Travelodge reports £57m pre-tax loss for 2013
Budget hotel group Travelodge reported pre-tax loss of £56.8m for the year ended 31 December 2013, as the company strives to recover from near collapse in 2012 under the weight of £635m of bank debts.
The company achieved revenues of £432.6m for the period, according to documents filed at Companies House by parent firm Thame and London Ltd, while total debts were £484.5m.
Travelodge had been forced to secure an emergency loan in early 2012 in order to keep up with interest payments on debts of more than £1b, before entering into a Company Voluntary Arrangement (CVA) later that same year.
Thame and London was incorporated around the same time, meaning a direct year-on-year comparison of the figures is unavailable.
The chain has also announced a recruitment drive in the run up to Christmas as it looks to fill 166 new jobs across six new hotels and the company head office, as well as 40 apprenticeship places.
