With more than 60 hotels around Britain, Scotland’s Macdonald Hotels is one of the country’s leading players at the upper end of the market. Among its properties are the Randolph in Oxford, the Bath Spa hotel, the Aviemore Mountain Resort, and Ardoe House in Aberdeen. The company was listed on the London Stock Exchange until 2003 when founder Donald Macdonald led a £600m buyout with backing from Uberior Investments. He acted after becoming frustrated with what he felt was an undervalued share price. In the latest results since the buyout, Macdonald Hotels reported annualised sales of £173.7m in 2004, when it employed almost 5,000 people. Operating profits reached an annualised £23m, but hefty interest payments meant the firm recorded a pre-tax loss.
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