MWB Group Holdings today confirmed it is to enter administration and is appointing two insolvency practitioners at Deloitte.
The company stressed that the planned administration following the suspension of share trading on October 31 does not affect MWB Malmaison Holdings and its subsidiaries, which together own and operate the Malmaison and Hotel du Vin hotel chains.
These and serviced office business MWB Business Exchange are not being placed in administration and are expected to continue trading normally, a statement said.
The move to appoint administrators comes in the “absence of any other available facilities to the company from its existing lenders or elsewhere”.
MWB said it is, or will shortly be, unable to meet its liabilities as they fall due and the board has concluded that the appointment of administrators is the most appropriate course of action.