Apex Hotel’s statutory accounts for the 12 months ending 30 April 2023, show a 58% increase in turnover from £47.3m FY 2022 to £74.8m FY 2023, and an operating profit of £14.5m up from £2.9m in the previous year. The latest set of accounts demonstrate a continued period of growth for Apex Hotels following a return to profit last year.
Following the sale of Apex London Wall Hotel and a five-year refinancing deal with Barclays worth over £60m, the group is on the acquisition trail, purchasing its first rural property - Pitlochry’s Pine Trees Hotel - back in July. The acquisition is part of an ambitious expansion plan targeting popular UK destinations.
Apex Hotels, Chief Executive, Angela Vickers said: “This year we have built upon strong foundations in 2022, with a renewed confidence in the market as demand from our UK and international guests returns.
Our ambitious acquisition strategy will help diversify and expand our portfolio, delivering more choice through a wider range of destinations for our guests.
This year we have successfully matched revenue and occupancy growth with a healthy profit margin, allowing us to sustainably re-invest in the business and our people. This includes doubling down on our effort to build a sustainable, community focused organisation through our ESG strategy.
We look forward to a strong year ahead as we continue to expand the business and grow our market position as one of the UK’s leading independent 4-star hotel groups.”
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About Apex Hotels
Apex Hotels is a family-owned 4-star hotel group with chic city centre and rural properties. The company owns eight city centre hotels in some of the UK’s most popular destinations - London, Bath, Edinburgh, Glasgow, and Dundee - and one rural hotel perfectly placed in Pitlochry.
Apex Hotels was founded by Scottish entrepreneur Norman Springford who opened his first property in 1996, Apex Grassmarket Hotel in the heart of Edinburgh’s Old Town. Since then, the group has grown into one of the UK’s leading independent hotel groups, attracting tourists and corporate guests from across the globe.
Apex Hotels first country property, Pine Trees Hotel in Pitlochry, was acquired in July 2023, and represents the first phase of a portfolio expansion strategy targeting popular UK destinations.
As well as offering consistently high standards for business and leisure guests, Apex Hotels has a committed approach to environmental and sustainable tourism practices and is one of the few independent hotel groups to hold Silver Green Tourism Award’s in all city centre hotels.
City Centre Hotels:
Apex Grassmarket, Edinburgh 31-35 Grassmarket, Edinburgh, EH1 2HS
Apex City of Edinburgh, Edinburgh 61 Grassmarket, Edinburgh, EH1 2JF
Apex Waterloo Place, Edinburgh 23-27 Waterloo Place, Edinburgh, EH1 3BG
Apex City of Glasgow, Glasgow 110 Bath Street, Glasgow G2 2EN | Apex City Quay Hotel & Spa, Dundee 1 West Victoria Dock Road, Dundee, DD1 3JP
Apex City of London, London 1 Seething Lane, London EC3N 4AX
Apex Temple Court, London 1-2 Serjeants’ Inn, London EC4Y 1AG
Apex City of Bath, Bath James Street West, Bath BA1 2DA |
Rural Resorts and Hotels:
Pine Trees, Pitlochry Strathview Terrace, Pitlochry, PH16 5QR |
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Restaurants, Bars & Spas:
London | Edinburgh | Dundee | Bath | Glasgow |
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FURTHER INFORMATION
For all press enquiries please contact James Walter: James.Walter@apexhotels.co.uk
