Apex Hotels turnover up 7% to £61.3m

Edinburgh-based Apex Hotels Limited said its turnover rose 7% to £61.3 million and profit before tax soared 132% to £10.3 million in the year to April 30, 2016 as it vowed to continue its expansion.

Apex is one of the UK’s leading independent operators of four star contemporary hotels with nine in Edinburgh, London, Glasgow and Dundee and a tenth due to open in Bath this summer.

The company said the opening of Apex City of Glasgow in September 2015 and the 30-bedroom extension to Apex City of London saw its room stock rise by 134 rooms.

The company reported capital investment of £16.1 million during the last financial year and its new 177-room hotel, Apex City of Bath, is set to open in summer 2017.

It said financing for the Bath development was secured with a £29 million bank facility from Bank of Scotland, together with a 150 year sale and leaseback transaction, which generated income of £14 million.

Apex Hotels Limited CEO Angela Vickers said: “We are proud of our continued growth in recent years, defying challenging market conditions, and 2017 promises to be a very exciting time for us …

“As we move into 2017 our robust financial results are testament to this and demonstrate our continued momentum in the development of the Apex brand and expansion of the portfolio.

“The opening of Apex City of Bath – set to be the historic city’s largest hotel in terms of conference and events spaces and number of bedrooms – will be a key milestone for us this year as our first opening in England outside of London.

“We are also set to develop Customs House on Dundee’s waterfront next to our existing Apex City Quay.

“It is important for us to continue investing in our existing portfolio and we are planning further bedroom expansion at Apex Temple Court in London as well as refurbishment totalling £6 million across our City of London, Grassmarket and Dundee hotels.

“In 2017 we will continue to look at other opportunities to extend and complement our existing portfolio.”