Stakis denies plans to buy Vaux hotels
01 January 2000
Stakis wants to buy more hotels early next year but has denied reports that it is poised to make a bid for Swallow hotels, owned by Vaux.
The group is waiting to reassure the City in December with its first set of annual results since the £327m acquisition of the Metropole chain of hotels last year, before making its next move.
"We would be silly to expand until we can prove ourselves to the City," said chief executive David Michels.
Analysts are predicting that the year-end results in December will show a healthy 20% increase in pre-tax profits, to £58m, on turnover of £309m.
Michels denied that talks are under way for a takeover of the 30 Swallow hotels but has not ruled out a future bid.
