Troubled hotel group Queens Moat Houses (QMH) has ceased trading on the London Stock Exchange following its takeover by Goldman Sachs-owned property financier Whitehall 2001.
The deal, which will see the hotel group undergo a £544m restructuring plan, has also resulted in the departure of the QMH board, including former chairman Steve Marshall. Its chief executive Stuart Metcalfe and finance director Ashley Krais remain as consultants on a short-term contract.
While the future structure and strategy of the company is decided, it will be headed by Brian Collier of Goldman Sachs, which has also added Jean de Pourtales and Edward Siskind to the QMH board.
QMH, which has more than 80 hotels in the UK, Germany and the Netherlands, was put up for sale in January. It was nearly capsized by an accounting scandal more than 10 years ago that saddled it with enormous debts.
Its £640m debt has now been reduced to £71m and Whitehall 2001 has assumed responsibility for the group's £250m mortgage debenture.