London’s iconic Ritz hotel made a £27m loss last year after its sale by billionaire Barclay twins to Qatari investor
London’s iconic Ritz hotel made a £27million loss last year after its sale by the billionaire Barclay twins to a Qatari investor.
The five-star hotel shut its doorways for the primary time in its 114-year historical past last year attributable to Covid.
New accounts present its closure for greater than 5 months meant turnover fell 74 per cent to £13.3million, down from £50.3million in 2019.
A foul signal: The five-star hotel shut its doorways for the primary time in its 114-year historical past last year attributable to Covid
It made a £27.3million pre-tax loss – in contrast with a £2.4million revenue the earlier year. Qatari tycoon Abdulhadi Mana Al-Hajri is believed to have paid round £700million in March 2020 for the hotel.
The Barclay brothers – who had purchased the Ritz for £75million in 1995 – had argued over the sale, with Sir Frederick threatening to sue until a purchaser paid £1billion. Sir David died in January, aged 86.
The Ritz took £3.49million from the furlough scheme and deferred £806,000 of VAT funds ‘to help cashflow’.
A spokesman stated revenues since The Ritz reopened in the summertime are actually ‘wholesome and strong’.