Macdonald Hotels, which runs the Randolph in Oxford, has achieved a profit of £55m in the last financial year.

The announcement follows the 128-bedroom £6.5m refurbishment at the Beaumont Street hotel after last year's devastating blaze, which occurred when a fire broke out in the ground-floor kitchen.

The group, which has 55 hotels and resorts in the UK, Ireland, Spain and Portugal, published its annual results for the year to 31 March 2016,which showed group turnover was up five per cent to £163.4m and profit after tax was up £49.1m to £55.2m.

Gordon Fraser, deputy chairman and managing director said: “We’re in the best shape ever and are quietly excited about the opportunities for further growth in the next few years.

“It’s been a tremendous combined effort by the workforce and the management team to put in such a strong, sustained performance while at the same time reducing our debts by half a billion pounds in just 13 years.

"I can’t think of many businesses in our sector which could have done that, but it’s testament to the drive and hard work of all our people.

"They should be enormously proud of what they have achieved."

Last month staff members dressed in top hats and hooped skirts to mark the hotel's 150th birthday.

Following the blaze in April last year the refurbishment at the five-star hotel included the opening of new Acanthus restaurant and Cartoon Bar.

During the year the group invested a further £13m in its properties, including the completion of a major refurbishment of the Macdonald Aviemore Highland Resort including 172 bedrooms, public areas and restaurants as well as a major bedroom refurbishment programme at the Macdonald Bath Spa Hotel, Bath.

Mr Fraser added: "We’ve agreed heads of terms for joint ventures worth more than £50m with a further £40m to follow, which will enable continued investment in our properties, our people and further debt reduction.

"Like other hotel operators, we envisage significant benefits from the Brexit vote, with the weaker pound making the Britain an extremely attractive place for overseas visitors and encouraging more UK holidaymakers to opt for ‘staycations’."