London's Ritz crashes into USD 13.5M loss
The Ritz Club casino, owned by the billionaire twins Sir David and Sir Frederick Barclay, sank into the red as a result of “much higher gaming debts.”
Accounts filed at Companies House showed on operating loss last year of £12.1m, a figure that would have been a £2.4m profit without the sums owed by gamblers at the club on Piccadilly. Turnover fell from £67m to £38m.
An insider said the millions owed stemmed from “no more than half a dozen” individuals. The club begins chasing clients for payment after 30 days. In the past, it has taken debtors to the High Court for failure to settle up.
“The process of recovering these debts is already under way,” said Roger Marris, the chief executive. The 81-year-old Barclay twins bought the Ritz in 1995. They also own Telegraph Media Group, which last week swung to a loss of £131.3m, from a profit of £14.7m a year earlier.
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