Tue, 26 Oct 2010 | ADMINISTRATION
The Maypole Group, which operates five rural inns, is taking the first steps towards calling in the administrators after its bank demanded the repayment of loans.
Following news that Clydesdale bank had demanded immediate repayment, the beleaguered group suspended it shares from trading.
Originally formed in 2003, the Maypole Group privately raised £607,798 to make its first acquisition, the 32 bedroom Wroxton House Hotel in Banbury, in February 2004.
It also operates the Lifeboat and Old Coach House, Thornham, Norfolk; the Angel Hotel, Lavenham, Suffolk; Wayford Bridge Inn, Stalham, Norfolk; the Pear Tree Inn, Whitley, Wiltshire; and the Bridge Inn, Norwich.
A statement released by the group said, “Maypole Group announces that discussions regarding a possible re-branding initiative referred to in the company's interim results announcement have failed to reach a conclusion and that Clydesdale Bank, bankers to the company and its subsidiaries has today demanded repayment of its loans to the group.”
The Maypole Group underwent a refinancing exercise with the Clydesdale last year. The bank is also said to be having discussions with the group with a view to appointing administrators.
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