Hotels boss says Apex ready to grow again after £16m Covid loss

The impact of closures and restrictions during Covid-19 led Apex Hotels to record a loss of more than £16 million.

Newly-filed accounts for the group, which has one of its 10 hotels at Dundee’s City Quay, show a dramatic fall in revenue for the year ending April 30 2021.

Turnover was £8.1m compared to £68.7m the previous year, a drop of 88%.

During the 12 months, the hotel group had an occupancy rate of 13.8% compared with 77.4% the year prior.

The pre-tax loss of £16.3m in the financial year compares to a £7m pre-tax profit in 2020.

Last year Apex Hotels said the impact of Covid-19 had been substantial, but it expects a strong recovery.

All 10 Apex hotels have now reopened and the business has returned to profitability.

Chief executive Angela Vickers said the firm is now ready to make a strong comeback.

“This was an incredibly challenging period for the entire industry, with intermittent restrictions and closures imposed for almost three-quarters of the financial year,” she said.

“However, we used the time wisely by investing in initiatives that added longterm value and capitalised on the appetite for staycations as restrictions on domestic travel eased.”

The upgrades include a new property and guest management systems.

This reduces the time spent processing data and allows staff more time to serve guests.

“We also brought in a new staff training programme, enhancing learning and development,” Ms Vickers added.

“A big data project provides us with valuable insights to drive further business improvements.

“With the reopening of the hospitality industry, and thanks to a successful vaccination programme rollout, we are in an excellent position to grow revenue once again.

“We are confident in our ability to drive long-term, sustainable growth as we near the end of the pandemic.

“We look forward to welcoming guests, old and new and returning our results to pre-pandemic levels.

“Our outlook for the year ahead is optimistic.”

BOUNCING BACK: Angela Vickers says the company, including its hotel in Dundee, below, has invested in training.