Richard Carrick joins board of hotel operator

Richard Carrick joins board of hotel operator

Former Hoseasons chief executive Richard Carrick has joined the holding company of Malmaison and Hotel du Vin as a non-executive director.

The announcement from MWB Group came as the company – which also runs serviced offices – reported increased losses for the six months to December.

Pre-tax losses came in at £15.8 million against £11.6 million for the same period a year earlier.

This was despite revenue rising by 5% to £119.6 million year on year. The company agreed to the £103 million sale and leaseback of five Malmaison hotels during the period and £100 million reduction in debt.

Chairman Eric Sanderson said: “We expect the next six months to continue to be challenging.

“There are both positive and negative aspects to the current trading environment in which we operate and we will continue to seek to take advantage of the positive and mitigate the negative.”

Announcing the appointment of Carrick, chairman of PrivateFly, Sanderson said: “Richard joins with effect from March 1 and brings with him invaluable experience of both the hotel and leisure sectors.

“Until recently Richard was chief executive of the Hoseasons Group, a position he held for seven years, having previously held very senior positions in the holiday and hotel sectors.

“His operational experience should prove to be an asset to us and he will strengthen the non-executive presence on the board.”

Combined revenues for the two hotel brands increased in the half year to £59.5 million against £58.8 million helped by new Bistro du Vin openings.

Occupancy, revenue per available room, and food and beverage revenues across the hotel division were “little changed” on the same period in 2010, although average room rates rose to £108 from £107.

Earnings before interest, taxation, depreciation, amortisation and property impairment (EBITDA) were £10.7 million. Adjusted for the properties now sold and leased back, these amounted to £13.2 million, down from £16 million.


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