Peel Hotels has reported a 42% drop in pretax profits over the first half of the year.
Profits at Robert Peel’s company plunged to £437,832, down from £755,226 in the same period last year.
Its revenues for the period fell by 22.2% to £6.82m.
It attributes the profit drop to being hit by losses at its two Yorkshire hotels, combined with high energy costs.
Losses at Strathdon in Nottingham and King Malcolm in Dunfermline amounted to £165,826 compared with £41,076 last year while energy costs rose to £300,410 compared with £197,586 last year.
Chairman, Robert Peel, said: “Our overall debt level is low and we are in a good position to take advantage of any beneficial acquisition opportunities should they arise in the future.”
