A Highland hospitality and estates firm owned by Scotland’s richest man has posted another multi-million-pound loss.
Wildland Limited – which operates Lundies House hotel in Tongue and luxury self-catering properties – is owned by Danish billionaire Anders Holch Povlsen.
Mr Povlsen, who made his fortune with fashion business Asos, is Scotland’s largest landowner, with more than 220,000 acres across 13 estates.
He owns estates in the Cairngorms, Sutherland and Lochaber.
With a net worth estimated at £8.5 billion in the most recent Sunday Times Rich List, the latest Wildland loss won’t make much of a dent.
The new accounts for, for the year ending July 31 2023, show pre-tax losses of £9.3 million, following a £6.8m deficit in 2022.
Cost of running estates remains ‘significant overhead’
The company’s turnover dropped to around £2.9m, compared to more than £4.2m the year before.
In the newest accounts signed off by Mr Povlsen, the strategic report states the cost of running and maintaining the estates remain a “significant” overhead.
However, Wildland Limited remains committed to its development plans and 200-year vision to conserve land in the Scottish Highlands.
Mr Povlsen said: “The group increased gross revenues (including operating grant income) by 6% but our net margin overall remained negative.
“Woodland, farming and property once again made positive contributions to margin, whilst our serviced hospitality business tipped back into loss.”
The report states rising costs and lower occupancy “pinned back” its hospitality performance.
What does Wildland Limited own in the Highlands?
The company owns Killiehuntly Farmhouse in Cairngorms National Park, as well as five self-catering buildings.
In Sutherland, Wildland Limited has five self-catering properties – including Lundies House and Foulain Cottage.
Meanwhile, investment in marketing platforms and events for the relaunch of Aldourie Castle, after four years of refurbishment and development, were absorbed.
Mr Povlsen added: “Capital investment into the development of Hope Lodge is ongoing and the company continues to invest strongly in its natural and built property portfolios.”
The firm has marked inflation, low economic growth and high energy costs as challenges which remain going forward.
Tangible asset value rises
The company’s tangible assets increased in value by £36m to more than £233m.
Mr Povlsen’s report said the rise comes as it continues its “policy of investment into developing its hospitality business”.
This was despite having taken impairment charges on its investment in Incharvie Group and North Coast 500 Limited.
Staff costs rose to more than £2.6m from under £2.4m the year before, with the number of employees increasing to 86 from 74.
Mr Povlsen ranked as the richest person in Scotland in the latest published edition of the Sunday Times Rich List.
Wildland Limited has been asked to comment.
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