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The Hotel Collection in talks to extend banking facilities

24 June 2014 by
The Hotel Collection in talks to extend banking facilities

The Hotel Collection, formerly Puma Hotels, is confident that it will have capital to meet operational expenses after its banking facilities were acquired by Lone Star Funds from Irish Bank Resolution Corporation.

According to results for the year ended 31 December 2013 by the Hotel Corporation, which holds 49.9% of Puma hotels shares, its £323m debt was bought after Puma's existing deal ran out on 30 May 2014.

Earlier this month Puma rebranded to the Hotel Collection. It said at the time that it had achieved strong revenue growth driven by resurgence in the meetings and events market.

The Hotel Corporation said that there was "uncertainty associated with the going concern of its subsidiary company [Puma Hotels]".

Though it added: "Puma is presently in discussions with Lone Star to explore other options in terms of banking facilities going forward."

The latest set of published accounts, lodged at Companies House, show that Puma Hotels achieved a net profit of £10.5m in 2012 - compared with a loss of £175m in 2011 - on a turnover of £71.6m

Puma Hotels rebrands to The Hotel Collection >>

TagsFinance and Hotels
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