Profit has been slashed at the owner of Pennyhill Park, the five-star hotel where the England men’s rugby team are based, after it underwent a huge renovation project.
The group saw a complete renovation of its newest addition, the Ansty Hall hotel near Coventry, while it also “invested heavily” in its South Lodge location.
As a result, the group’s pre-tax profit fell from £7.1m to £2.2m in the 12 months to 31 March, 2024, according to newly-filed accounts with Companies House.
The results also show that group’s turnover increased from £62.9m to £64.2m over the same period.
As well as owning Pennyhill Park in Surrey, the group’s portfolio includes Lainston House, The Manor Hour Hotel, Royal Berkshire Hotel, Fanhams Hall Hotel and The Castle Inn.
Weddings and conferences boost Pennyhill Park owner
A statement signed off by the board said: “We continue to invest in the product with our primary focuses during this financial year being the complete renovation at Ansty Hall of every public area, all meeting rooms and the restaurant.
“We have also done a soft refurbishment of many of the bedrooms ready for our late summer integration into the ‘Exclusive Collection’ brand.
“We are convinced that an offering of quality in this amazing Midlands location will be a great addition to the group.
“We have also invested heavily in our eight sustainably built lakeside suites ‘The Reeds’ at South Lodge, with the capacity now at 96 rooms and the ability to really enhance the average room rate, with these industry leading suites and the addition of wild swimming to our experiential offering.”
The group added: “Across all hotels, the meetings, incentives, conferences and exhibitions markets were strong with demand generated from companies wishing to physically get together after the pandemic.
“Wedding receptions were strong, helped by the final Covid backlog.”
During the year the average number of people employed by the group rose from 827 to 948.
