A WORD FROM THE CEO
Pleasingly, we achieved another year of growth against a background of considerable political upheaval leading up to and following the Brexit vote. It was a shock to many waking up to the realisation that the the voting public wanted out of Europe; markets were nervous and paused whilst the dust settled. Fortunately trade bounced back quickly with little change in relations with our European cousins, but the real outcome will only become apparent over the next few years.
Growth came in all areas of our business with the exception of bedrooms which suffered from low demand in the early part of the year, resulting in rate reduction in order to build occupancy. The arrival of Natalie, our new HR director, has improved our HR service, providing among other initiatives a paper –free, web based platform.
This modern approach to employee communications included the launch of myhomehouse.co.uk with added benefits and rewards, e-sign contracts and letters. There was also a full uniform refresh; the team are all looking super smart and, I feel, standing a little taller.
Andrew Richardson, CEO
IMPORTANT EVENTS IN 2016
- A new revenue record in the Garden was set, assisted by a good summer and improved operational efficiencies in equal measure. The Restaurant in House 19 continued to grow and the addition of a beautiful marble bar in the Garden Room added a fresh wave of interest (and usage) from our members. This was further bolstered by the enthusiasm of Fabio, our new Executive Chef, who joined us in September.
- All the bedrooms were fitted with brand new visual/audio systems as well as new telephony and we have continued to fit secondary glazing in order to guarantee our guests a peaceful night’s sleep. The year ended with a refurb of the spa, bringing new life to the steam room and sauna and a re-painting and refresh of the gym.
Home House gives us exposure to the vibrant London consumer market and the upper end/luxury category of spend, driven partly by HNWI tourism, seems to know few limits which makes it an interesting segment for investment and further exploration. The majority of revenues are derived from food and beverage sales which have provided resilient during periods of economic uncertainty.
Underpinning the business is an exposure to the long leasehold property market in London which continues to show strength due to international demand. We have a strong platform in place to continue to explore a broadening of our exposure in this sector and to gain benefit from economies of scale.