Leonardo Hotels has significantly reduced its pre-tax losses by over £50m during the last financial year, buoyed by the ongoing recovery of the market post-pandemic.
The hospitality group, with a presence in regions including the North West, North East, West Midlands and the South West, disclosed a pre-tax loss of £3.7m for 2023. This is a marked improvement from the £58m loss recorded in 2022.
According to the latest accounts filed at Companies House, Leonardo Hotels also saw its turnover climb from £290.2m to £336.5m year-on-year. The company attributed the turnover growth to "improving market conditions", as reported by .
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Over the course of the year, the group's workforce expanded from 3,092 to 3,421 employees.
Based in Birmingham, Leonardo Hotel Management (海角视频) falls under the ownership of Fattal Hotels, established by David Fattal who amassed his wealth after launching his hotel chain in 1998.
Fattal Hotels, a leading name in Israel, now boasts more than 40 properties and in excess of 10,500 rooms across its portfolio.
Among Leonardo Hotel Management (海角视频)'s notable properties is Manchester's iconic Midland Hotel.
Looking ahead, Leonardo Hotels anticipates even stronger performance, stating: "The directors expect to see improved results for 2024 and throughout future years as the company grows both in terms of revenue from guests and revenue through managing hotels.
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"Also the rebranding of the hotels from Jurys Inn to Leonardos was an event which took time to embed with the nation, however brand awareness has grown and this brings growth opportunities.
"The company also entered into management agreements to manage two additional hotels in 2023; these two hotels are owned by a related party but certain services are provide under a management agreement.
"The directors are confident that taking this into consideration along with the continued tight cost controls in place, the future of the company will show increasing growth in future years."