CI Traders, the Channel Islands-based retail and leisure conglomerate, saw a disappointing performance from its pubs, restaurants and hotels in Jersey and Guernsey last year.
Turnover for CI Hospitality fell by £6.5m to £29.4m for the 52 weeks ending 27 January and profits dip slightly to £2.6m from £2.7m this time last year.
CI Hospitality owns and operates three hotels in Guernsey; the St Pierre Park, the Green Acres Hotel and the recently refurbished La Trelade Hotel.
The group said it is currently planning to re-develop the St Pierre Park hotel as well as its Jersey and Guernsey brewery sites in St Helier and St Peter Port, which it uses to supply its pub estate throughout the islands.
As a consequence the group warned that the substantial funding required for re-development would increase their capital spend above usual levels.
The company also stressed that declines in overall turnover would be exacerbated by a “shallow but steady decline” in visitor numbers to the island.
Overall the conglomerate saw turnover rise by 4.6% to £332.9m with pre-tax profits up by 44.7% to £17.8m with the growth coming primarily from retail.
Mixed performance at CI Traders hospitality division >>
Weak performance of Guernsey hotels hurts CI Traders >>
By Christopher Walton
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