The finance chief of Barbados-based Elegant Hotels Group is standing down to return to the UK.

The company has started a search for a new chief financial officer to succeed Jeff Singleton.

The company, which owns and operates seven hotels and a beachfront restaurant on Barbados, announced that Singleton had informed the board of his intention to leave.

He will remain with the company for a period of time to ensure a smooth transition with his successor.

The management change came as Elegant Hotels reported adjusted earnings [ebitda] up 10.6% to $19.7 million for the year to September 30, 2018.

Annual revenue rose by 5% to $62.9 million over the previous 12 months.

CEO Sunil Chatrani said: “We are pleased to have had a year of good financial and operational progress.

“The revenue increase reflects our strategy of delivering day-to-day excellence, developing our existing properties, and expanding our portfolio.

“The acquisition, refurbishment and subsequent relaunch of Treasure Beach in Barbados was a notable highlight, and since the year end Hodges Bay Resort & Spa in Antigua has opened under management contract.

“Barbados continues to be a hugely attractive destination for visitors and holidaymakers from all over the world, and visitor numbers from the key markets of the UK and the US have continued to increase.

“While the market remains competitive, we firmly believe that we are well positioned due to the quality of our properties, our relentless focus on providing our guests with outstanding service, and the viability of our strategy.

“Our trading since the start of the new financial year has remained in line with market expectations, and our bookings are currently tracking ahead of the same period last year.

“While we are confident in our prospects for 2019, the board continues to monitor macroeconomic conditions closely, which have the potential to reduce UK consumer discretionary spend.”

Elegant Hotels chairman Simon Sherwood said: “Jeff has done a great job for Elegant Hotels since joining us in 2016.

“His technical expertise and sector knowledge have been invaluable to us during that time, and he has played a key role both in returning the company to financial stability and in helping to execute the recent acquisitions and management contracts.

“We wish him well for the future as he returns to the UK.”

The group’s portfolio comprises seven Barbados hotels – Colony Club, Treasure Beach, Tamarind, The House, Crystal Cove, Turtle Beach and Waves Hotel & Spa – as well a management contract for Hodges Bay Resort in Antigua and a sales and marketing contract for The Landings Resort & Spa in St Lucia.