A new banking facility has been secured by the 21-strong QHotels Group which involves the original holding company being placed into administration.
The revised, three-year refinancing arrangement with the Irish Bank Resolution Corporation will see the original QHotels Group placed into administration and replaced by a new holding company QHotels Holdings.
“This change in group holding company will have no impact on staff, customers or suppliers and the QHotels business will continue as normal,” the company said.
“This year will continue to be a tough economic environment, but QHotels has an excellent team driving the growth strategy, and with this investment the team are continuing to drive business forward,” a spokeswoman said.
The QHotels business, originally founded in 2003 with the support of investment company Alchemy Partners, will continue to be led by managing director Michael Purtill and finance director Ian Goulding.
Tim Scoble, former chief executive of Guoman Hotels Management, has been appointed chairman of QHotels Holdings.
The company’s hotels include the Midland in Manchester, Queens in Leeds and the Forest Pines Hotel & Golf Resort near Brigg in Lincolnshire.