Maybourne Hotel Group reports losses of £4.6m

Maybourne Hotel Group – including the five-star Claridge's, Berkeley and Connaught hotels in London – has reported a pre-tax loss of £4.6m for 2020.

In documents filed with Companies House, the group reported turnover of £10.9m, a decrease of 24.3% on 2019, with net liabilities of £7.5m.

The group said it was “dependent” on the financial support of its owners for operating and capital expenditure obligations, and that it had received assurances from Hamad bin Jassim Al Thani pledging to support the company for at least 12 months.

Management expressed confidence in the recovery of the travel and leisure market and the business’s ability to meet its obligations, with a “gradual return” of operating profits and cash inflows forecast for the first and second quarters of 2022 and a more optimistic outlook for 2023.

The portfolio also includes the Maybourne Beverly Hills in the USA and the Maybourne Riviera in France.