The chef with no name 24 January 2020 How James Cochran lost the rights to his own name, and his triumphant comeback with Islington restaurant 12:51
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Travelodge arranges £10m overdraft

13 February 2012 by
Travelodge arranges £10m overdraft

Travelodge has been forced to arrange a £10m overdraft facility while it renegotiates its debt structure involving borrowings of £850m.

The debt - made up of £480m of bank borrowings and £370m of long-term bonds - stems back to 2006 when the budget hotel company was bought by Dubai International Capital (DIC).

While Travelodge, which currently has 496 hotels in the UK, Ireland and Spain, continues to trade well and plans to open 41 hotels this year, the debt has had some impact on the company's profitability.

Travelodge declined to comment on the company's current state of borrowing.

Travelodge to add 41 new hotels in 2012 >>

Thousands of school leavers chase Travelodge apprenticeship >>

Travelodge targets 100 openings by 2020 for new small hotel concept >>

By Janet Harmer

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