UK serviced suites operator, The Spires has turned in a strong financial performance for the 2008-09 financial year.
Online PR News – 31-July-2009 – – Serviced suites operator, The Spires has turned in a strong performance for the 2008-09 financial year.
The company, which has serviced suites in Birmingham, Glasgow and Aberdeen, ended its financial year with a pre-tax profit of £568,000 on a turnover of £2.61 million.
Commenting on the figures, Margaret Beattie, Managing Director of The Spires, said:
“The results for 2008-09 are very encouraging, particularly as the second half of the financial year was clearly affected by the recession. However, we ended up with figures that exceeded our expectations.
“Turnover was up by a small margin but, much more significantly, profit was 42% ahead of budget. This puts us in a strong position for what is proving to be a tough financial year in 2009-10.
“The focus, for both our corporate and leisure customers, is very much on value-for-money. We believe that is an area in which we can compete strongly. While customers appear to be moving away from up-market hotels, they don’t want to compromise on quality.
“Serviced suites offer more accommodation and space, without the additional expenses of hotel services. If business colleagues or a family of up to six people, share a two-bedroom suite, it brings the cost per person right down and they can enjoy the benefits of a fully-fitted dining kitchen and living room.
“The current financial situation may have delayed our plans a little, but we are still actively planning our expansion into other areas. It is still our intention to expand from three locations to provide serviced apartments in the major centres around the UK.”
The Spires recently launched its new Directors Suites at all three locations. In addition to the usual living room, kitchen, bathroom and bedroom, the Directors Suites have a separate room equipped as an office.
“The Directors Suites also fit well with the demand for value for money,” says Craig Duguid, National Sales Manager at The Spires. “With a separate office in their suite, it means our business guests can be really productive, without the need to rent separate office space.”
The Spires started in 1995 with the opening of The Spires in Great Western Road, Aberdeen. The Spires Glasgow in Bothwell Street opened in 2003 and The Spires Birmingham, beside the Mailbox development in the centre of the City, in 2007.
Across its three locations The Spires has a total of just over 100 serviced suites and a total workforce of around 30.