From the administrators' statement

Magnum Gatwick Nominee | Limited was part of a corporate investment structure set up by Strategic Investment Management Partnerships in August 2006 SI Hotel Investments Limited (SIHIL) purchased three hotels from Jarvis Hotels Limted in August 2006 under a sale and leaseback agreement The hotels were dual branded Ramada and Jarvis and are located at Gatwick, Hatfield and Sutton Coldfield (Penns Hall!)

Two nominee companies were set up for each hotel The Company owns 50% of the legal title to the Gatwick hotel, with the beneficial title bemg held further up the structure by a separate company

SIHIL raised £14 6 million from approximately 140 individual private equity investors These funds, together with lending from a Lender syndicate comprising Nationwide Building Society and Britannia Building Society, were used to buy the hotels The purchase price was £73 25 million including costs

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Magnum Gatwick Nominee 1 Limited (04290030)

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