A luxury Lake District hotel has revealed it has had a record-breaking bounce back from COVID-19 – with profits rising by almost £1.7 million.
Armathwaite Hall Hotel in Bassenthwaite, owned by the Graves family, said its pre-tax profits rose from £523,479 in 2021 t0 £2.2 million in 2022.
Its turnover had also increased by £5 million up to March 2022 – up from £2.7 million the previous period.
Hospitality turnover jumped from £1.9m to £5m in the year while spa sales increased from £187,163 to £813,449. Sales from its wildlife park also grew from £678,769 to £1.1m.
During the year, the hotel received £58,705 through the Coronavirus Job Retention Scheme and £50,667 through other government grants.
A statement by the board said: “The reduced impact of COVID-19 has meant that the company has performed better than the previous year, as last year there was a total period of seven months of no activity.
“The company remains in a strong financial position with net assets of £12.1m which is an increase of 17.4 per cent on 2021.
“The company is continually assessing its market position and the directors actively seek ways to grow the business and take advantage of business opportunities as they arise.”
Due to this steady growth, there had been significant investment into the hotel and spa facilities, including the spa wing bedrooms which are in the process of being extended to create eight new suites by award-winning architecture and design specialists, Unwin Jones Partnership, the hotel said.
