A luxury hotel and golf resort in Cheshire is aiming to consolidate its recent growth and improve its offering with the help of a five-year bank finance package as it revealed that turnover rose by a tenth to almost £10m.
The business also reported a significant narrowing of losses to less than £1m.
Mere Golf and Country Club Ltd, which runs the Mere Golf Resort and Spa near Knutsford, has posted a turnover of £9.9m for the 2014 calendar year, up by 9 per cent on a year earlier. Pre-tax losses narrowed by 44 per cent to £968,498 over the same period.
The company, which banks with the Royal Bank of Scotland, also recorded that its net working capital improved during the year with a net current liabilities position of £1.3m at the end of 2014 as opposed to £1.6m in the prior year.
In their strategic report accompanying the accounts, the directors said they were "once again delighted with the trading performance in the year".
They added: "The directors are proud to announce that in February 2015, a new five-year finance package was signed with its bankers, a full six months ahead of schedule. This package now allows the company to focus on consolidating its recent growth and to continue to improve its already excellent service and offerings."
Finance director Ian O'Toole told Insider: "Our business growth strategies and vision has been realised with robust planning and a strong management team delivering EBITDA growth of 57.9 per cent from £1.2m to £1.9m and a turnover growth of 9.2 per cent from £9.1m to £9.9m, both of which were in line with our expectations."
The Mere Golf Resort and Spa comprises a four-star hotel with 81 bedrooms, an 18-hole championship golf course, a spa and health club, and extensive conference and banqueting facilities. It also contains three restaurants, including Browns which has won two AA rosettes.