Luxury Manchester hotel owned by Gary Neville and Ryan Giggs lost £1.4m last year

The business behind a luxury Manchester city centre hotel owned by Gary Neville and Ryan Giggs has seen its losses widen despite racking up record sales during its latest financial year, it has been revealed.

The company, which runs the Stock Exchange hotel, has posted pre-tax losses of £1.4m for 2022, compared to losses of just over £1m in 2021. Newly-filed documents with Companies House also show that its turnover increased from £3.9m to £5.2m over the same period. The total is the highest since the firm started making its full accounts public.

The Norfolk Street hotel, which is based in a Grade II-listed building completed in 1906, counts Gary Neville and Ryan Giggs as its sole directors. The results come after BusinessLive reported in August that the company had issued a new lot of shares worth £3.45m.

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In July, the restaurant inside the hotel closed after just four months. Stock Market Grill had taken over from celebrity chef Tom Kerridge's Bull and Bear.

A statement signed off by the board said: "The directors have continued their policy of investing in the hotel to improve operational performance and to promote the 'Stock Exchange' brand even post the pandemic year.

"The directors feel that whatever the case, the quality of the brand and of the property they manage cannot be sacrificed. This is a strong focus on always investing and enhancing the customer experience and providing a high level of service.

"The directors appreciate that the financial year ending 31 December 2021 was not a normal year with the world still in the midst of a pandemic, even