Menzies Hotels Intermediary Holdings Limited (05302708): administration
- Status
- Administration ended
- Administration began
- 2011-06-28
- Administrators
- Richard Dixon Fleming, Jane Bronwen Moriarty
- Administrators' firm
- KPMG
- Formerly
- PMH Acquisitions Limited; Alnery No. 2472 Limited
- Incorporated
- 2004-12-02
- Location
- Reading
- Industry
- 7415
Why it went into administration
- Funding withdrawn / unable to refinance
From the administrators' statement
MHIHL 1s a holding company for a group of hotels (together “the Group”) MHIHL owns no tangible assets, its only assets being investments in two subsidiaries and intercompany balances
The Group’s hotel busmess required ongoing funding to support both trading and capital expenditure The existing shareholders were not prepared to provide additional funding as the Group’s assets when valued demonstrated a shortfall against borrowings of circa £98 million
The Bank commenced negotiations with the shareholders to effect a consensual transfer of the shares to an SPV funded by the Bank
Administrators' statement of proposals (2011-08-11) · Companies House register