Blue Rainbow Apartments has been bought out of administration in a pre-pack deal by City Space Hotel, saving 39 jobs. 

The Manchester-based luxury apartment provider traded as Blue Rainbow Aparthotels and fell into administration on 17th September after struggling with cashflow for a significant period.

Russell Cash and Ben Woolrych from FRP Advisory were appointed joint administrators of the company. Woolrych commented, “The sale of the Manchester business and assets of Blue Rainbow Aparthotels has achieved the best result for all stakeholders especially the 39 employees, creditors and those customers who had made significant pre-payments for room hire over the remainder of 2014 which will now be fully honoured.”

The firm’s sister company, Blue Rainbow Hotels (Edinburgh) entered a creditors voluntary liquidation (CVL) on the 18th September, resulting in a loss of eight jobs. 

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