Maybourne needs £600m refinancing

14 June 2010 by
Maybourne needs £600m refinancing

Maybourne Group, the firm that owns Claridge's, the Connaught and the Berkeley in London, needs to refinance more than £600m of loans before the end of the year, according to reports.

If the company doesn't manage to secure a refinancing deal it risks falling into the hands of its bank creditors, the Bank of Ireland and Anglo Irish Bank, the Guardian reported.

Accounts posted by Maybourne's parent company Coroin showed that the business had debts of £672m due after one year.

The firm is already in talks with Deutsche Bank about a refinancing, the paper said.

The refinancing talks could also involve Barclays Bank, already a banker to Maybourne.They are thought to be focussing around how much equity shareholders could inject into the business, as that could determine whether creditors force the company into a sale of assets.

Maybourne has said that it has no plans to sell the properties, although it has already been reported that they may be sold for the right price.

The company bought its hotels, which also included the Savoy in London, for £750m in 2004. The Savoy was later sold for £230m.

Buyers queue up as Maybourne Group seeks debt deal >> ](
Anthony Lee steps down as The Connaught's GM >>

Gordon Ramsay opens revamped Pétrus just days ahead of Australian debut >>

Gordon Ramsay Holdings sets date for Pétrus opening >>

By Neil Gerrard

E-mail your comments to Neil Gerrard here.

If you have something to say on this story or anything else join the debate at Table Talk - Caterer's new networking forum. Go to jobs

Looking for a new job? Find your next job here with jobs

[Blogs on]( Catch up with more news and gossip on all Caterer's blogs
[Newsletters For the latest hospitality news, sign up for our e-mail newsletters.
TagsFinance and Hotels
The Caterer Breakfast Briefing Email

Start the working day with The Caterer’s free breakfast briefing email

Sign Up and manage your preferences below

Check mark icon
Thank you

You have successfully signed up for the Caterer Breakfast Briefing Email and will hear from us soon!

Jacobs Media Group is honoured to be the recipient of the 2020 Queen's Award for Enterprise.

The highest official awards for UK businesses since being established by royal warrant in 1965. Read more.


Ad Blocker detected

We have noticed you are using an adblocker and – although we support freedom of choice – we would like to ask you to enable ads on our site. They are an important revenue source which supports free access of our website's content, especially during the COVID-19 crisis.

trade tracker pixel tracking