Conran Holdings celebrated upbeat financial results this week and a successful conclusion to its legal wrangle over renovations at London's Great Eastern hotel. The Great Eastern Hotel Company, jointly owned by Sir Terence Conran and US hotel company Wyndham International, sued John Laing Construction after the project went £26m over budget and a year beyond schedule. It won more than £10m in damages plus interest and costs earlier this month.
In the rest of the group, Conran Restaurants enjoyed a 4% increase in turnover to £54m (2003: £52m) in the 12 months to 31 March. Pre-tax profits also jumped, up 11% to £4.1m (2003: £3.7m). The group claimed significant progress had been made at its product licensing and branding business, where it works with manufacturers including Sainsbury's and Dorma.
It wasn't entirely good news, as Conran Holdings chief executive Des Gunewardena admitted the group's "shop group and New York restaurant [were] still finding things tough". Consolidated turnover for the group was £109m, down 4% year-on-year (2003: £114m).
Source: Caterer & Hotelkeeper magazine, 23 March 2005