Whitbread aims to free up £60m on-hold funds
10 April 2002 by web
Whitbread, the hotel, restaurant and health club group, hopes to release £60m of frozen capital expenditure this summer.
The group put its capital spending on ice last October in the aftermath of the 11 September terrorist attacks. Projects put on hold included a new Marriott hotel in Leicester and the conversion of part of Whitbread's old brewery in Chiswell Street, in the City of London, into Marriott long-stay apartments.
A spokeswoman for Whitbread said it was keen to put the money back into use and would be looking at the projects put on hold over the summer in the light of the company's trading performance.
Whitbread could not say when the money would be released but added that it expected to see a return to strong trading in 2003.
