Leonardo Hotels has achieved a significant reduction in pre-tax losses, decreasing by over £50 million in the past financial year. This improvement is attributed to the ongoing recovery in the UK market post-pandemic.
The hospitality group, which operates in various regions across the UK, reported a pre-tax loss of £3.7 million for 2023, a notable improvement from the £58 million loss recorded in 2022.
Leonardo Hotels saw its turnover rise from £290.2 million to £336.5 million year-on-year, as per the latest filings with Companies House. Improving market conditions have been credited for this growth.
Over the course of the year, Leonardo Hotels increased its workforce from 3,092 to 3,421 employees. The company’s headquarters is located in Birmingham, and it falls under the ownership of Fattal Hotels.
Among its notable properties in the UK is Manchester’s iconic Midland Hotel. The rebranding of hotels from Jurys Inn to Leonardo’s has significantly improved brand awareness, opening up more growth opportunities.
Management agreements have been signed for two additional hotels in 2023, which are owned by a related party but managed under a specific agreement.
The company anticipates growth in both guest revenue and revenue from managing additional hotels.
As brand recognition continues to rise, Leonardo Hotels is poised for further growth.
Directors remain confident in the company’s ability to achieve sustained growth through disciplined cost management and expanding its brand presence.
Leonardo Hotels has made significant strides in reducing pre-tax losses and expanding its market presence in the UK. The company is optimistic about its future performance, driven by improving market conditions and strategic growth initiatives.
Leonardo Hotels’ impressive reduction in pre-tax losses highlights the company’s effective strategies and resilience in a recovering market.
With continued expansion and strategic management, the company is well-positioned for future growth and success.
