- Published on Friday, 16 November 2012 12:52
- Written by Carol Emmas
MWB, the company behind Hotel Du Vin and Malmaison, has appointed administrators Deloitte as it struggles to refinance or find a buyer of its 26 boutique hotels.
Shares were suspended on the London Stock Exchange at the start of the month and it has delayed the publication of its annual results. The company announced today there had not been a "satisfactory resolution to the issues set out in the previous announcement and the uncertainty over potential cash receipts remains".
The notice of intention added: "Consequently, and in the absence of any other available facilities to the company from its existing lenders or elsewhere, it is, or will shortly be, unable to meet its liabilities as they fall due and the Board has therefore concluded that, in such circumstances, the appointment of administrators is the most appropriate course of action."
Earlier in the week he hotels group announced that its finance director, Keval Pankhania, and executive director Richard Aspland-Robinson, would leave the firm with immediate effect, and announced that Andrew Blurton, who had been the group’s finance director for 13 years until 2010, would return to take a place on the board of MWB business exchange as corporate finance director.
MWB Malmaison Holdings and its subsidiaries, together own and operate the Malmaison and Hotel du Vin hotel chains, and MWB Business Exchange and its subsidiaries, which together own and operate the Business Exchange serviced offices business, are not being placed in administration and are expected to continue trading normally.