Forte turns in a mixed bag
Thursday 03 August 1995
The message from the hotels division was good, but was undermined by disappointing noises from the roadside Little Chef and Welcome Break restaurants.
Good weather boosts the hotel trade, but discourages drivers from getting in the car at all or makes them press on to their destination without a tea break.
Star performer continues to be the London hotels, where the market has been extremely buoyant due to a combination of a good year for tourism and a shortage of space.
Forte's concentration on room rates rather than occupancy continues, with prices up 13 per cent and occupancy static.
Trading at the provincial hotels has been lagging but there are signs of improvement with room rates 4 per cent ahead and occupancy marginally up. The international hotels have also enjoyed a modest improvement with strong performances in the US offset by difficult trading conditions in Paris. The Meridien hotels acquired last November have turned to profit.
Forte's once strained cash position is also improving, with pounds 300m of disposals in the first half. The group yesterday announced the disposal of two hotels in Spain and two in Ireland as well as four UK pubs to Greenalls for a total of pounds 14m.
The sales follow the announcement of a pounds 165m deal to sell the Harvester chain to Bass and the pounds 145m received from the remaining shareholding in Gardner Merchant. The White Hart chain of 70 hotels should also be off Forte's books by Christmas.
BZW has left its full-year forecast unchanged at pounds 182m,putting the shares on a forward rating of nearly 14. Fully valued.
- 1 East 17 bandmember Brian Harvey in 'very desperate situation’
- 2 Is this bridge haunted by the ghost of nu rave?
- 3 Woman filmed launching racist tirade against men on the Tube for speaking in 'own lingo'
- 4 The West has it totally wrong on Lee Kuan Yew
- 5 Scientists have discovered a simple way to cook rice that dramatically cuts the calories
East 17 bandmember Brian Harvey in 'very desperate situation’
Vladimir Putin says Russia will fight for the right of Palestinians to their own state
Is this bridge haunted by the ghost of nu rave?
Woman filmed launching racist tirade against men on the Tube for speaking in 'own lingo'
Saudi Arabia says it won't rule out building nuclear weapons
Ukip supporters are 55 or older, white and socially conservative, finds British Social Attitudes Report
JK Rowling responds to fan tweeting she 'can't see' Dumbledore being gay
Jeremy Clarkson sacked live: Alan Yentob 'wouldn't rule out' ex Top Gear host's BBC return
David Cameron calls Labour 'hopeless, sneering socialists' while announcing 7-day NHS plans
The West has it totally wrong on Lee Kuan Yew
Revealed: Putin's army of pro-Kremlin bloggers
iJobs Money & Business
Negotiable: Recruitment Genius: To provide a prompt, friendly and efficient se...
Negotiable: Recruitment Genius: You will be the first point of contact for all...
£18000 - £24000 per annum + benefits: Ashdown Group: HR, Payroll & Benefits Of...
£35000 - £38000 per annum + benefits : Ashdown Group: A highly successful, int...