The Spires posts positive results in recession

Aberdeen-based serviced suite operator, The Spires has brought some positive financial news into the recession hit accommodation sector by posting a strong performance for the 2008-09 financial year.

Currently operating in Aberdeen, Glasgow and Birmingham, the company says it remains eager for UK expansion, but admits that progress on this has been slowed by the current financial situation.

In the financial year to March this year, The Spires achieved a pre-tax profit of £568,000 on a turnover of £2.61 million.

“The results for 2008-09 are very encouraging, particularly as the second half of the financial year was clearly affected by the recession,” says Margaret Beattie, Managing Director of The Spires. “However, we ended up with figures that exceeded our expectations.

Margaret Beattie
Margaret Beattie: still eager for UK expansion

“Turnover was up by a small margin but, much more significantly, profit was 42% ahead of budget,” she continues. “This puts us in a strong position for what is proving to be a tough financial year in 2009-10.”

The Spires say that customers, both business and leisure, are currently looking for the best value-for-money. That, they say, plays into their hands. Rather than booking up-market hotels, the company says, customers are looking for more accommodation and space, without the additional expenses of hotel services.

They add that sharing (such as business colleagues sharing a two-bedroom suite, or one suite for a of up to six people), brings the cost per person right down, while enjoying enjoying the facilities fully-fitted dining kitchen, living room and one or two bedrooms and bathrooms.

Taking this idea a stage further, the Spires recently launched its new Directors Suites at all three locations. In addition to the usual living room, kitchen, bathroom and bedroom, the Directors Suites have a separate room equipped as an office.

The Spires started in Aberdeen in 1995 with the opening of The Spires in Great Western Road, Aberdeen. The Spires Glasgow in Bothwell Street opened in 2003 and The Spires Birmingham, beside the Mailbox development in the centre of the City, in 2007.
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