THE owner of the luxurious Marcliffe Hotel in Aberdeen, Stewart Spence, appears to have taken a big cut in pay as the venue grappled with the challenges posed by the downturn in the key North Sea oil and gas industry.

The latest accounts for the hotel, long a favourite of Alex Salmond’s, shows the director’s emoluments bill fell to just £5,995 in the year to 30 September from £93,829 in the preceding year.

Mr Spence is the only director.

The Marcliffe lost £99,547 before tax in the latest financial year, compared with £302,825 in the preceding period.

Writing in the accounts, Mr Spence highlights how the business has been impacted by the fall-out from the slump in the oil and gas industry which set in after the crude price started tumbling in 2014.

He noted: “Room revenue decreased by 15 per cent due to a reduction in average room rates caused by the decline suffered in the oil industry. Restaurant turnover reduced by 12 per cent.”

Mr Spence underlined the challenges caused by the crude price plunge last year, when he became an outspoken critic of the huge increases in rates bills facing some firms after the Scottish Government’s latest revaluation of properties.

The entrepreneur said he would not pay the proposed 25 per cent increase in his rates as it took no account of a 40 per cent drop in his turnover following the oil price slump.

The Herald led a Great Rates Revolt to highlight opposition to the increases.

Finance secretary Derek MacKay eventually bowed to pressure and announced a £45m support package, which capped increases at 12.5 per cent this year for hotels, pubs, clubs, restaurants and cafes.

The Marcliffe grew total sales by four per cent, £189,000, in the latest year, to £4,528,591 from £4,339,409.

Spa sales were up 11 per cent while function business increased strongly.

In the director’s report, Mr Spence wrote: “The main aim for the year ahead is to maintain a similar level of corporate business and to expand in the tourism sector, concentrating on Europe and the Far East.” He signed it last month.

The Marcliffe had announced it would close in early 2015 with Stewart Milne Group set to demolish the hotel to make way for luxury flats.

Mr Spence later revealed the deal was off and the hotel would stay open, to public acclaim.