Fri, 21 Jan 2011 | ADMINISTRATION
Administrators searching for buyers for the properties in the Elizabeth Hotels pub and hotel chain have said they are hopeful of selling the final two hotels in the next few weeks.
The company had a winding up petition served in December 2009 over VAT, wages and National Insurance liabilities, which totalled £1.5 million. KPMG was appointed to take charge of the administration.
They continued operating the group's 14 hotels and 13 pubs while buyers were being found, and now only The Copdock in Ipswich and the Limes Hotel in Needham Market remain. A statement from KPMG said that the administration and sale process had been particularly successful, considering the current economic situation.
"Despite the tough economic environment, minimal redundancies have been made and value has been preserved through trading and selling the businesses as going concerns," a spokesman said. "We continue to deal with the two remaining hotels in the portfolio and are hopeful of concluding the sales process in the next few weeks."
The liabilities of the company related to three subsidiaries - Elizabeth Hotels, Elizabeth Estates and Cavendish Hotels - all of which were owned by the Suffolk millionaire, Richard Cattermole. KPMG's role as administrator had been extended until July 2011, but they said that their role should be completed much sooner than that.
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