The Inn Collection Group, which operates pub accommodation in Wales and Northern England, has seen its turnover tick up after it added hundreds of rooms to its portfolio, according to newly-filed documents.
The company, which is headquartered in Newcastle Upon Tyne and has venues across County Durham, the Lake District, Northumberland, Yorkshire and North Wales, added more than 307 rooms to its portfolio in 2023, bringing the total to 942.
This was the result of five new venues being opened under the Inn Collection Group name, plus two exiting pubs re-opening following refurbishments.
These additional rooms saw the group’s turnover increase to £52.5 during the year, up from £36.3m in 2022.
But while turnover saw a notable increase, the company’s “substantial investment” in its portfolio also led to a widening of its pre-tax loss to £13.2m, up from £9.7m in 2022.
The company behind the Inn Collection Group said this was in line with expectations.
In a statement published to Companies House, it added: “At 31 December 2023 the group was trading 942 rooms available across 26 sites.
“Significant investment has been made in acquisitions and renovations since the balance sheet date with plans to continue investment over the coming years.
“At the balance sheet date, the bank debt facility was provided by Oaknorth Bank plc with repayment of the debt facility scheduled in November 2025.
“With the support of Oaknorth and the continued support of its investor, the group plans to continue to build its portfolio in the coming years.
“Future new build sites and further acquisitions are constantly being assessed and it is anticipated that at least one further new build site or acquisition will be committed to during 2024 and the group intends to add further sites where suitable ones can be sough at appropriate levels on investment and return on an ongoing basis.
“In anticipation of the growth of the business the group has added to its head office team to provide a support function to drive the business forward.
“As we move into 2024 and 2025 we will further embrace a scalable mindset, investing in technology-led process and customer experience improvements.”