The Ipswich-based company, Elizabeth Hotels, has been placed in administration, and a buyer is being sort for the business.
Also operating under the name of Cavendish Hotels and Elizabeth Estates, the company operates 14 mid-market hotels and inns and 13 pubs, mainly based throughout East Anglia and Essex, and employs 462 staff. Eleven of the hotels are operated by the company, while the pubs and remaining hotels are leased out to third parties.
"The company's financial liabilities made it impossible to continue running the businesses as they stood," said joint administrator Allan Graham of KPMG. "We will continue to trade the business in the short term whilst a buyer is sought for the hotels and pubs, individually or as a group."
The administrators said that they are aware that a number of customer deposits have been paid for events due to be held at the hotels over Christmas and the New Year. These are currently being reviewed and it is hope they can be honoured.
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By Janet Harmer
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