Wed, 26 Aug 2020 | BUSINESS NEWS
Liverpool-based hotel firm Signature Living has said it has secured a deal to “protect all areas of [its] business and investors” and is looking to open four new hotels, creating 500 jobs. The company, owned by Lawrence Kenwright, saw multiple parts of its business fall into administration during the coronavirus crisis.
However, it has now announced a deal with investors to refinance parent company Signature Living Hotel Ltd. In a statement, the company said: "We have decided to align ourselves with a group of our investors by creating two new companies which will house a range of assets along with our trading businesses.”
"These new companies will also be exploring funding options to buy back those assets which have been placed into administration. Put simply, this new structure will see Signature Living continue to grow, continue to deliver wonderfully unique experiences for its customers, continue to create new jobs and deliver new hotels and developments."
By mid-May, six Signature Living hotels had entered administration. However, the company reopened at the beginning of July and has now reported that it has “successfully traded through” its challenges, achieving 90 per cent occupancy levels.
In a statement, the company said it would seek to refinance Signature Living Hotels Ltd by turning some investor debt into long-term loans. Signature Living’s new companies will each have its own chairperson, appointed by investors, with Lawrence Kenwright acting as CEO.
The company says it has continued with several developments throughout the COVID-19 pandemic and hopes to open four hotels within the next six months. The company statement said: "Our aim is to trade all assets until normal profitability returns - and with it normal valuations- ensuring all investors realise a positive outcome from their investment, as Signature Living carries on with its expansion."
Signature Living Hotel Ltd.’s accounts at Companies House are overdue for this year. In its most recent available accounts, to the year ended March 31 2018, the company reported turnover of £20.6 million, up from £14 million the year before, with gross profit of £14.7 million, up from £10.7 million a year earlier. It reported post-tax profits of £674,380, following post-tax losses of £5.7 million the previous year.
At the time, the company’s fixed assets were valued at £67.4 million, with current assets of £51.1 million. Its total assets less liabilities were £31.4 million, with net assets standing at £25.3 million.
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