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YHA puts properties up for sale

02 February 2006
YHA puts properties up for sale

Thirty-two properties are to be sold off by the Youth Hostel Association (YHA) in a bid to slash its £34m debt.

In a statement the YHA revealed it would dispose of 32 of its 227 properties across England and Wales.

It follows a 12-month review by the charity's Board of Trustees.

Profits from the disposals will be offset against the YHA's debt, which accrues around £1m per year in interest.

The charity has blamed a change in travelling trends for its problems.

Chief executive Roger Clarke said: "Changing tastes and markets have left us with too many under-used properties in less popular locations."

Seventy jobs will also be lost as a result of the cuts.

The YHA said part of the money raised from the sale would be used to fund an £18m investment programme in its existing hostel network to refocus its efforts on attracting young people.

Chris Boulton, YHA chairman, said: "We want to provide low-cost accommodation so that young people can discover England and Wales, and we can only do this by providing great hostels in great locations."

YHA is living in the past as the debts pile up >>

Debt-ridden YHA set to sell hostels >>
By Jen Crothers

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