Callbridge Hotels in administration
The company that bought nine properties from Folio Hotels in January last year after the £70m-turnover group called in the administrators has itself gone into administration.
Lee Manning and Richard Hawes of Deloitte were drafted in to look after Callbridge Hotels earlier this month after the firm sank under the weight of high property lease costs.
Callbridge now owns just two of the original nine hotels it bought from Folio: the Redwood hotel and country club near Bristol and the Westfield hotel in Blaby, Leicestershire. The Redwood has 112 bedrooms, while its club has more than 3,000 members. The Westfield has 48 bedrooms.
Both properties will continue to trade under the administrators, although it is understood that they will no longer be managed by Bespoke Hotels, which was running them as part of a package of 13 ex-Folio hotels which were split between three different owners.
"The hotels continue to trade as normal while we seek interested parties to acquire the business as a going concern. The business faced high property lease costs inherited from the peak of the property market, which, coupled with the difficult economic climate and reduction in discretionary spending, has resulted in poor trading and, ultimately, the company's insolvency," Manning said.
The administrators added that from the initial interest they had received, a sale was anticipated "shortly".
Bespoke Hotels was not available to comment.
By Neil Gerrard
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