The Stock Exchange hotel in Manchester, owned by Gary Neville and Ryan Giggs, has reported significant losses for 2023 despite strong performance compared to other hotels in the market.
A hotel owned by Manchester United legends Gary Neville and Ryan Giggs has recorded huge losses. Newly-filed documents with Companies House revealed that the Stock Exchange hotel in Manchester city centre has posted falling sales and increased losses. But the hotel's board claimed that the results were 'very encouraging' and 'extremely strong' in comparison to other hotels. City AM reported that the documents showed that the hotel fell to a pre-tax loss of £2.
5m for 2023, after having also lost £1.8m in the year before. Its turnover also fell from £5.1m to £3.9m over the same period. The accounts for the hotel’s latest financial year are now due to be filed by the end of September 2025. The newly revealed accounts came after Madonna booked the entire hotel out, while she was using the AO Arena as a base for rehearsals for her world tour. Tom Kerridge’s Bull & Bear restaurant had opened at the hotel in 2023, but closed in July 2023 that year after only four months. A statement signed off by the board said: “2023 was the first fully operational financial year since the end of the Covid pandemic. “The team within the hotel continued to implement the various strategies to ensure growth in room revenue by maintaining strong growth in room rates while maintaining occupancy levels. When compared to the competitive set in the Manchester hotel market the results for the property are extremely strong and very encouraging with the property performing 50 per cent above similar hotels in the market. “The strategy around the sale of hotel rooms will continue… with similar results expected. The challenge within the property has been to find the right team to head up the food and beverage offering within the main restaurant. “The challenge surrounding this matter impacted the financial results negatively during 2023
Hotel Losses Gary Neville Ryan Giggs Stock Exchange Hotel Manchester
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