Search
The Caterer

New financial arrangement for QHotels as holding company goes into administration

16 January 2013 by
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

E-mail your comments to Janet Harmer here.

Tabletalk
Tabletalk
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 www.catererandhotelkeeper.com/tabletalk

Catererandhotelkeeper.com jobs

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

Blogs on Catererandhotelkeeper.com ](http://www.catererandhotelkeeper.com/blogs) Catch up with more news and gossip on all Caterer's blogs
[E-Newsletters](http://www.catererandhotelkeeper.com/email-newsletters.htm)[ For the latest hospitality news, sign up for our E-newsletters
Â
The Caterer Breakfast Briefing Email

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

Sign Up and manage your preferences below

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.