Gleneagles performance stable under new owner

Golf: Estate maintains momentum after uplift from Ryder Cup

Gleneagles Hotel produced a flat performance in its first full trading year under new ownership.

Accounts for Gleneagles Hotels Ltd filed with Companies House show the Perthshire playground produced total revenues of £46.72 million in the year to June 30, a marginal uplift on the £46.55m achieved in the previous year.

The hotel was acquired from drinks giant Diageo for an undisclosed sum by London-based Ennismore in spring 2015. The sale came in the wake of the resort’s successful hosting of the Ryder Cup in 2014.

Operating profits were stable at £3.84m, while pre-tax profits come in slightly lower than in 2015 at £3.68m.

The account show the hotel employed a total of 903 staff last year, up from 883 in 2015 and with a higher number of fulltime post holders at 669.

In his strategic report, director Bernard Murphy listed the “potential occurrence of shocks to the European and American economies that could lead to reduced occupancy from corporate and leisure clients”as the principal risk to the hotel’s wellbeing.

Meanwhile, accounts for Gleneagles Resort Developments Ltd – which sells seasonal ownership lodges on the Gleneagles estate under the Glenmor brand – show the business made a £295,000 pre-tax profit in the year to June 30, up from £222,000 in 2015.

The return was achieved from sales of £923,000 in the year.