Gainford Group turnover nears £35m as hotel revenue rises ‘significantly’, plans to remodel former Premier Inn site into five-star venue.
North east-based operator Gainford Group, which also runs 12 care homes, has reported revenue increased to almost £35m with sales from its hotel business “increasing significantly”. Gainford is behind the Great Victoria Hotel in Bradford as well the Vermont Hotel, the County Hotel, Bar Livello, the Vermont Apartments and the Aveika restaurant, all in Newcastle. It also bought the 180-bedroom Newbridge Street Hotel – formerly a Whitbread-owned Premier Inn – in April last year and plans have now been submitted to transform the site into a “five-star venue with rooftop bars and new restaurants”.
The company saw turnover increase to £34,707,312 for the year ending 31 December 2017, compared with £29,822,014 the year before. Of this total, hotel revenue rose to £14,478,845, compared with £12,289,619 the year before. Group pre-tax profit jumped to £6,478,339 compared with £3,078,317 the previous year, according to accounts filed at Companies House.
In their report accompanying the accounts, the directors stated: “Turnover from the hotels business has increased significantly on the prior year as a result of the ongoing improvements undertaken at the various venues by management. Aveika, the County Hotel, and the Vermont Hotel showed higher sales and profitability. This pattern was continued at Bar Livello. The Hudson bar restaurant within the main County Hotel also continues to trade well. The group acquired the 180-bedroom Newbridge Street Hotel in April 2018. While the site is currently trading, the company has submitted ambitious plans to Newcastle City Council to transform the site into a five-star location with rooftop bars, new restaurants, totally remodelled bedrooms and function space suitable for 500-plus delegates. It is expected work will start on the project towards the end of 2019 and will likely take 18 months to complete.
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