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Luxury Forbury hotel falls into administration

17 March 2009 by
Luxury Forbury hotel falls into administration

Five-star Reading hotel the Forbury has called in the administrators after becoming the latest victim of the recession.

The hotel, which opened two years ago in a Grade II-listed building after a £6m renovation, was placed into the hands of administrators Baker Tilly Restructuring and Recovery last Wednesday.

Matthew Wild and Mark Wilson of Baker Tilly are the appointed administrators and are now preparing to market the hotel for sale as a going concern.

Wild said that he had already received calls from 20 different interested parties, and that he remained "hopeful" about finding a buyer for the property.

He added: "I don't have enough background information so I wouldn't want to speculate on the reason for the hotel going into administration, but since it is a freehold it is not to do with lease prices.

"We are keen to make it clear that the hotel is continuing to trade throughout the process and all staff will be retained."

Chef Daniel Galmiche was taken on to run the hotel's two restaurants Eden and Cerise in October last year, and he expressed an ambition at the time to win Reading's first Michelin star there.

More than five hotel chains forecast to face administration this year >>

Manchester's Yang Sing Oriental hotel forced into liquidation >>
Property company that houses the Ellington in administration >>
Focus Hotels plan for ten rescued hotels >>
The Real Hotel Group collapses into administration >>

Folio Hotels out of administration and under new ownership >>

By Gemma Sharkey

E-mail your comments to Gemma Sharkey here.

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