Firmdale Hotels, the luxury hotel group founded by Kit Kemp, has reported a record turnover of £164 million for the financial year 2023, marking a significant increase from the previous year. The company attributes this growth to robust demand across its portfolio of 10 hotels, primarily located in London, and the successful reopening of its properties after the pandemic.
Financial Performance Highlights
The turnover of £164 million represents a 15% rise compared to the £143 million reported in 2022. Pre-tax profit also surged to £24.5 million, up from £18.2 million in the prior year. According to the company's filing with Companies House, the strong performance was driven by higher occupancy rates and average room rates, particularly in the luxury segment.
Expansion Plans for 2026
Firmdale Hotels has announced plans to open two new hotels in London by 2026, further expanding its footprint in the capital. The new properties will be located in the West End and the City of London, adding around 200 rooms to the group's existing inventory. Kit Kemp, the creative force behind the brand's distinctive interior design, will oversee the design of the new hotels.
Market Context and Outlook
The record turnover comes amid a strong recovery in the London hotel market, which has seen increased demand from both domestic and international tourists. The company noted that it has benefited from the weak pound, which has made London a more attractive destination for overseas visitors. However, the group also faces challenges such as rising energy costs and staffing shortages, which it is addressing through efficiency measures and competitive pay packages.
