QHotels refinances, original holding company placed into administration
In a statement released by the company yesterday, QHotels revealed a new, three-year agreement had been signed with Irish Bank Resolution Corporation Limited, the firm founded by the merger of two state-owned Irish banks in 2011.
"The QHotels Group is pleased to announce that a revised three-year refinancing arrangement has been agreed with Irish Bank Resolution Corporation Limited enabling the QHotels Group to continue its successful programme of business development and investment," the statement read yesterday.
Unaffected
The deal sees the group's original holding company - QHotels Group Limited - placed into administration.
The subsidiary companies which operate the venues, and together form QHotels, now have a replacement holding company in QHotels Holdings Limited.
A spokesperson confirmed the new holding company is a 100 per cent subsidiary of QHotels Group Limited which will remain in existence and is expected to remain in administration for 'the foreseeable future'.
Michael Purtill, who founded the business as Quintessential Hotels in 2003, remains as managing director and was keen to stress the hotel operations remained unaffected.
"As part of this refinancing, QHotels Group Limited, the original group holding company, has been placed into administration and replaced for all group companies by a new holding company, QHotels Holdings Limited; all other group companies are unaffected. This change in group holding company will have no impact on staff, customers or suppliers and the QHotels business will continue as normal," the statement continued.
Following the deal, Tim Scoble, the former Guoman Hotels chief executive, has now been appointed chairman of the new holding company.
Simon Rogan
The Leeds-based company, which earlier this month scooped a number of VenueVerdict Awards for its conference facilities, had placed four of its hotels on the market last year.
The Aldwark Manor Golf & Spa Hotel in Alne, near York; Bridgewood Manor hotel in Chatham, Kent; The Stratford hotel in Stratford-upon-Avon and The Park Royal hotel, Stretton near Warrington were all put on the market with leisure property specialists Christie & Co in April.
Last month it was announced Simon Rogan would take over the running of two restaurants in the group's famous Manchester venue The Midland.
The company was originally founded by Purtill, Ian Goulding (who remains as finance director following the refinancing) and investment firm Alchemy Partners.
