QHotels, the 21-strong hotel group, has agreed a new banking facility with the Irish Bank Resolution Corporation (IBRC), which involved the original holding company being placed into administration.
The amended three-year refinancing deal will see QHotels Group placed into administration and replaced by a new holding company, QHotels Holdings Ltd. It is believed that this change will have no impact on staff, customers or suppliers of QHotels.
Managing director Michael Purtill has said that the 21 four-star hotels, which include the Midland in Manchester, Queens in Leeds and the Forest Pines Hotel & Golf Resort near Brigg, Lincolnshire, would continue to operate as normal.
Purtill will continue his role in the company, together with finance director Ian Goulding. Meanwhile, Tim Scoble, a qualified chartered account, who last year stepped down as chief executive of Guoman Hotels Management, has been appointed chairman of QHotels Holdings.
QHotels, which was founded in 2003 as Quintessential Hotels, last year placed four of its hotels on the market ahead of the refinancing. The 100-bedroom Bridgewood Manor Hotel in Kent is currently under offer, while lack of available bank debt is providing difficult to sell the others.