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De Vere withdraws from Premier race

02 June 2004
De Vere withdraws from Premier race

De Vere group has pulled out of the bidding for Premier Lodge, saying the budget hotel chain was too expensive.

The company announced today that it was "no longer a participant in the auction process."

De Vere had submitted a bid in tandem with venture capital firm Sun Capital Partners.

The hotel group added: "The board has always been clear that involvement in an acquisition of Premier Lodge would take place only if it met strict financial criteria."

Chief executive Carl Lever said: "Our involvement in the auction process for Premier Lodge signifies the ambition
of the company, whilst our determination not to overpay demonstrates our financial discipline."

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