Newcastle Station Hotel brings in record profit for Cairn Group
Hospitality company Cairn Group has revealed record results with profits of over £100m.
The owner and developer has beaten pre-pandemic levels with a jump from £34.1m to £109.4m in the year ended April 2022.
Its workforce also grew over 2022, increasing from 1,710 to 2,124 employees.
Cairn Group’s business model involves purchasing and developing leisure properties, focussing on hotels, and reinvesting profits to maintain standards across their portfolio.
The group currently owns and 32 hotels including Elmbrook Hotel and Cairn Hotel in Edinburgh, Redworth Hall and Spa near Newton Aycliffe and the Hilton Doubletree near Newcastle Airport.
Having paused all development activity in the pandemic, the firm announced it was restarting its investment programme last year.
In a report the directors said: “The recovery from the impacts of Covid-19 lockdowns and restrictions in 2020 and early 2021 has been quicker and more remarkable than was expected at the beginning of the financial year. The opportunity was taken to holistically reconsider business models at every hospitality venue, and initiatives and programmes implemented to deliver value for guests against a more efficient cost base have ensured the group’s current performance and position is ahead of all expectations.”
Cairn CFO and managing director Richard Warren added: “I’m delighted by the results for last year, and to date in the current year. This time last year we stated that we were investing in the in-house sales and marketing team, and further development of leadership and management skills at all levels, and that has worked and will continue. Investment in the properties is ongoing and very important, but ultimately, it’s the people that deliver it – our people are vital and we are grateful to them all for their efforts.”