Glasgow Airport hotel operator suspends shares
16.01.09
The Real Hotel Group has suspended its shares on Aim, pending clarification of the its financial position, businesstravelworld reports. The group operates more than 50 hotels including the Purple Hotels budget brand, which has properties in Birmingham, Glasgow Airport and Cambridge.
In a trading statement earlier this week, the company said that preliminary data for the first seven days of January indicates a reduction in revenue from its continuing operations (excluding discontinued business and sold hotels) of 34% compared with the equivalent period in 2007. It said this mainly resulted from a reduction in occupancy and related food sales.
In a statement it said: ‘Early indications suggest a slower than normal return to work by corporate customers after the Christmas period has impacted the above results. As a result, the group is actively considering its financial position and is in discussions with its bankers which are expected to be concluded shortly. Should these discussions not be successful, the group will be forced to consider all options open to it.’
The company had already revealed that revenue for the year to 1 January from continuing operations (excluding discounted business and sold hotels) had fallen from £68m to £63m.
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