Apex Hotels sees profits soar 11%

Apex Hotels sees profits soar 11%

Apex Hotels, owned by former accountant Norman Springford and his family, has recorded a strong end to 2015 with profits rising by 11% to £10.6m.

The groups latest results show total turnover grew to £57.2m last year, an increase of 2% over the previous year on a like-for-like basis. 

The opening of the Apex City of Glasgow in September helped boost the figures as well as the refurbishment of Marks Hotel which the group acquired in December 2014.

Commenting on the results, chairman Ian Springford, said: “Following an exceptionally strong financial performance last year, driven by one–off events such as the Ryder Cup and Glasgow Commonwealth Games, I am delighted to see another year of growth in our results. 

“We anticipate a further busy year in 2016, with extensive refurbishment plans for the current portfolio and the celebration of the group’s 20 year anniversary”.

The strong underlying performance of the hotels is reflected in the hotel valuations, which have increased by £18.9m to £299m.

Further investment during the year included a 30 bedroom expansion at Apex City of London which was completed in November.

A refurbishment of the City of London ground floor is scheduled for summer 2016.