Thu, 18 Jun 2020 | ADMINISTRATION
Suite Hospitality, which operates hotels in Exeter, Windsor and Belper, has entered administration after negotiations with landlords and creditors stalled. Ian Walker and Julie Palmer of Begbies Traynor Group plc have been appointed as administrators by company directors.
The company operates three hotels, the Buckerell Lodge Hotel in Exeter, the Harte and Garter Hotel in Windsor and the Makeney Hall Hotel in Belper in the Peak District. All are operated under leases. It employs 110 staff, most of whom are currently under furlough.
Exeter’s Buckerell Lodge Hotel is described as “an elegant building set within historic tree lined gardens and grounds and yet just one mile from the heart of Exeter” and "an ideal venue for a wide range of events and formal receptions, for business or for pleasure".
According to the administrators, Suite Hospitality suffered a disappointing 2019 and had been in talks with its major creditors and landlords as it sought to safeguard the future of the business. However, two of its larger landlords could not agree terms, leading to the decision to appoint administrators.
Joint administrator Ian Walker said: “We are working very hard to transfer the business to new owners and preserve as many jobs as possible at the three hotels, including Exeter’s Buckerell Lodge.” Administrators have requested that any customers who have paid deposits to Suite Hospitality for future events make contact with them.
In a statement, the company said: "Until such time that we have considered all available options for the Business, we will not be taking any further bookings across any of the Group’s Hotels in Windsor, Belper & Exeter. Any future bookings for rooms, weddings or other events are suspended until further notice."
In its accounts filed to the year ending December 30 2018, Suite Hospitality reported turnover of £7.7 million from continuing operations, with gross profit of £3.7 million and an operating loss of £105,851. Its fixed assets at the time of filing were valued at around £2.4 million, with current assets at £772,736 and creditors of £2.6 million.
View the latest distressed UK businesses here.
Scenic 6,000 (+) yard golf course with practice facilities. Well presented clubhouse with function rooms and greenkeeping complex.
FREEHOLD
Central Village Setting. Space to Seat 85 Customers. Hotels Rooms. Separate Landlord Accommodation. An amazing opportunity to purchase the lease of this very busy pub with 4 hotel rooms and 3-bedroom landlord accommodation. Offers invited.
LEASEHOLD
Established hair and beauty salon in Altrincham. Main road trading location. Comprehensive website included/ Strong social media presence. Free parking to rear. Offers invited.
|
23
|
|
Sep
|
Cartwright Group enters administration, but fleet and rental arms are sold | ADMINISTRATION
Commercial trailer manufacturer and rentals firm Cartwright ...
|
22
|
|
Sep
|
Macbryde Homes bought by managing director and finance partner | MBO/MBI
Welsh home construction firm Macbryde Homes has been sold to...
|
21
|
|
Sep
|
Aldo UK acquired out of administration by investment firm | BUSINESS SALE
The UK arm of shoe retailer Aldo has been acquired by Birmin...
Sign up to receive our acquisition alert emails to get your FREE guide
|
27
|
|
Apr
|
Lincs Lifts seeks buyer after appointing administrators | ADMINISTRATION
Scunthorpe-based powered access hire business Lincs Lifts is...
|
03
|
|
Apr
|
Benito’s Hat to continue trading despite entering administration | ADMINISTRATION
Fast-casual Mexican food chain Benito’s Hat has entere...
|
09
|
|
Oct
|
South Wales furniture maker collapses into administration | ADMINISTRATION
Thought to be one of the top furniture manufacturers in the ...
Business Sale Report is your complete solution to finding great acquisition opportunities.
Join today to receive:
All this and much more, including the latest M&A news and exclusive resources