Wed, 16 Feb 2011 | ADMINISTRATION
Administrators have been called into The Olde Barn Hotel in Lincolnshire, and are now seeking a buyer for the business.
Lyn Vardy and Ian Green of PwC have been drafted in to sell the hotel, which incorporates a health club and spa. The Olde Barn Hotel is still trading, and all events and bookings are to be honoured.
Joint administrator Lyn Vardy commented on the hotel’s demise: “The hospitality industry continues to suffer in the economic downturn. Due to falling demand, trading has suffered in recent months.
“The company was facing difficulty in meeting its financial obligations so we have been appointed to protect the business to allow it to continue while seeking a buyer.”
The administrators are looking to secure a sale of the entire (or part of) business or the company’s assets.
The last recorded accounts for The Olde Barn Hotel Limited show revenues of £2.063 million for the year to 31 July 2009, while pre-tax losses stood at £139k.
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