Gleneagles Hotel reports pre-tax loss of £ 9million

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The Gleneagles hotel reported a pre-tax loss of £ 9million last year.

Its annual accounts, covering the 15 months ending March 2021, show a turnover of £ 19.7million compared to last year’s turnover of £ 66.4million.

The five-star Perthshire resort was forced to close for eight months, due to the pandemic before it reopened in April last year.

The company repaid its entire £ 5million loan from the UK government’s job retention program in August last year.

Gleneagles praised its “strong business performance” since reopening in April and through the summer months, which allowed the hotel to prepay the loan.

He spent £ 185,000 on paid leave, with total wages and social security costs for his just under 1,000 employees amounting to £ 26.3million.

The hotel received £ 5million from the Coronavirus Job Retention Scheme, as well as a £ 3.9million loan from its parent company to help it weather the pandemic.

Gleneagles has cut its workforce from 967 to 894 in total to cut its payroll from £ 24million last year to £ 17million this year due to the pandemic.

The annual report said, “The company was able to weather the Covid-19 pandemic with liquidity support from our parent company as well as our primary lender, in the form of a CLBILS loan facility. “

Auchterarder-based Gleneagles has confirmed the completion of the hotel room upgrade as part of its ongoing multi-million pound refurbishment program as it seeks to establish itself as a ‘land glorious game ‘in Scotland.

The report also found that the hotel predicted “high occupancy” for the 2022/23 season in its modeling.

He also revealed that he expects the hotel to face “no or very few restrictions from spring replicating 2020 and 2021”.

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