Manchester United legends hotel lose £3 million in two years; already owes £10 million to investors: Reports
Follow Us
Ryan Giggs and Gary Neville’s hotel chain, Hotel Football, which is owned by the legendary Manchester United players, has lost £3.2 million in the last two years and owes more than £10 million in loans.
Giggs and Neville founded the company in 2011 after Giggs’ retirement from playing. The hotel, which is located next to Manchester United’s Old Trafford stadium, lost a tonne of money in 2020 and 2021 as a result of the Covid pandemic, according to the company’s annual reports, which were filed this week.
The National Museum of Football’s restaurant was removed by the company in order to save money, according to the documents, which were first reported on by the Daily Star. According to financial records, the business’s parent firm, Old Trafford Supporters Club Ltd., suffered losses of £1,148,879 in 2021 and £2,042,812 the year before due to the pandemic.
Despite being unable to operate during the Covid epidemic, the company kept paying its employees and provided the building free of charge to the NHS. Neville, a co-director with Giggs, stated in remarks related to the numbers that business had not been “normal” because of lockdown limitations that had “damaged the financial figures” throughout the pandemic.
What Manchester United legend Gary Neville had to say about the losses suffered by his hotel chain?
Neville also made reference to the fact that the company was still dealing with problems left over from the pandemic, with quickly growing inflation prices. But he also said: “The directors have continued their policy of investing in the hotel to improve operational performance and to promote the Hotel Football brand even post the pandemic year.”
Neville emphasized that the results for 2022 were “extremely optimistic” as life resumed its usual course. He then revealed that the parent company, Orchid Leisure Ltd, had given the hotel industry a loan of £10.2 million to assist it survive. “Based on the above the directors are confident that the company will have sufficient funds to meet its liabilities as they fall due for at least the next 12 months,’’ he added.
Also Read: Jordi Alba names Real Madrid legend with whom he’d like to play at Barcelona
Stay Updated!
Sujeeth Shetty
(766 Articles Published)