Principal Hayley will not be affected by AAIM administration

The administration of property investment firm AAIM will not affect Principal Hayley Group, the hotel and conference operator has insisted.

AAIM, which is backed by celebrities including Sir Alex Ferguson, Simon Cowell and Sir David Frost and owns a number of pubs and hotels, went into administration last week.

The move cast some doubts over the future of Principal Hayley as it sold six of its hotels to AAIM via a £265m sale and leaseback two years ago.

But the hotel group has issued a statement saying that the agreement is “totally unaffected” as AAIM Lagonda, the fund it sold the hotels to, does not form part of the administration

“Principal Hayley continues to operate a successful portfolio of hotels and conference venues and is actively looking to add to its 21 strong portfolio with support from its shareholders,” the statement said.

“During 2008, the group has invested a total capital of £30m in its existing assets and successfully opened its first European properties in Paris and Barcelona.”

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By Daniel Thomas

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