The Malhotra Group has announced plans for a raft of activities across its care and leisure divisions in 2015 after unveiling a fivefold increase in pre-tax profits.
The Newcastle firm – which owns and runs divisions specialising in care, leisure and commercial property investment and development – has published its accounts for the year ending March 31 2014 which show pre-tax profits topped £8.8m on turnover of £22.1m.
Turnover had increased by 14% on the £19.3m recorded for the previous 12 months, and pre-tax profit had soared from £1.59m. Meanwhile, operating profit also grew by 33% from £3.4m to £4.5m.
Meenu Malhotra, the group’s founder and chairman, said the results were the result of strong performance across all three of the group’s main divisions, as well as a streamlining of the business following a major restructure.
The group now employs around 800 people but is embarking on a five-year growth plan which will see headcount increase to 1,000 across the leisure and care sectors.
Mr Malhotra said: “2014 has been another great year for the group with strong performances from all three of our main divisions, but particularly within care and leisure.
“At the beginning of 2014 we successfully completed and opened a new 50-bed care facility in the west end of Newcastle and development is already underway on our next new 67-bed care home at Melton Park, Gosforth.
“We have an existing land bank of six further sites throughout the region that we will be developing over the coming few years which will take our bed numbers to in excess of 1,000 in next few years.
“We also are in advanced talks to acquire additional care facilities this year which will grow our bed numbers by a further 250.”
Within the leisure division, Mr Malhotra said new planning consents have been granted for a number of new developments which the firm will unveil soon.
Plans to revamp the Grey Street Hotel in Newcastle city centre start soon and the New Northumbria Hotel in Jesmond will also be revamped, creating new bedrooms as well as new fit-outs to existing bedrooms.
He said: “We will also be rolling out our new Jesmond Gin facility to complement our existing Osborne Bar, and we have exciting new plans for the former Louis restaurant
“At The Three Mile Inn, Gosforth, we also have plans for an additional restaurant and coffee house, and this site also has planning consent for a brand new 67 bed hotel.”
The group starts the new year with a series of new senior appointments, notably the arrival of Martin Greenwood, formerly a senior banker and regional care director for RBS where he worked for over 38 years, who has joined as a board member and director of group strategy.
Ken Gray has also joined as non-executive director, bringing more than 35 years of experience with local NHS Trusts, BT, and Barnardo’s.
Sandra Carr formerly director of care with a large national company joined in 2014 as Head of Care.
Mr Malhotra added: “We fully expect that 2015 will be another great year for the group, and with many developments about to commence or already underway then we are well placed to maximise the opportunities that an improving economy will bring.”