Brierley scotches sell-off reports

Brierley Investments has denied it is selling its 46% majority share in London-based hotel group Thistle.

Singapore-based Brierley said in a statement: "It is not true that the company has agreed to dispose of its 46% stake in Thistle."

But analysts think that Brierley, which for the past four years has been rumoured to be selling all or part of its share in the hotel group, may still go ahead with the disposal.

"It's one of its major assets," said one analyst. "And it can't be too happy with the performance of the share price over the last few years."

Should a sale go ahead, Brierley could get about £750m for Thistle. Hotel groups such as Millennium & Copthorne and Accor have been cited as possible buyers. But some analysts believe a £720m management buyout led by Thistle chief executive Ian Burke is more likely.

Thistle said it was unable to comment on the suggested buyout, adding that Burke was on holiday in Canada with his family.