Paragon profits plummet
03 December 2003 by Samantha McClary
Profits have dived at entrepreneur Trevor Hemmings's Paragon Hotels group.
Accounts filed recently at Companies House show that pre-tax profit at the group fell by more than 85% to £577,000 in the 12 months to 3 April, compared with £3.9m for the same period last year.
Cairns Hotels, Hemmings's Scottish hotel chain, recorded a pre-tax loss of £421,000, compared with a profit of £1.5m in 2002.
The massive declines were caused by a £661,000 loss on the sale of several hotels, and a £1.7m charge for staff employed by a hotel management company.
Turnover at Paragon dropped by 11% to £21.1m.
Hemmings also owns Blackpool Tower and the Brannigans chain.
