Tue, 08 Jun 2010 | ADMINISTRATION
An exclusive Irish boutique hotel has gone into receivership – the latest victim of the nation's ailing tourism industry.
Lisloughrey Lodge, the country house hotel adjacent to Ashford Castle in Cong, Co Mayo, had been backed by the businessmen Paddy Kelly and Niall McFadden, but called in the receivers this week.
Ulster Bank has taken possession of the business, with a €10 million exposure to the hotel. It is continuing to trade and will keep all of its current bookings. Accounting firm KPMG has been installed as the receiver and meeting is be scheduled later this month for all creditors, when a liquidator will be appointed.
The current management team – headed by Marc MacCloskey and Hilde Stuiver – will remain in place managing the business, having secured the property's leasehold.
The 28-bedroom was historically the homestead for the manager of Ashford Castle, but was converted into a hotel in 2007, owned an assortment of tax break investors, including Niall McFadden and members of the Kelly family. It boasts a further 22 suites and a spa, overlooking Lough Corrib.
It comes at the end of a brutal two weeks for the Irish hotel trade, with receivers also having been called in for the Johnstown House Hotel & Spa in Enfield, Co Meath, and the four-star Killeshin Hotel in Portlaoise, Co Laois.
For sale is a long-established tree surgery and arboricultural services business with an excellent reputation, serving both domestic and commercial sectors across Southern England, including the Home Counties and London.
An opportunity has arisen to acquire a mechanical engineering company specialising in the Water Industry. Benefitting from over 3 decades of trading, this business has built a solid and long standing client base comprised of prominent UK utility comp...
An opportunity has arisen to acquire a reputable IT support and development services provider with a UK-wide client base and a proven record for innovation and resilience in the constantly evolving IT sector. Throughout its 25+ year trading history,...
|
25
|
|
Apr
|
Scaffolding company Hi-Point Access raises funds following Gap acquisition | BUSINESS SALE
Sheffield scaffolding company Hi-Point Access has secured &p...
|
24
|
|
Apr
|
Malaysia's IJM buys a stake in London construction firm JRL | BUSINESS NEWS
IJM Corporation Berhad has bought a 50% stake in Borehamwood...
|
24
|
|
Apr
|
Training group Babington bought by PE-backed Knovia | BUSINESS SALE
Apprenticeship and training provider Babington has been acqu...
Business Sale Report is your complete solution to finding great acquisition opportunities.
Join today to receive:
All this and much more, including the latest M&A news and exclusive resources
We can help you capitalise on insolvent businesses. We list UK businesses in administration, liquidation and with winding up petitions daily. Ensuring our members never miss out on an opportunity
Please choose your settings for this site below. For more information please read our Cookie Policy
These cookies are necessary for our website to function properly and provide you with access to all features.
These are analytics cookies that help us to improve the way our website works.
These are used to improve the functional performance of the website and make it easier for you to use.