Mon, 03 Sep 2012 | ADMINISTRATION
An administrators' report has revealed that poor weather conditions are to blame for the administration of the Kitley House Hotel.
Ian Walker and Christopher Norman, joint administrators from the Exeter office of Begbies Traynor, reported that there has been a “detrimental effect” on trading at the hotel following poor weather in late 2009 and early 2010.
A refinancing deal was agreed with HSBC in light of these changes and it was thought that this would be enough to put the business back on track. Unfortunately, further cold weather spells in the winter of 2010 created “a greater trading issue for the business than the year prior” and HSBC was unable to provide further financial support.
The firm invested “significant” shareholder capital and saw “positive trading process” in the summer of 2011, but as the autumn months proved challenging, the wider economic climate saw trade start to stagnate.
With the introduction of the VAT increase in January 2011, the business was hit by a final hurdle as it found it increasingly difficult to reduce its overhead costs.
It is uncertain whether or not creditors will see their debts repaid at this stage.
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