Bespoke Hotels in talks to manage nine Folio hotels

10 December 2008 by
Bespoke Hotels in talks to manage nine Folio hotels

Hotel operator Bespoke Hotels is in discussions over taking over several properties from Folio Hotels after the group's collapse into administration.

Folio called in the administrators because of a sharp decline in trading last week. The Swindon-based company, which has 36 hotels throughout the UK and a turnover of about £70m, blamed high rents and an expensive refurbishment programme for its cash flow problems.

The company had been in discussions with its landlords over a rent holiday to allow it to continue trading. However, a decision by the owner of nine hotels, the Landesberg and Rosenberg families, who also own Admiral Taverns, to pull out of negotiations prompted the move to appoint MCR.

Caterersearch understands that the two families, which are preparing to take back control of the nine hotels, are in discussions with Bespoke Hotels to take over the management. An announcement is expected early next week.

Folio was set up in 2004, by Nicholas Crawley, the former managing director of Corus Hotels, and Martyn Levitt, the former finance director of Firmdale Hotels.

Last week, Legacy Hotels and Resorts confirmed an interest in taking over hotels from Folio, with chief executive Andy Townsend saying several of the properties had "great potential".

Legacy Hotels confirms interest in Folio takeover >>

Hotel casualties won't be as high as in the 90s, say experts >>

Folio Hotels in administration >>

By Kerstin Kühn

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