Fri, 07 Mar 2014 | ADMINISTRATION
Three hotel companies run by Plymouth Argyle FC chairman James Brent have gone into administration as part of a financial restructuring of Barinbrook Ltd, the company that owns them.
Brent has insisted that Plymouth Argyle Football Club is “not under threat” despite the fact that subsidiaries of Barinbrook, formerly the Akkeron Group, have entered administration.
Akkeron Hotels (Admiral) Ltd and Akkeron Hotels (Corby) Ltd both entered administration on 26 February, nine days after Akkeron Hotels became insolvent. Akkeron Hotels (Admiral) and Akkeron Hotels (Corby) had changed their name to Barinbrook Ltd and Barinbrook (Central) Ltd respectively prior to entering administration.
In a statement Barinbrook’s administrators Zolfo Cooper explained that six leasehold hotels would continue to trade while "available options are assessed". These hotels are: Himley Hotel, Dudley; Cromwell Hotel, Stevenage; and the Quality Hotels, Bury St Edmunds, Colchester, Kings Lynn and Peterborough.
The Best Western Rockingham Forest Hotel in Corby, meanwhile, will also continue to trade but may end up being sold, the administrators said.
Peter Holder, joint administrator and partner at Zolfo Cooper, said: “We are assessing the available options and would like to thank the staff for their continued support and professionalism during this process.”
In a statement, Plymouth Argyle's board of directors assured fans the club is "not under threat". They added: "The current financial restructuring programme within the Akkeron Hotels Group is entirely irrelevant in the context of PAFC."
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