Yesterday (20 August) marked the first earnings call led by interim CEO Ray Reidy, who is also retaining his responsibilities as Travelodge’s CFO. The management change follows Jo Boydell’s resignation, after months of scrutiny over the group’s handling of a 2022 sexual assault at its Maidenhead hotel, as well as criticism of Travelodge’s subsequent response and reports of further security failures.
While management did not comment on the ongoing independent room security review led by Paul Greaney KC, it noted that forward bookings had not seen any meaningful impact following the recent adverse publicity surrounding hotel security incidents
Despite the unexpected management change, the group’s bonds moved up by an average of three points prior to the announcement.
Source: 9fin
Cost inflation caps EBITDA growth
Reidy said “the business will not miss a beat” following the leadership change, with Travelodge delivering a solid H1 performance. Revenue increased 4.2% YoY to £491.3m, while adjusted EBITDA was broadly flat, rising 0.5% YoY to £39.9m.
Revenue growth was supported by broadly stable UK performance, alongside stronger contributions from Spain, F&B and hotels opened during 2025 as they continued to mature and ramp occupancy and sales.
UK LFL RevPAR was broadly flat, as higher...
