Legal costs plunged Macdonald Hotels into the red before being hit with bill from High Court battle: Legal costs plunged Macdonald Hotels into the red before it was ordered to pay a huge legal bill after losing a case to the Bank of Scotland. The company, which operates 30 hotels and nine resorts across the UK and Spain, sued the Scottish subsidiary of Lloyd Bank after claiming it was “seriously wronged” by the lender, which resulted in it losing out on millions of pounds. Chairman and founder Donald Macdonald issued legal proceedings against the bank in May 2023, alleging the group was forced to sell several hotels at below-market rates following pressure to reduce its borrowings. The case focused on the sale of The Randolph Hotel, The Old England Hotel, The Marine Hotel and Botley Park – with claims that the company suffered losses of between £101.9m and £118.5m plus interest. The bank’s lawyers stated that it “did not act in breach of duty”, and after Macdonald Hotels lost the case at the start of 2025, it was ordered to pay £11.6m. New accounts filed with Companies House have now revealed how Macdonald Hotels’ finances were heavily impacted by the cost of the case. The company said its results for the year to 26 September 2024 were “skewed significantly” because of the legal costs, which totalled £22,915,000 in the 12-month period and contributed to a pre-tax loss of £18,958,000 for the year. Macdonald Hotels had posted a pre-tax profit of £1,113,000 for the prior year, and without the exceptional item, would have posted a profit of £3,957,000 in 2024. In the same period, the company’s turnover fell from £128,880,000 to £127,229,000, which it said was mainly due to the sale of Ansty Hall in February 2023. The group secured a £17m loan in February to help support its case position following the High Court ruling. This was repaid in full last month following the sale of Macdonald Elmers Court Hotel & Resort for £22m, which raised a profit of £18.5m. Director Hugh Gilles said: “The cash position is skewed significantly by the non-recurring exceptional legal costs. Despite this, the group remains in a strong cash position and is focused on developing and refurbishing assets from autumn 2025 onwards. With sales and profitability improving and profit and cash generation projections for the year to September 2026 remaining strong, the directors have prepared the financial statements on a going concern basis.” No dividends were paid (2023: nil). 

HOP confirms King’s Cross site, plans four further four sites by end of 2026: Vietnamese street food concept HOP has confirmed it will open a site in London’s King’s Cross next month (Monday, 24 November), and said it plans to open a further four sites by the end of 2026. The new site, at 296 Pentonville Road, will bring the brand’s estate to six sites, comprising four in the capital and two in Manchester. The King’s Cross restaurant will occupy 3,000 square feet and offer 52 covers across the ground floor and basement. The venue will also include the unveiling of a new identity for the brand. A company spokesman said: “Contemporary yet true to its roots, the new look and feel has been designed to propel the brand forwards and support its rapid growth, while remaining anchored in the ethos of the brand and its deep-rooted connection to Vietnamese culture.” Guests will also have the choice to order via a kiosk or by scanning a QR code at their table. The business said it plans to open a further four sites by the end of 2026, cementing its position as “an exciting, nourishing, fast service Vietnamese brand”. Propel revealed last week that the business is lining up an opening at The Fitzrovia – an 86,000 square-foot mixed-use scheme at 247 Tottenham Court Road. Paul Hopper, founder of HOP, said: “I’m incredibly excited to be opening in King’s Cross, continuing HOP’s mission to share the freshness, vibrancy and natural goodness of Vietnamese cuisine with the UK. HOP was born from my passion for Vietnam and its food culture, and that remains at the heart of everything we do, delivering meals that are authentic, nourishing and fast. As we grow across the UK, my goal is to keep that spirit alive while making HOP a lasting part of the high street.”

Nimax Theatres reports highest ever profit as it celebrates 20th anniversary: Nimax Theatres – owners and operators of West End venues including the Palace, Lyric, Apollo, Garrick, Vaudeville and Duchess – has reported its highest ever profit as it celebrates its 20th anniversary. The company, founded in 2005 when it acquired four West End venues from Andrew Lloyd Webber’s Really Useful Group, reported a record pre-tax profit of £10,079,076 for the year to 29 September 2024, up from £7,534,970 in 2023. Its turnover also grew from £32,842,048 in 2023 to £35,508,172. Average monthly employee numbers rose from 457 in 2023 to 468. Dividends of £1,650,000 were paid (2023: nil). Director Lounica Burns said: “Weekly trading results were consistently strong throughout much of the year. Much of the strong performance for the year was due to the continuation of long running shows. Three of the theatres had productions which played for the whole of the year: the long running shows The Play That Goes Wrong and Harry Potter and the Cursed Child played at the Duchess and Palace theatres respectively and SIX completed its third year at the Vaudeville. It was also a successful year for the other theatres. The Apollo hosted The Time Traveller’s Wife, Mind Mangler and the very successful Fawlty Towers, which has extended its run and continues to attract audiences and play to full houses. The Garrick saw Hamnet and a second outing of For Black Boys Who Considered Suicide When The Hue Gets Too Heavy, which played at the Apollo theatre in the previous year. This was followed by Boys From The Blackstuff and Why Am I so Single? At the Lyric, Peter Pan Goes Wrong was succeeded by the much-anticipated show Hadestown, which received very strong levels of advance ticket sales by the time it opened and continues to play in the new financial year. Additional concert and family programmes further helped to utilise capacity at the theatres. The company continued to invest in its theatres and, despite a full programme of shows playing at all the venues, managed to deliver a programme of maintenance and replacement during the year. Good overall demand for the Nimax shows has helped to underpin strong levels of advance bookings and cash reserves during the year.”