Revenue up 24% at Corbin & King Hotel Group prior to group restructure
A full-year of trading at the Beaumont hotel (pictured) and Fischer's restaurant helped increase annual turnover at Corbin & King Hotel Group by 24% to £54.2m, according to the company's annual report lodged at Companies House.
The five-AA-star, 73-bedroom Beaumont hotel generated a revenue of £11.9m, while Fischer's, a Viennese café in Marylebone High Street, added £3.1m to the company's turnover, for the year to 27 March 2016.
Brasserie Zedel in Soho, the largest restaurant in the London-based group which comprised six restaurants and one hotel during the accounting period, recorded a particularly strong performance with revenue up 15% to £9.9m. Meanwhile, trading at the Delaunay on the Aldwych suffered from a fire in the Holborn area of London in April 2015, with annual turnover decreasing by 5% to £8.7m.
The company's pre-tax loss for the period increased by 50% to £9.4m, while adjusted EBITDA for the restaurants, excluding the Beaumont and head office costs, increased 10.3% to £5.6m.
In October 2016, following the end of the accounting period, the group was restructured with the restaurant business separated into a restaurant group and the Beaumont remaining within the Corbin & King Hotel Group, which was renamed during the same month from Corbin & King.
At the same time, Corbin & King Hotel Group returned the lease on the Beaumont to the freeholder, Grosvenor West End Properties, and assumed the operation of the hotel under a hotel management agreement.
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