Nick Cropper, Ryan Grant and Anne O’Keefe, Partners at advisory and restructuring specialists Zolfo Cooper, were appointed Joint Administrators over Hollybourne Hotels and its holding Company (the Companies) on 12 February 2014. The hotels will continue to trade as usual. The hotels are very popular wedding and events driven venues and have a healthy number of existing bookings, which the administrators fully intend to honour.
The companies own and operate a group of five hotels: Alton House Hotel in Alton, Hampshire (pictured above); Red Lion Hotel in Basingstoke, Hampshire; Manor House Hotel, Guildford, Surrey; Georgian House Hotel in Haslemere, Surrey and Farnham House Hotel, Farnham, Surrey. The group employs a total of 200 staff across all sites.
The Joint Administrators were appointed as a result of the Companies failing to agree credit terms with their lender, with administration being the only option to preserve value and to allow the businesses to continue to trade.
Nick Cropper, Partner at Zolfo Cooper, comments: “We believe the hotels are attractive to a range of potential buyers and we will bring the hotels to the market in due course. We would also like to thank the staff for their continued support and professionalism during this process.”