The figure is a significant increase from the £6.6m loss recorded in the previous year.

The widening losses came despite a record turnover for the UK arm of the Swiss-owned Artfarm Group, which posted revenues of £20.2m, up from £17.3m in 2023. Staff numbers across the group also grew from 389 to 479.

A director, Jonathan Cornaby, described 2024 as a “successful year in the evolution of Artfarm” and said the company was satisfied with its performance. He attributed the losses to the firm being in a “development phase”, highlighting growth at the Fife Arms, Ballater’s Fish Shop, and the Invercauld Mews pub, alongside new initiatives in London and Somerset.

The Fife Arms Hotel itself remains the “jewel in the Artfarm crown”. Its occupancy rose from 73% to 76%, and it generated an operating profit of £2m before interest, taxes, and other costs – a 16% increase on the previous year. The hotel also achieved significant recognition, winning two prestigious Michelin keys in the guide’s inaugural awards and being named the No. 1 Hotel in the Condé Nast Traveller UK Readers’ Choice Awards.

The group continues to invest locally, supporting Scottish suppliers, constructing a tennis court in Braemar, and purchasing the Braemar Kirk to expand its hospitality offerings.

Artfarm Ltd is a London-based subsidiary of Artfarm Group Limited, ultimately controlled by Iwan and Manuela Wirth through the Swiss parent company, Elidalbo AG.