A Southeast-based hotel operator and its holding company have gone into administration, after failing to agree credit terms with its primary lender.
Hollybourne Hotels and its holding company owns and operate a group of five hotels: the Alton House and Red Lion hotels in Hampshire, and the Manor House, Georgian House and Farnham House hotels in Surrey.
Employing 200 staff across all sites, the hotels were popular venues in which to host weddings and events.
The hotels have a number of existing bookings, which the administrators intend to honour as they allow the businesses to continue to trade.
Ryan Grant, Nick Cropper and Anne O’Keefe, of Zolfo Cooper, were appointed as joint administrators to the companies on 12 February 2014.
Nick Cropper, partner at Zolfo Cooper, said: “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.”