The company behind the former Ryder Cup host Celtic Manor Resort slipped into the red in 2023 despite a jump in its turnover, it has been revealed.
The five-star golf, spa and hotel destination, which is located near Newport in Wales, has reported a pre-tax loss of £1.6m for the year after posting a pre-tax profit of £6.3m in 2022.
Newly-filed accounts with Companies House have also revealed that its turnover increased over the same period from £61.1m to £68.2m.
The average room occupancy at Celtic Manor Resort increased in the 12 months from 74 per cent to 80 per cent while the average room rate remained static at £130.
The average occupancy of its Goldra Court hotel dipped from 82 per cent to 78 per cent but its average room rate rose from £81 to £86.
At its Ty Magor Hotel, the occupancy rate fell from 88 per cent to 80 per cent and the room rate grew from £58 to £61.
During the year the average number of people employed by the company rose from 1,064 to 1,196.
Celtic Manor Resort follows competitor into the red
Celtic Manor Resort is owned by Sir Terry Matthews and hosted the 2010 Ryder Cup.
Sir Terry is Wales’ first billionaire and was the richest person in the country until 2012 when he was surpassed by Sir Michael Moritz.
The results for Celtic Manor Resort comes after Macdonald Hotels & Resorts slumped back into the red during its latest financial year as it battled a rise in its costs.
The group, which is headquartered in East Kilbride, Scotland, reported a pre-tax loss of £3.5m for the year to 28, September, 2023, after having posted a pre-tax profit of £44.5m in the prior 12 months.
Macdonald Hotels’ profit was boosted in 2022 after the sale of its Holyrood and Manchester hotels for a total of £45.8m.
The last time the group reported a pre-tax loss of the £5.7m it posted for the year to 30 September, 2021.