Turnberry golf resort has reported annual losses of £2.3m, marking the sixth straight year it has failed to turn a profit.
The property – part of the Trump Organisation’s international portfolio – posted record turnover of £19.66m, but depreciation and amortisation costs – as well as ongoing capital expenditure – held it back from being in the black.
Depreciation charges of £3.79m were caused by the transfer of assets classed as ‘under construction’ during Turnberry’s latest refurbishment, with £2.68m spent on fixed asset additions.
The Trump Organisation has been unable to proceed with expansion plans in the last few years – which included around 225 properties, leisure facilities and shops – but which were rejected by South Ayrshire Council.
Instead, Trump has focused on renovating Turnberry’s spa and building a new outdoor activity centre.
The Companies House filings cover the year to 31 December 2019, so do not take into account the disruption that the coronavirus pandemic has had on the resort.
They do however show that since the outgoing US president took over the historic property in 2014, losses total nearly £45m.
Turnberry’s corporate entity, Golf Recreation Scotland, owes £113.4m to its parent company, the Donald J Trump Revocable Trust, although this is down slightly from £114.9m in 2018.
The cost of sales rose from £11.5m to £12.2m over the same period, while administrative expenses were unchanged at £7.1m.