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MWB lines up Deloitte to aid in refinancing talks

15 November 2012 by
MWB lines up Deloitte to aid in refinancing talks

Hotel group MWB, which owns the Malmaison and Hotel du Vin chains, is thought to have lined up accountancy firm Deloitte to aid it in a potential refinancing or step in as administrator if talks fail.

Earlier this month, MWB suspended its shares from the London Stock Exchange.

The move was due to an outstanding loan of £8m - now repayable - which MWB owes to its own subsidiary company, MWB Business Exchange, the service office company.

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 has been proposed that the remaining monthly payments are offset against the inter-company loan.

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

The publication of the company's annual results have now been delayed.

Deloitte declined to comment when contacted by Caterer and Hotelkeeper. No one from MWB was immediately available for comment.

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