates follow that Hotel Football, co-owned by Gary Neville and Ryan Giggs, remained in the red despite a record year. Situated Old Trafford stadium, the hotel recorded a pre-tax loss of £601,030 for 2023, following a loss of £630,158 in 2022.
Despite Hotel Football's turnover increasing from £6.4m to £7.8m in the year, as per the accounts filed with Companies House, it reported a loss. In addition, City AM reported a month later that the company behind a Michelin-starred restaurant, which is backed by Gary Neville, as it went into liquidation.
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