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Malmaison and Hotel du Vin's owner – MWB Group – falls into administration

16 November 2012 by
Malmaison and Hotel du Vin's owner – MWB Group – falls into administration

The share suspension related to an outstanding loan of £8m - now repayable - which the group owes to its subsidiary service office company MWB Business Exchange.

Meanwhile MWB Business Exchange also owes its parent company £4.8m in contractual payments, which were due to be paid between September this year and February 2013. It had been proposed that the remaining monthly payments were offset against the inter-company loan.

However the MWB Group had relied on the regular payments from MWB Exchange to meet its liabilities.

Following a failure to resolve the issue, the group has announced today that it has appointed two insolvency practitioners at Deloitte as joint administrator.

A statement from the company said: "Consequently, and in the absence of any other available facilities to the company from its existing lenders or elsewhere, the company is, or will shortly be, unable to meet its liabilities as they fall due and the board of the company has therefore concluded that, in such circumstances, the appointment of administrators is the most appropriate course of action."

It went on to state that the administration only relates to the MWB Group and not the two hotel brands, Malmaison and Hotel du Vin, confirming that they will continue to trade normally.

However, the formal sale process of the 12 Malmaison and 15 Hotel du Vin properties is now likely to begin in earnest.

Future of MWB Group uncertain as shares suspended >>

MWB Business Exchange appoints new corporate finance director >>

Malmaison and Hotel du Vin not impacted by MWB's share suspension, says chief exec >>

By Janet Harmer

E-mail your comments to Janet Harmer here.

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