Losses have deepened at the Groucho Club, the private members' haunt in London, after a lengthy refurbishment of bedrooms and reception rooms meant the number of overnight stays fell. Venture capital backer Graphite Capital pumped £2.2m into the business last year to improve its guest suites and dining room. Sales fell by £400,000 to £4.4m in the year to September as a result, with losses rising by £200,000 to £2.3m. In the accounts, Groucho's directors said the slide was in line with expectations and that the overhaul of the building would help cement members' loyalty in the future. Mail on Sunday, p70