A hotel owned by Manchester United legends Gary Neville and Ryan Giggs has recorded huge losses.
Newly-filed documents with Companies House revealed that the Stock Exchange hotel in Manchester city centre has posted falling sales and increased losses. But the hotel’s board claimed that the results were ‘very encouraging’ and ‘extremely strong’ in comparison to other hotels.
City AM reported that the documents showed that the hotel fell to a pre-tax loss of £2.5m for 2023, after having also lost £1.8m in the year before.
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Its turnover also fell from £5.1m to £3.9m over the same period. The accounts for the hotel’s latest financial year are now due to be filed by the end of September 2025.
The newly revealed accounts came after Madonna booked the entire hotel out, while she was using the AO Arena as a base for rehearsals for her world tour. Tom Kerridge’s Bull & Bear restaurant had opened at the hotel in 2023, but closed in July 2023 that year after only four months.
A statement signed off by the board said: “2023 was the first fully operational financial year since the end of the Covid pandemic.
“The team within the hotel continued to implement the various strategies to ensure growth in room revenue by maintaining strong growth in room rates while maintaining occupancy levels. When compared to the competitive set in the Manchester hotel market the results for the property are extremely strong and very encouraging with the property performing 50 per cent above similar hotels in the market.
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“The strategy around the sale of hotel rooms will continue… with similar results expected. The challenge within the property has been to find the right team to head up the food and beverage offering within the main restaurant.
“The challenge surrounding this matter impacted the financial results negatively during 2023. However, the directors felt that the time taken to ensure the right solution is found that matches their quality aspirations for the building was the right decision.
“Indeed, in 2024 the restaurant has re-opened with a new team in place. The directors expect the operational performance to improve throughout 2024 as a result of this change.
“Furthermore, 2025 will be the first full year with the new food and beverage operation in place with a positive impact expected on the financials of the business.” The latest accounts for Stock Exchange Hotel come after City AM reported in October 2024 that Hotel Football, which is also co-owned by Gary Neville and Ryan Giggs, remains in the red despite achieving a record year.
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The hotel, which is located in the shadow of Manchester United’s Old Trafford stadium, posted a pre-tax loss of £601,030 for 2023 after also making a loss of £630,158 in 2022. The loss comes despite Hotel Football’s turnover rising from £6.4m to £7.8m in the year, according to accounts filed with Companies House.
A month later, City AM also reported that the company behind a Michelin-starred restaurant backed by Gary Neville owed almost £1m as it entered liquidation.
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