Jarvis keeps mum over takeover bid

JARVIS Hotels is refusing to comment on speculation that an international hotel chain is bidding to take over the group.

Jarvis, which has 64 hotels inthe UK, has admitted it receivedwhat it terms a "highly tentative" bid approach last week. The announcement sent sharesup by 26.5% to 158.5p the following day.

But Jarvis has refused to respond to rumours that either French group Accor or Starwood Hotels in the USA could be behind the bid.

This latest twist in the Jarvis story comes three months after it reported a 13% year-on-year rise in pre-tax profits to £19.4m for the six months to 10 October, and revealed it was in talks with two companies about forming a partnership that would spend £1b on Continental purchases (Caterer, 3 December 1998, page 8).