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UK Hotelier Menzies is Bought Out

News Menzies Hotels has been finally bought out of administration by the management of the company. This hotelier operates on the UK only, where it has 16 hotels in different cities across the Great Britain.

On June 28 KPMG and Lloyd’s Bank put Menzies under administration because of heavy debts. The debt doesn’t belong to the hotelier directly as Menzies, as well as 6 hotels by Travelodge, was a part of the Piccadilly Hotels holding company that had a debt of US$371 million with Lloyd’s. Currently no stakes of Menzies are owned by the Piccadilly Hotels.

The new owner of the Menzies is Cordial Hotels – a company organized by Tim Penter, CEO of Menzies Hotels. The sum of the deal is not disclosed, but in 2006 Piccadilly Hotels bought this company for US$285 million.

It is already reported that all hotels will keep working in their usual rhythm and all of 1,300 employees will keep their jobs.

Menzies Hotels spokesman says no changes will be done in the company’s operation. This company has a well going business and profitable hotels, so it will just maintain what’s reached.

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