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Birmingham Post
Birmingham Post
Business
Jon Robinson

Group behind luxury Lake District hotels hails 'exceptional' year as staycations lead to record results

Turnover and profits at a group of luxury Lake District hotels have jumped to record levels as they bounced back from the Covid-19 pandemic.

Lake District Hotels Ltd, which is run by the Graves family, owns Lodore Falls Hotel & Spa near Keswick, Inn on the Lake, Glenridding, Borrowdale Hotel as well as In on the Square, Skiddaw Hotel and Kings Arms Hotel in Keswick.

The Graves family also own Armathwaite Hall Hotel separately.

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For the 12 months to March 31, 2022, Lake District Hotels Ltd has reported a turnover of £27.2m, according to newly-filed documents with Companies House, a rise from £10.6m.

Its pre-tax profits also surged from £3.7m to £11.2m over the same period.

In the 12 months before the pandemic struck, the company's turnover totalled £19.5m and its profits were £3.8m.

A statement signed off by the board said: "At the beginning of this year the hotels were closed due to a third national lockdown introduced in response to the Coronavirus pandemic.

"Hotels and restaurants were allowed to re-open to the public on 13 April 2021 for outdoor hospitality only and then on 17 May 2021 for all hospitality.

"This year, since the end of the lockdown, the company has seen large rises in turnover and profits.

"The company has achieved a very healthy operating profit. The hotels benefitted from a surge in UK staycations, particularly in the Lake District and business was exceptional.

"During trading periods affected by the pandemic, the company availed itself of the available government support schemes.

"The company also obtained a Coronavirus Business Interruption Loan in the previous year, however this has been repaid in full during the current year."

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