Five-star hotel Claridges has revealed it fell to a £5.4m loss during the year ended 31 December 2024, down from a profit of £7.2m the previous year, as it completed major refurbishment work.
According to its latest accounts filed with Companies House, the performance comes despite revenues surging to £136.9m, up from £119.3m.
However, operating profit fell to £26.4m from £35.1m, while finance costs climbed to £31.3m from £27.6m, reflecting greater interest charges linked to refurbishment projects at the hotel’s Brook Street property.
Despite the pre-tax loss, the company remained in the black after tax, posting a net profit of £2m following a deferred tax credit.
Director Nasir Pasha said Claridge’s continued to perform strongly in guest demand and brand reputation, describing trading conditions as “fully recovered” from the effects of the pandemic.
Average staff numbers rose slightly to 824, while total wage and salary costs stood at £28.2m.
Claridge’s is a wholly owned subsidiary of Coroin Limited, ultimately controlled by His Highness Sheikh Hamad bin Khalifa Al Thani through RAG Investments S.A. The company’s auditor is Deloitte LLP.
