Hotel du Vin group to call in administrators

Hotel du Vin’s owners, MWB Group Holdings, is reported to have contacted Deloitte as potential administrators if ongoing financial talks fall through.

MWB, which owns 26 boutique hotels under the Hotel du Vin and Malmaison chains, suspended trading in its shares a fortnight ago, saying that they could soon be worthless.

In mid 2007, the shares were worth around 300p however when share trading was suspended this October they were worth just 5p.

The Daily Telegraph reported that the company is disputing the repayment of £8 million in liabilities to is subsidiary MWB Business Exchange and a further £4.8m in liabilities that was meant to have been paid monthly since September.

The share trading ceased when Business Exchange told MWB that it was going to offset the £4.8m liability against the £8m loan.

Talks are on-going and Deloitte will either be tasked with giving the struggling group another financial overhaul, or put it into administration.

On Tuesday the group announced that its finance director, Keval Pankhania, would leave the company immediately, while Andrew Blurton who had been the previous incumbent until 2010 would take on his old role.

 

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