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

QMH leaves stock exchange as new owner takes over

27 October 2004
QMH leaves stock exchange as new owner takes over

Queens Moat Houses (QMH) yesterday ceased trading on the London stock exchange as new owner Whitehall 2001 officially took control of the troubled hotel group.

Whitehall's £544m restructuring package was approved today by court order, following the acceptance of the scheme a week ago by shareholders, who will receive 1p a share under the deal.

QMH was nearly capsized by an accounting scandal more than 10 years ago that saddled it with enormous debts.

The company, which has more than 80 properties in the UK, Germany and the Netherlands, was put up for sale in January following a review of its business by investment bank Morgan Stanley.

QMH's £640m debt has been reduced following the payment of junior term debt and the conversion of junior convertible debt at a rate of 1p per share. Whitehall has assumed responsibility for the hotel group's £250m mortgage debenture.

Property financier Whitehall is owned by investment bank Goldman Sachs, which owns and operates Holiday Inns across Europe with partner Westmont Hospitality.

by Angela Frewin

Buy this week's Caterer magazine for more industry news and analysis

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.

close

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