Old Course issues large losses due to Covid

Alistair Dunsmuir
By Alistair Dunsmuir October 6, 2021 11:39

Old Course, which operates the five-star hotel and golf resort in St Andrews, has issued its financial results for 2020 and they show, as expected, large losses due to the pandemic.

Revenue at the resort, which will host the 150th Open next summer, dropped by 63.4 percent, turnover fell from £22.7 million in 2019 to £8.3 million and a pre-tax loss of £7.1 million was reported, compared with a pre-tax profit of £233,000 in 2019.

A spokesperson for the hotel said: “Our 2020 accounts reflect a difficult year through a global pandemic and where we have made a considerable investment into expanding and improving the hotel.”

In his strategic report, director Herbert Kohler outlined the impact of the pandemic.

“The underlying trading revenue of The Old Course hotel, golf resort and spa has decreased due to the impact of Covid-19,” he said.

Old Course Hotel Golf Resort & Spa. Image from Facebook

“The closure of the facility in the year led to an overall decrease in revenue of 63.4 percent.”

Headcount also fell from 455 in 2019 to 382, with a drop of 77 staff in hotel operations.

The wage bill also fell by just over £1 million from more than £6.7 million in 2019 to £5.6 million for 2020.

The hotel is currently undergoing a multi-million-pound makeover.

“The weakening pound presents a risk of increased costs to the company but could also stimulate overseas tourist numbers visiting the UK,” added Kohler.

Old Course Limited is 99.8 percent owned by Kohler Scotland, a wholly-owned subsidiary of USA-registered Kohler Co, while The R&A owns the remaining 0.2 percent of the business.

Alistair Dunsmuir
By Alistair Dunsmuir October 6, 2021 11:39
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  1. TPIL October 7, 11:31

    A lot of golf clubs will be like this with their turnover due to pandemic some clubs have increased membership as well but hopefully next year will be better for all clubs

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  2. Lawrence October 7, 10:06

    Stayed there May this year, massively underwhelmed by the experience. Staff very courteous, helpful & friendly. The room we were given was quite small and overlooked the car park, not a problem, however why not as a marketing measure, upgrade visitors if the resort if half empty?

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