A LAKE DISTRICT hotel has revealed a profit rise of £1.7 million following a reduced impact on the business as a result of covid-19.  

Armathwaite Hall Hotel in Bassenthwaite, owned by the Graves family, financial record's indicate that the company recorded a £1,825,401 profit for the year 2022, up from £422,963 in 2021. 

It's pre-tax profit stood at £2,251,034 compared to £523,479 in 2021. 

A statement, signed off by the board on the companies strategic report, said: "The company was closed at the start of the year, due to the third national lockdown, which was introduced on January, 6 2021. The hotel reopened to the public on 17 May, 2021. 

"The reduced impact of covid-19 meant that the company has performed better than the previous year, as last year there was a total period of seven months with no activity. 

"The directors seek to maintain the hotel to a very high standard, placing it in the luxury end of the market. Costs and repairs have increased this year by £324k to £550k. 

"The company remains in a strong financial position with net assets of £12.1m which is an increase of 17.4 per cent on 2021. 

"The company is continually assessing its market position and the directors actively seek ways to grow the business and take advantage of business opportunities as they arise," they said. 

In terms of grants, the company received £58,705 from the Coronavirus Job Retention Scheme and another £50,667 from other government grants. 
The business' hospitality turnover increased from £1,931,996 in 2021, to £5,054,337 in 2022. 

Similarly, the spa business increased from £187,163 to £814,449 in the same period. 

The wildlife park's income also rose from £678,769 to £1,186,992 in 2022. 

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