Half of Folio's head office staff made redundant

16 December 2008 by
Half of Folio's head office staff made redundant

Half of the head office staff at Folio Hotels, the hotel company that collapsed into administration earlier this month, are believed to have been made redundant, Caterersearch has learnt.

Administrators MCR are believed to have laid off half of the staff at Folio Hotels' head-office in Swindon, Wiltshire, on Friday (12 December).

Folio collapsed into administration after a sharp decline in trading.

The 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.

Folio 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.

The two families are currently in discussions with Bespoke Hotels to take over the management of the nine hotels. An announcement is expected later this 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.

Bespoke Hotels in talks to manage nine Folio hotels>>

Legacy Hotels confirms interest in Folio takeover>>

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

BaxterStorey's Linda Halliday wins Springboard outstanding contribution award>>
Ex Corus bosses take over five hotels>>

By Kerstin Kühn

E-mail your comments to Kerstin Kühn here.

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