Manchester Airport hotel operator fails
03.12.08
A hotel group that operates the Etrop Grange near Manchester Airport has gone into administration. Formed in 2005, Folio Hotels is a privately-owned operator of 36 UK sites which employs 2,000 people nationwide and has a turnover of £70 million.
Administrators at restructuring and insolvency firm MCR are reviewing Folio’s financial position with a view to selling its business and assets as a going concern. MCR partner Paul Clark said: ‘Consumers discretionary spending is being reduced and inevitably the leisure sector is being impacted.'
'The Folio Hotels Group has been in the middle of an expensive and comprehensive refurbishment project and has also suffered from rentals that were fixed at the height of the market. Together with the current economic climate, this has exacerbated cash flow demands.'
‘However, all the hotels in the group will continue to trade while a buyer is sought as a going concern. We are confident that there will be significant interest.’
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