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Struggling hotel chain looks to refinance
Bankers to the company behind the Hotel du Vin and Malmaison boutique hotel chains have appointed Deloitte to help it refinance the group or to step in as administrators if talks fail, reports the Daily Telegraph.
Two weeks ago the company suspended trading in its shares – which had slumped from a high of 300p to less than 5p – and warned shareholders their investment could be worthless.
MWB owns 26 hotels across its Malmaison and Hotel du Vin brands but earlier this year City regulators announced an investigation into the company after it emerged it had sold a stake of the business in 2010 without informing the market.
The company is now in dispute with its part-owned subsidary MWB Business Exchange about the repayment of multi-million pound liabilities between the two companies.
Although the company has undergone a number of refinancing, including the sale and leaseback of four hotels, it remains highly indebted.
MWB and Deloitte declined to comment on the Daily Telegraph article.
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Linsey McNeill
Editor Linsey McNeill has been writing about travel for more than three decades. Bylines include The Times, Telegraph, Observer, Guardian and Which? plus the South China Morning Post. She also shares insider tips on thetraveljournalist.co.uk
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