New financial arrangement for QHotels as holding company goes into administration
The 21-strong QHotels Group has agreed a new banking facility, which involves the original holding company being placed into administration.
The revised, three-year refinancing arrangement with the Irish Bank Resolution Corporation (IBRC) will see QHotels Group Ltd placed into administration and replaced by a new holding company, QHotels Holdings Ltd.
"Capital investment in the company will also continue as before," Purtill added.
Purtill will continue to head the company, together with finance director Ian Goulding. Meanwhile, Tim Scoble, a qualified chartered account, who last year stepped down as chief executive of Guoman Hotels Management, the parent company of the Guoman and Thistle hotel brands, has been appointed chairman of QHotels Holdings.
Four QHotels were placed on the market last year, ahead of the refinancing of the group. One - the 100-bedroom Bridgewood Manor hotel in Chatham, Kent - is currently under offer, while lack of available bank debt is making it difficult to sell the others.
QHotels (initially named Quintessential Hotels) was founded in 2003 by Purtill and Goulding, backed by private equity company Alchemy Partners.
The Caterer Interview - Michael Purtill >>Q Hotels to sell four properties as it plans financial restructure >>Banker from Asia replaces Tim Scoble as chief executive of Guoman >>
By Janet Harmer
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