Irish-led Claridges hotel firm books 39% profit rise
New figures lodged by Coroin Ltd in the UK show revenues increased 7% from £142.5m to £152.5m.
Coroin oversees the luxury 5-star Claridges, the Connaught in Mayfair and Berkeley at Knightsbridge.
Mr McKillen’s row with the Barclay brothers ended earlier this year after the Qatari-backed Constellation Hotels Group bought the Maybourne group, installing Mr McKillen as the person to lead, direct and develop the assets.
In the deal, Mr McKillen sold his 36% to the Constellation hotel group while the Barclay brothers sold their 64% stake.
A sign of Mr McKillen’s growing influence in the group was the appointment of Irishman, and a director of Mr McKillen’s Irish-based entertainment group, Liam Cunningham to the board of Coroin as a non-executive director in late August.
At the end of last year, the group had bank loans of £547m, which were refinanced in October of this year with new lenders.
They are repayable in 2022.
The directors say the group performed at a “robust” rate last year with the revenue available per room increasing 6% while operating profits jumped 6% to £47m.
Interest payments of £37.42m reduced the profits to £10.82m.
They project higher operating profit and cashflows after higher room rates and occupancy this year above market levels.
The ‘timeless glamour’ at Claridges, and the building of a strong corporate base at the Berkeley has left the group in good shape, they say.
Numbers employed increased from 1,278 to 1,410. Staff costs totalled £39m.
Mr McKillen sits as a non-executive director on the board. Last year, there were two executive directors, former CEO Stephen Alden, and Carole Walker, when directors’ pay reached £1m.
The highest paid director got £802,000, including £31,000 in pension contributions. Mr Alden resigned from the board in July.
The group’s land and buildings had a book value of £426m, and fixed assets valued at £740m.
CONNECT WITH US TODAY
Be the first to know the latest news and updates
