Leonardo Hotels slashed its pre-tax loss by more than £50m during its latest financial year thanks to the market continuing its post-pandemic recovery.
The group, which has hotels in the North West, North East, West Midlands, London, South West and Scotland, has reported a pre-tax loss of £3.7m for 2023.
The latest figure comes after Leonardo Hotels posted a loss of £58m in 2022.
Newly-filed accounts with Companies House also show the group’s turnover increased from £290.2m to £336.5m over the same period.
The group said its turnover increased because of “improving market conditions”.
During the year its headcount grew from 3,092 to 3,421.
Leonardo Hotel Management (UK) is headquartered in Birmingham and owned by Fattal Hotels.
The business was founded by David Fattal who built fortune after setting up his hotel chain in 1998.
Fattal Hotels is the largest chain in his native Israel and now counts more than 40 sites and over 10,500 rooms in its portfolio.
Leonardo Hotel Management (UK) also includes the iconic Midland Hotel in Manchester.
Leonardo Hotels expecting better results
On its future, Leonardo Hotels said: “The directors expect to see improved results for 2024 and throughout future years as the company grows both in terms of revenue from guests and revenue through managing hotels.
“Also the rebranding of the hotels from Jurys Inn to Leonardos was an event which took time to embed with the nation, however brand awareness has grown and this brings growth opportunities.
“The company also entered into management agreements to manage two additional hotels in 2023; these two hotels are owned by a related party but certain services are provide under a management agreement.
“The directors are confident that taking this into consideration along with the continued tight cost controls in place, the future of the company will show increasing growth in future years.”