Legacy Eyes Collapsed Folio Hotels
LONDON, UK, 4 December, 2008. Legacy Hotels and Resorts has expressed an interest in acquiring several properties from Folio Hotels, which went into administration following a sharp slump into its business.
UK-based Folio Hotels, which operated 36 hotels across the UK, blamed high rents and an expensive refurbishment programme for its difficulties.
The administrators MCR are looking to sell the business as a going concern.
The group employs 2,000 people and had a turnover of lb70m. Its establishments include the Redwood Hotel and Country Club in Bristol and The Madison in Swindon.
Paul Clark, from MCR, said: "The Folio Hotels Group has been in the middle of an expensive and comprehensive refurbishment project and has also suffered from rentals that were fixed at the height of the market.
"Together with the current economic climate, this has exacerbated cash flow demands. However all the hotels in the group will continue to trade whilst a buyer is sought as a going concern. We are confident that there will be a significant amount of interest."
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