Revenue exceeds pre-pandemic levels against challenging economic backdrop
ONE of Scotland’s top hospitality businesses has reported a record-breaking year, achieved despite the significant challenges facing the industry.
Surgeons Quarter, which promotes, sells and manages all commercial activities held within The Royal College of Surgeons of Edinburgh (RCSEd) campus, has seen turnover hit £9.24 million across its portfolio, surpassing pre-pandemic
Despite revenue sitting £2 million above the venue’s best year in 2019, profit
levels are down due to economic challenges and financial increases – resulting
in the industry as a whole working harder for considerably less.
However, the financial results ending (December/2022), represent a significant
improvement and recovery for the organisation following the major impact of
the pandemic and economic crisis.
Its success was driven in part by its 129-room Ten Hill Place hotel, which
achieved an 88% occupancy rate for the year, welcoming over 69,000 guests
for overnight stays in the 12 months, with record room revenue of £4.5 million.
Scott Mitchell, Managing Director at Surgeons Quarter, said: “This is a new era
for Surgeons Quarter – and the performance showcases that we are an
ambitious and forward-looking organisation.
“Like all businesses, especially those within hospitality, we are facing
challenges across all fronts.
“This includes rising costs throughout our operations, a lack of government
support, supply challenges, staffing shortages – as well as taking into
consideration changes brought in to improve sustainability.
“These factors combined mean our organisation has to work harder to secure
profit – which in our case helps to fund life-changing surgical advancements
around the world.
“Hospitality and the tourism economy is integral to Edinburgh and Scotland’s
overall prosperity and despite the ever-changing landscape, we are delighted
to be able to celebrate a record-breaking year.”
Surgeons Quarter’s workforce grew substantially over the year, hiring over 50
new members of staff after experiencing a demand for the return of in-person
meetings and events.
The organisation also extended its portfolio, with SQ Travel, the organisation’s
dedicated travel agency, booking 1111 trips in its first year of operating with a
total value of booking of £1.1 million.
All profits generated across the Surgeons Quarter portfolio support the
charitable aims of The Royal College of Surgeons of Edinburgh, which are
education, assessment and advancement in surgery.
It offers cutting-edge hospitality across multiple venues in Edinburgh’s old
town, in an area it calls Surgeons Quarter.
Over 16 years it has welcomed more than 1.5 million delegates and event
goers, as well as hosting 850,000 guests for overnight stays.