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08 April 2004

Profits drop at Peel

Hotel group Peel has reported a 20 per cent fall in pre-tax profits, blaming a flat economy for its decline.

Peel, which runs six hotels –- mainly in the midlands and the north – saw its full year profits fall to £1,42m, compared with £1.76 a year before.

Blame was also placed on expansion, as it increased its portfolio by acquiring the 76-room Avon Gorge in Bristol and the 39-room George Hotel in Wallingford, Oxfordshire.

Like-for-like sales grew by 3.6 per cent while spending on refurbishment topped £440,000.

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