The parent company of Hotel Collection (UK Group of Hotels plc) has been submitted for the process of reimbursement of their debts with help of David Whitehouse, Paul Williams and Paul Clark using the administration method. Duff & Phelps were appointed for the job on the 4th August 2014.
Administration was the most efficient option since the collapsing firm experienced difficulties with their banks, therefore the banking facilities needed to be reconstructed – as stated by the insolvency firm. The agreement to refinance Puma Hotels’ (now known as UK Group of Hotels) banking facilities composed in 2013 came to an end in May 2014.
UK Group of Hotels plc rebranded as the Hotel Collection midyear 2014. The cause of this reflected on the grounds with well-known group of hotels – Barceló Hotels & Resorts as they pulled out the lease of 45 years.
It was confirmed by Duff & Phelps that regardless of the company’s running structure alterations, the venues will remain operating as normal. There will be no redundancies and new bookings reservations will still be taken. Contracts will remain the same and will continue.