English four-star hotel group Marston Hotels has been taken in-house by its major shareholders.
John Marston, his immediate family and the hotel group's management, who between them owned 55% of the company's shares, have secured a deal with Barclays Bank which has allowed them to buy back the remaining 45% of shares. The £30m refinancing and share buy-back package means the Marston family and the hotel management are now sole owners of the 12-strong hotel group.
Marston's managing director Chris Scragg said: "Some shareholders wanted to sell the company, and rather than everyone get off the train, we let them off and we're carrying on."
He said the company would continue to be run in the same way. "Under the terms of the deal we have £17m for specific refurbishment and expansion schemes. We'll deal with other opportunities as and when they come along," he added.
"We already have a new hotel opening in Nottingham in January next year and are looking into other opportunities in the South-east and the M4 corridor."
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