Old Course, which operates the Old Course Hotel in St Andrews, has issued its annual results for last year. The 2020 results show the impact of the pandemic with revenues falling by 63.4% in 2020 – down by more than £14 million, from £22.7m to £8.3m.
Old Course Limited, which also has the Duke’s Golf Course, made a pre-tax loss of £7.1m in 2020, compared to a profit if £233k in 2019.
A spokesperson for the hotel said: “Our 2020 accounts reflect a difficult year through a global pandemic and where we have made a considerable investment into expanding and improving the hotel.”
In his strategic report, director Herbert Kohler outlined the impact of the pandemic. He said: “The underlying trading revenue of the Old Course Hotel, golf resort and spa has decreased due to the impact of Covid-19.”
He added that the closure of the facility in the year due to the pandemic led to an overall decrease in revenue.
The hotel, which will lost the 150th Open next summer, is currently undergoing a multi-million-pound revamp which includes the introduction of a penthouse and new guest rooms. An additional restaurant and bar will also be built, as well as refurbished events spaces.