Ryder Cup sees Gleneagles profit soar

The Ryder Cup helped to more than double pre-tax profit at Gleneagles Hotel in Perthshire last year.

Accounts for the world-famous resort for the year to June 30 2015 show a profit before tax up from £1.96 million to £4.2m.

Turnover was up 7% (£3m) at £47.6m in the year that Gleneagles hosted the biennial Europe versus the United States golf challenge.

The staging in September 2014 of the prestigious sporting event gave Gleneagles a worldwide profile as well as boosting business during the week of the competition.

Ryder-related income was countered by investment to prepare for the tournament, which included closure of the PGA Centenary Course for over a month and of other activities ahead of and during the event.

Investments in the year included the new arena for exhibitions and concerts which also accommodates four indoor tennis courts.

Food, beverage and leisure income contributed to the revenue growth, but the hotel said the main factor was a 3% rise in room volumes, continuing an upward trend since the downturn of 2009/10.

The 2015 accounts covered the final year of the hotel’s ownership by Diageo, who sold it to Ennismore, a private investment company, for a fee said to be in the region of £150m.

The buyer was named in the accounts as GH Holdings 2 Ltd, with the acquisition being made on June 30 last year.

The ultimate parent company is Tulip Growth PCC Ltd, incorporated in Guernsey and exempt from producing group financial statements.

Finance director David Kemp said positive trading conditions are continuing in the current financial year.

A multi-million-pound refurbishment programme is under way in the hotel, the Dormy Clubhouse and on the golf courses.

He added: “These renovations are set to further enhance Gleneagles’ position as an iconic country estate with a distinctively Scottish heritage whilst staying true to the hotel’s origins and world class reputation.”