Glendola Leisure, the bar, club and restaurant operator led by Alex Salussolia, saw profits surge in the year to 26 March 2011 after a reorganisation of the business. Pre-tax profit increased more than 150% to £1.859m (2010: £0.707m), with operating profit up by two thirds to £2.374m (2009: £1.423m) on turnover up 5.7% to £24.814m. “The group has had a very solid performance under very difficult economic circumstances,” Glendola Leisure Holdings, its holding company, said in accounts published at Companies House. “In the prior year the group completed its reorganisation of assets into similar themed companies and disposed of the company formerly known as Glendola Leisure Limited as well as assigning one lease and surrendering two others.” The company said the group has “sought to improve the balance of its property portfolio” in the period, buying the freehold of the Carlton George Hotel and Waxy O’Connor’s in Glasgow for £8.4m. Since the year end, the company acquired the lease of the Cricketers pub in Cobham, Surrey, and freeholds of two Frankenstein pubs in Glasgow and Edinburgh for £4.4m. Glendola switched financing to Barclays Bank during the year to facilitate these acquisitions, and said it is “well positioned for future opportunities”. Net debt at the end of the period was £6.238m (2010: £0.481m). Meanwhile, the salary of the highest paid director roughly halved, from £397,000 to £192,000. Staff costs were £6.455m (2010: £5.808m), based on 352 members of staff (2010: 278). No final dividend was paid in the year (2010: £1.5m).