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Owners of luxury Scots hotel loved by celebs like Rita Ora & Judi Dench posts annual losses of nearly £7m
THE OWNERS of a luxury Scottish hotel loved by celebs have posted losses of nearly £7million.
The Fife Arms Hotel in Braemar, Aberdeenshire, is an A-list retreat with the likes of popstar Rita Ora, acting legend Judi Dench, actor James Nesbitt and Texas frontwoman Sharleen Spiteri all paying a visit.
The plush venue has also had members of the royal family as VIP guests.
But new accounts for hospitality group Artfarm Ltd revealed that pre-tax losses soared from £3.3million in 2022 to £6.6million in 2023, the Press and Journal reports.
This comes despite an increase in turnover for the company – which also includes Ballater’s Fish Shop, Farm Shop in London’s Mayfair, and the Invercauld Mews Pub in Braemar.
Accounts show revenue increased by 12 percent to £17.3million in 2023, from £15.4million in 2022.
Artfarm chief financial officer Jonathon Cornaby said 2023 was a successful year for the group.
And it had achieved “remarkable growth” in sales year-on-year, and a rise in bookings.
Multi-millionaire art dealers Iwan and Manuela Wirth have spent a fortune transforming the Fife Arms Hotel into an A-list retreat.
Artfarm acquired the luxury hotel in 2016.
And opened it to the public in 2018 after a huge refurbishment.
The historic venue was recently named as one of the top “quaint and quirky” stays in the UK by Michelin Inspectors.
The guide describes the Victorian coaching inn as a place with “plenty of Scottish character”, with tartans, antlers and sheepkins used in the decor.
The rooms were branded “unique”, and the grand dining room “upholds tradition”.
But earlier this year, villagers in Braemar reckoned they were struggling to get any kip because of the constant racket from the hotel.
Braemar has a population of around 600 permanent residents and is thought to be Britain’s coldest village.
