Andy Murray’s hotel suffers six-figure loss
The tennis ace’s Cromlix hotel in Stirlingshire has posted a significant loss for the second year running, according to accounts filed with Companies House. But is it all part of his masterplan?
It’s been a torrid 12 months for the hospitality trade as a whole. In February, db reported that rising tax and business rate costs in the UK could force more than 70% of hospitality businesses to cut jobs, scale back investment, or reduce their trading hours. As a result of these stresses, only 14% of hospitality leaders in the UK “feel optimistic” about the sector’s prospects this year, according to the Business Confidence Survey from CGA by NIQ.
Having a cabinet full of international tennis trophies sadly does not shield one from such headwinds. After acquiring the Cromlix hotel with wife Kim in 2013 for £1.8million, Andy Murray is now surfing the same waves as many UK hotel proprietors.
According to accounts filed at Companies House, Cromlix LLP reported a loss of £369,045 for the year to 31 March, 2024.
The previous year, the business also posted a major loss with Cromlix reporting a £919, 572 deficit, though the hotel was closed for three months in 2023 while it underwent a refurb, which no doubt contributed to the loss.
Future-proofing
The five-star hotel owned by the former Men’s Singles world champion has reportedly not made a profit since 2022. However, it may be a case of short-term pain for long-term gain, as a spokesperson for the company insisted the sliding figures are a consequence of investment to “future proof” the business.
“Cromlix had another exceptional twelve months in 2024 following the hotel’s total refurbishment the previous year. The hotel continues to enjoy high occupancy rates throughout the year and a busy restaurant and events business,” the Cromlix spokesperson said.
“There has been continued investment throughout 2024 which will not only drive continued growth of the business, but future-proof it as it expands against the many challenges facing the hospitality industry.”
Partner Content
Other revenue streams have also been introduced, such as through the Murray’s gin label, launched earlier this year. Produced by Wildfire Spirit, the small-batch Cromlix Gin is infused with botanicals from the hotel’s kitchen garden, including raspberry leaf and milk thistle, as well as water from the borehole in the property’s grounds.
And room prices are very much at the premium end. A stay at Cromlix, which is set in 50 acres of woodland and boasts its own chapel and trout loch, starts from around £500 per night for a double room and goes up to £1085 per night at peak times.
Community spirit
When he purchased the hotel Andy Murray said: “By re-establishing Cromlix as a leading luxury hotel at the heart of the Dunblane community we will be able to attract new visitors to the area, create a number of new jobs and focus on supporting other local businesses.”
Underlining Murray’s original goal, the spokesperson for the company added: “Cromlix is a thriving, independent Scottish business, employing over 70 people mostly from the Stirling area, and has exciting plans for the next 12-18 months including building a new restaurant and kitchen, four new luxury bedroom suites and a Wellness Cabin in the hotel’s 34 acres of grounds.”
The property was previously owned and managed by the Eden family for 30 years.
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