Hotel group returns to profit despite legal row

The luxury Maybourne London hotel group — which is the source of a bitter dispute between Irish developer Paddy McKillen and the billionaire Barclay brothers — last year returned to pre-tax profit.

Figures lodged by Coroin Ltd with the Companies House in London show it recorded a pre-tax profit of £7.7m (€9.8m) after recording a pre-tax loss of £18.5m in 2012 — a positive swing of over £26m.

Coroin oversees the five-star Claridges, the Connaught in Mayfair, and Berkeley at Knightsbridge, and the accounts show a marginal drop in revenues, from £144.6m to £142.5m, in the 12 months to the end of December last, while average room rates grew 1%.