Peel Hotels swings to annual loss as Brexit uncertainty bites
Source - SMW
Peel Hotels swung to an annual loss after it wrote down the value of two hotels in the UK amid challenging market conditions.
Pre-tax losses for the year through January amounted to £735k, compared to a profit on-year of £575k.
Operating profit, excluding the exceptional expenses, fell 30% to £893k.
'Demand has slowed in many of the provincial areas of the United Kingdom, and together with upwards pressure from increases in the living wage, business rates and energy costs this has created challenges to the profitability of the company,' chairman Robert Peel said.
'However it is not unreasonable to suppose that once the terms and conditions of Brexit are clear, that stability and growth will return.'
'In the mean time we remain focused on reducing debt and our overall cost base.'