Glendola profits up 150%

Pre-tax profit increased more than 150% to £1.86m (2010: £700,000), with operating profit up to £2.37m (2009: £1.42m) on turnover up 5.7% to £24.81m.

“The group has had a very solid performance under very difficult economic circumstances,” Glendola Leisure Holdings, its holding company, said in accounts filed at Companies House.

“In the prior year the group completed its reorganisation of assets into similar themed companies and disposed of the company formerly known as Glendola Leisure Ltd as well as assigning one lease and surrendering two others.”

The company said the group has “sought to improve the balance of its property portfolio” in the period,

buying the freehold of the Carlton George Hotel and Waxy O’Connor’s in Glasgow for £8.4m.

Since the year-end, the firm acquired the lease of the Cricketers pub in Cobham, Surrey, and freeholds of two Frankenstein pubs in Glasgow and Edinburgh for £4.4m.

Glendola switched financing to Barclays Bank during the year to facilitate these acquisitions, and said it is “well-positioned for future opportunities”.

Meanwhile, the salary of the highest-paid director roughly halved, from £397,000 to £192,000.

Staff costs were £6.45m (2010: £5.8m), based on 352 members of staff (2010: 278).No final dividend was paid in the year (2010: £1.5m).