West country hotel operator checks into administration
Mark Boughey and Matthew Wild, partners from RSM Restructuring Advisory have been appointed joint administrators of the south west-based hotel operator Richardson Hotels Ltd and Fowey Hotel Ltd, both of which form part of the Richardson Group of hotels
11 Jan 2018
The companies operate a collection of five hotels, situated along the South Devon and Cornwall coasts. They include The Grand Hotel in Torquay, The Royal Beacon Hotel in Exmouth, The Falmouth Hotel in Falmouth, The Fowey Hotel in Fowey and The Metropole Hotel in Padstow.
All have either three or four stars and are notable for their prominent seaside locations, period architecture and award-winning dining.
RSM says all five hotels will continue to trade on a business as usual basis while the administrators assess the current financial position and available options.
Mark Boughey, a restructuring advisory partner from RSM and one of the joint administrators said: ‘We appreciate that there will be a significant degree of concern and uncertainty for staff, guests and suppliers as a result of the companies entering administration. I am pleased to confirm that we will continue to trade all five hotels while we assess how best to proceed and we will endeavour to update all stakeholders as soon as we can.’
Report by Pat Sweet