Gary Neville's hotel posts enormous loss but Man Utd legend insists he sees signs of growth
Hotel Football lost £600,000 in the last financial year despite record turnover with Gary Neville pointing to fewer Man Utd games in 2024 as cause for concern
Gary Neville's Hotel Football lost another £600,000 in the most recent financial year despite the company posting a record turnover.
The hotel, which sits directly across the road from Old Trafford and opened to the public in 2015, saw a boost in income from rooms and food.
But the former Manchester United star turned Sky Sports pundit blamed a rise in interest rates for the latest loss after the company was in the red for a similar amount 12 months previous.
Neville, who co-owns the venture with former United team-mate Ryan Giggs, said: "During this financial year the company achieved a 21.0% growth in revenues over 2022 with a total revenue of £7.83 million.
"This in turn resulted in an operating profit which was 2.4 times greater than the previous year, achieved as a result of the efforts made to convert the additional revenue more efficiently.
"Unfortunately during the year, the rise in bank interest rates. meant that interest on the debt held by the company increased by £385,000 year on year, representing an increase of just under 48%. Despite this, after charging for depreciation, the overall net loss was still 5% lower than the previous year."
In a strategic report, Neville added that the aim is to "sustain future growth" but pointed to United playing "considerably" fewer home games in 2024 as an issue.
"The business is continuing to invest in its people and the hotel in order to sustain future growth," he said.
“2024 has started off positively for the hotel and, despite the considerably lower number of Manchester United home games, which has an impact on the hotel’s revenues, conversion to profit remains healthy and the hotel expects another good year overall.”
Neville and Giggs are also owners of the Stock Exchange hotel in central Manchester.
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